In a difficult market, the smart loan officer (And reale state agent) will take a step back to review his/her options. No matter how difficult things become, the fact remains that millions of loans close each and every year. You have two options available:
1 - Improve your conversion ratio and make more out of the database and leads you already have
2 - Find a reliable way to generate more leads
It's that simple. You either make more money with what you have through improved sales skills and follow-up, or you find more sources of quality leads. Regardless of how simple this concept is, no one said it would be easy. There's a reason it's called work.
With this in mind, let's take a quick snapshot of 3 skills that every loan officer should be working to improve to accomplish at least 1 of the goals listed above.
1 - Writing: The fine art of writing is one that is neglected by most in the sales field. I've always been stumped by this because there are many instances where a customer will move forward, or go elsewhere based on what he/she reads. You website, your emails, blogs, follow-up letters, advertisements and more all demand a well thought out message.
On the web, with thousands of other options only one mouse click away, the potential borrower will form an opinion in mere seconds based on what is read. A large majority of originators seem to rely on canned text from website service providers.
Sure, much of that text sounds glossy and professional right? In my own personal opinion, within this industry, "glossy and professional" might as well be "large and faceless." Most people want to do business with a human, not a large and untouchable organization that conjures images of endless voicemail navigation just to reach someone.
Why not add a personal touch and let your personality shine through? Show your prospects that there is a person behind the ads, websites and emails. This doesn't mean you have to become a professional writer. Rather, spend a few hours refining your writing skills. Even a minor improvement can equal a much higher conversion ratio. Sounds good to me!
2 - Sales: Yes, I do realize that I'm playing Mr. Obvious here. Sales skills are certainly needed in todays market. The sad truth is that the average sales professionals in the U.S. spends more time planning their vacations each year than they do on improving their one major professional asset!
As a trainer, I ask nearly every originator I meet with prior to coaching how they rate themselves on a scale of 1 - 10 when it comes to sales ability. It's rare to hear anything less than an 8 or a 9! So are we all just that good, or are we just afraid to admit that there is room for improvement?
No one ever said that we all need to be 'super closers,' but if you choose a career where your primary function is to sell, then how can you go wrong by giving this area some much needed attention? It's time to stop assuming that people buy the logical choice, because it is simply not true.
Emotion, timing, calls to action all play a major role in who goes home happy with an extra loan in their pipeline, and who just goes home. If you improved your closing rate by 10%, what would that do for your paycheck?
3 - Follow-up: I consider this category a bit of a hybrid. It involes sales, writing, technology and more. I couldn't leave it out of this list though, as there is a gaping hole in most lenders business plans that tends to treat follow-up as an after-thought.
Sure, it's easy to knod your head and agree that follow-up is important, but let's be honest with ourselves. Most loan officer's follow-up ends as soon as they find out the prospect is no longer a prospect for an immediate closing.
Anywhere from 10 - 15% of your standard database will need the services of a loan officer each year. Refi, purchase, debt consolidation. There's a lot of need out there, and unfortunately, most loan officer's are not there at the right time simply because they failed to follow-up at regular intervals. A drip email campaign, occasional notices, a phone call placed at strategic time periods all would drastically improve the average loan officer's closings per year.
Who wouldn't want that? Give a little extra attention to these critical skill-sets, and you will find that great things can happen even in a "down market."
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