Now more than ever mortgage professionals must find ways to distinguish themselves from their competition. Brokers must ask themselves two questions:
•1. What is my best value added service?
•2. Why should business professionals choose me as a preferred referral partner?
Consider the term "value added." It implies that you provide something extra. Product knowledge and great service are a given. People want to know what makes you different. Successful brokers know this is the key to long term success.
This same question was asked in the September issue of Mortgage Originator. Top mortgage professionals from around the country shared their value added strategies. They included radio show appearances, realtor education workshops, hosting open parties for new developments and sales support for local builders.
For many of the industry's top producers, the recent shift in the market has created a renewed sense of purpose along with a sense of urgency in the way they find, sell and keep more customers. They understand the need for strategic partnerships in providing true value added services.
Many brokers will often state their desire for creating stronger value added services but are not sure where to start or what services to offer.
Strategic Partnerships are the key.
Consider this real world example:
Loan officer A knows he must create a consistent pipeline of referral from realtors and financial planners. He has done what his manager told him to do. He faithfully visits the local realtor offices, sends "targeted drop campaigns" and spends his hard earned dollars on lots of donuts and coffee. The realtors think he is a nice guy and courteously listen to his pledge of great service and extensive product knowledge. The net result - no referrals.
Loan Officer B is known for thinking out of the box. He doesn't like cold calling and he is not a big fan of donuts. Like loan officer A, he knows he must create a consistent pipeline of referrals. He asks himself, "If I were a realtor what would I want most from a referral partner?" the answer is obvious, "help me make more money.?"
His strategy: Leverage the power of strategic partnerships.
He contacts his credit provider for assistance and direction. He discovers that due to the recent shift in the market, many realtors are sitting on dead deals as a result of insufficient credit. He is convinced that if he could show the realtors a way to optimize the credit files of these dead deals, not only would he be in a position to write these loans, but he would earn their loyalty going forward.
He invited more than 100 local realtors to the event. During the meeting, he showed the realtors how they could improve their own credit scores AND by how much. He brought in a credit expert to clearly explain the benefits and challenges associated with credit optimization.
Several realtors were astonished by the number of errors in their own credit files. As a result, the realtors realized they could revive many of their own deals that were currently in a state of limbo.
The loan officer ended up with several appointments to visit the realtors and review these dead files.
Loan officer B maximized his opportunity by leveraging the expertise and services of his credit provider. He turned a service provider into an incredibly powerful value added service.
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