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How To Kill Your Mortgage Business...

By
Mortgage and Lending with RealMortgageTraining.com

Loan Officers all across the country want their business to flurish, which is natural, right?  After all, who in the world would want their business to do nothing and eventually fall apart, right?

I heard this statement the other day and it made perfect sense to me.  And the more I thought about it, I realized how true it actually was.  Here's the statement, "If you want to kill your business, bore your customers."  WOW!  What an insight that was for me, and how true it was. 

If you bore your borrowers, they won't remember you.  If they don't remember you, they won't recommend you.  If they don't recommend you, you won't be getting referals, which is what we all strive for in the first place, right?

I'll bet there are some Loan Officers reading this right now saying "I run a professional shop, we are stictly business at all times."  If that's you, GREAT!  The more professional the better, but that doesn't mean to be boring!   

What's the opposite of boring?  Nope, not entertaining.  It's interesting.  If you're an interesting person, others will be interested in you.  One way to be interesting is to be enthusiastic about something.  If you have a display of chipped paint from old department stores, why not reference it in your office?  If you're interested about it, you can make it interesting to others through your enthusiasm.  Get it?

Oh, not everyone will be interested, but they won't be bored, at least they shouldn't be.   I'm also not saying to spend hours talking about the chipped paint, but it is a distraction for the mundane everyday business eveyrone else has,right?  If you're a Loan Officer that can make a borrower's visit to you or your office interesting, you'll have a borrower that remembers you.  If the borrower remembers you, there's a better chance they will referr you.  See how that works?

Comments (11)

Matthew Rosov
Amerisave Mortgage Corporation - Laurel, MD
Certified Mortgage Planning Specialist

Can't talk about chipped paint??  How about watching grass grow?? ;-)

Good points!  Probably shouldn't be flip - but it's Friday.

Jan 18, 2008 07:56 AM
David Holzmann
Holzmann & Associates - Mountain View, CA

Good point, Andrew!  That gives me some ideas that I can implement.

Thanks!

Jan 23, 2008 10:56 PM
Don Draughn - Mortgage Professional
High Point, NC
Very good point.  We have to hold attention or we will cease to be heard.  A adage I learned years ago before I entered the mortgage business:  "If your prospects LIKE you, they will LISTEN to you.  If they LISTEN to you the will BELIEVE you.  If they BELIEVE you, they will BUY from you."  How true this has proven to be for me and others I am sure. 
Jan 25, 2008 05:44 AM
Jim McGrath
Roseland, NJ
Interesting addition.  Thanks
Jan 25, 2008 05:55 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending
Thanks for the thoughts Andrew.  From chicken wings to paint chips.  Hopefully we're smart enough to figure out which one of those two to eat.  A very INTERESTING post indeed!
Jan 25, 2008 07:24 AM
Matthew J Blum - (retired from the business)
Palm Beach Gardens, FL
Andrew, Very true.. If you are boring they won't remember you.  That is why it is so important to really do a great interview and really understand where your client is coming from .. a good 1 on 1.
Jan 25, 2008 10:58 PM
Rick Kellow
Cherry Creek Mortgage - West Bend, WI
FHA & Reverse Mortgage Expert

Excellent Andrew... everything offer our customers they can get else where... the best asset we have is ourselves and if it is not interesting what do we have that makes us unique... great blog, very thought provoking... thank you

Rick

Jan 25, 2008 11:07 PM
John Topa
First Sunrise Mortgage - Scranton, PA
Lets face it most clients feel mortgages are boring.  A means to an end.  They really don't want a mortgage, they have to get it because they don't have the cash to buy the house!  Interesting people will always flourish in this industry.  Try not to talk mortgage talk but talk in layman's terms that anyone can understand.  Loosen up!  Great topic!
Feb 22, 2008 12:10 PM
Whitney Yasso
Sliva Captial - Honolulu, HI
Neat Information...
Feb 22, 2008 12:22 PM
Dionne Bass
Ask The Underwriter - Atlanta, GA
Blog: Ask The Underwriter
That was a great post, I've enjoyed quite of a few of yours.  Keep 'em coming.
Feb 25, 2008 11:56 AM
Jon Sigler
Coldwell Banker Realty - South Windsor, CT
Sigler Sold Another! 860-306-8029
If you don't help them to remember you, how will they remember you?  It is to easy to find the next guy.  Be a person.  Make the smile, comfortable, and feel connected to you.  
Feb 25, 2008 12:47 PM