Do you promise to render quality customer care in your marketing messages to real estate agents? If so, chances are it's going unnoticed for two reasons. First, agents are exposed too frequently to this message by your competition. It's been proven that when you're overexposed to the same message, regardless of its origin, the human mind ignores it.
Secondly, too often other loan officers have broken this promise. Agents are frustrated with the lack of professionalism within the industry, which has plunged a lack of trust to its deepest level. So you come along, someone who can keep a promise, but is being ignored because of previous bad behavior by competitors.
For many loan officers, what they do brilliantly - close loans on time and render great service - is being ignored by agents, although it's the kind of service they desire most. How do you create a breakthrough? How do you market your promise to stand out and get noticed?
Today's issue begins a six-part series that addresses how to market your promise differently, so you set your services apart from competition and attract more agent referrals.
The Magical Loan Process
Do you have a consistent system that promotes your services each time you originate an application? The loan process is an opportunity to promote your services to agents unfamiliar with you, so they can experience your service firsthand.
Which is better - to tell an agent that you render great service, or let them see and feel your service directly? Remember, your service is intangible and one purpose of marketing is to make it tangible. In fact, many of my clients that I've introduced the concept you're about to learn over several weeks, tell me it's one of the easiest ways to meet agents without always being rejected.
It's about using the loan process as your platform, which involves five areas to promote your services. Each one is a chance to familiarize an agent with how you service a client.
- Promotional Opportunity #1: At Loan Application
- Promotional Opportunity #2: After Loan Approval
- Promotional Opportunity #3: Prior to Closing
- Promotional Opportunity #4: At Closing
- Promotional Opportunity #5: After Closing
Doesn't it make sense that if an agent experiences your service firsthand, they're more likely to believe your promise of customer care? Plus, imagine having a marketing system that promotes your services at each step of the loan process. Would this leave time for you to focus most on what you do brilliantly? And if you're spending more time on those activities that you do brilliantly, will you experience more fun, less stress and be more profitable?
Why don't I give you the entire formula right now?
Because you need ample time to create and implement your ideas. Besides, your situation could be unique from others, so instead of trying to execute everything at once, which is too overwhelming, you can execute each concept at a slower pace.
Overall as you learn how to promote your promise differently, you can expect your communication between agents (seller and buyer), the borrower and you to improve. And better communication reflects higher quality of your service. Oh, and don't forget, the happier the client, the more referrals occur. With that in mind, let's cover the first step.
Promotional Opportunity #1: At Loan Application
Within this promotional opportunity involves three major players; the Buyer's Agent, the Seller's Agent and the borrower. Today, I'll share an important principle dealing with the Buyer's Agent that's hardly performed regularly by your competition.
When a Buyer's Agent refers a borrower to you, what is your very next step? For many loan officers it's to render great service to the borrower. Although that's important, it's not the very next step.
The moment after being referred a borrower, the very next step should be to reciprocate. Often this is overlooked or isn't done until much later. Don't wait, instead, return the favor quickly, the sooner the better. If you desire a habit that you want repeated, learn to reward it - eventually it becomes a conditioned behavior.
What do you reciprocate? There are many things, but what agents care about most is appreciation. Fortunately, your competition doesn't realize how important is this act of kindness. Simply put, an agent doesn't care how much you know, until they know how much you care.
Send them a hand written thank you note. Show them that you don't take their trust in your service for granted. Check RESPA law's in your area, if permitted, include a gift card to Starbucks or their favorite store.
An agent is like a savings account;
the more you give, the more you can expect back.
So go to your local office supply store and stock up on stationary. Keep it on your desk within arm's length. Next time you get an agent referral, within the same day, write a note and put it in the mail. Please don't take this idea lightly. Sometimes the best ideas are the easiest to skip because they appear too simple. Not true when it comes to expressing your appreciation.
Watch for next week's issue, you'll learn how to kick off your marketing to the Seller's Agent and borrower at the point of the loan application.
Thanks for support,
Jeff Nelson
Salesachievers
Helping loan officers attract more clients
© 2004, 2005 by Jeff Nelson
All rights reserved
