Tips for Closing More Loans as an Independent Mortgage Broker

Every independent mortgage broker, such as Loanscope, appears to have its tried and true tactics when sealing a deal with clients trying to buy a home or who may be eligible to refinance. Some may have a more typical sales mindset and advice on marketing strategies, while others may emphasize the importance of building trustworthy relationships with clients. While there are numerous methods for closing a sale, these are a few of the most effective ones:

Demonstrate The Significance Of Their Credit Score!

You’d think that in today’s society, everyone understands the significance of a credit score and what it means for your future finances, but that isn’t the case. After a client or lead contacts you, create a Follow-up Campaign. Make sure your email or text communications are kind and written in their preferred language. Ensure to inquire about your client’s perception of their credit score, and then fill in the blanks.

Organize Yourself

First and foremost, the most successful salespeople are those who are well-organized. After all, how can you expect to sell something if you look harried or unprepared in front of your customers? To win your client’s trust, you must have the proper mechanisms in place. Being disorderly slows down the process and reduces the likelihood of a successful closing. On the contrary, the more structured an independent mortgage broker is, the easier it will be to close a loan. Be keen on simple things like clearly labeling your files and filing any business paperwork properly for easy access. This will speed up your closing process and provide a more seamless experience for your customer.

Make a Name for Yourself as an Expert in Your Field

A mortgage is a significant (and stressful) financial commitment. As a result, individuals are looking for assistance from someone who understands what they’re talking about. Establishing oneself as an industry expert that people can rely on is one of the finest mortgage marketing strategies you can do. Create an online presence that highlights your mortgage knowledge and skills. This is where social media comes in handy. Use video to educate customers across all of your channels.

Make Your Referral Network a Top Priority

Investing time in developing a solid referral network will pay off handsomely for your company. Consider forming a partnership with other local real estate agents in the area and collaborating to provide each other’s recommendations. This will save you time in the long term and help you maintain a consistent flow of business. Relationship development is essential once you’ve got the consumers in the door. Work hard to gain their trust and get to know them on a deeper level. This will make them feel heard and understood and will encourage them to return. It’s also more probable that if you have a good relationship with them, they’ll refer you to their family and friends.

Make Yourself Useful

When dealing with prospects, you should approach them with the intention of providing them with something of value rather than nagging them or asking them to work with you. You may do so by volunteering your assistance or sharing valuable materials about the borrowing procedure. Instead of selling to others, demonstrate that you care by providing value and being indispensable.

It Needs a Minimum of 5 Touches

Recognize that it typically takes five encounters with a business owner or house buyer to gain a sale. After two meetings, many loan officers give up and forget about the potential. If you have a potential borrower with their present independent mortgage broker, be patient and understand that it may take years to convert them. In these circumstances, though, be fast to learn about the target’s current loan, line of credit maturity, and refinance options so you may reach out, chip away at the sale, and stay top of mind. You need to keep the critical dates and borrower information in your CRM, and follow-ups can be made and scheduled ahead of time so you can handle these long-term sales without having to lift a finger.

Make No Commitments That You Can’t Keep

This cannot be overstated: do not make promises you cannot keep. Set a fair threshold and only make promises that make sense. Ensure not to set the standard too high or make promises too good to be true, since this will disappoint your customer and taint their whole experience. For example, don’t make a promise that you can’t control or guarantee, such as a speedier loan processing time. Maintaining open and honest customer expectations throughout the process can assist you in reaching a successful conclusion.