This is the fourth of six articles in a series on how to market your promise of service differently. If your marketing is going unnoticed by agents, read my articles closely as I'll share explicit ideas on how to stand out and be recognized.
The first article in the series introduced the five promotional opportunities that exist within the loan application process and the three major players to differentiate your promise. Click here to read in its entirety
The second article completed the first promotional stage that included your introduction to the Seller's Agent and how to plant golden seeds with the borrower. Click here to read in its entirety
Today's article describes the third promotional stage - Prior to Closing, your final chance to prevent catastrophes before close of escrow and to communicate with the Seller's and Buyer's Agent.
Stage 3: Prior to Closing
Too often, loan officers have little to no communication between the stages of Loan Approval and Closing. Meanwhile, the borrower shows up on the close of escrow day, and after seeing the thickness of the closing documents expected to sign, they're instantly overwhelmed. And if you're like many loan officers who don't attend the closing, matters are left in the hands of the individual assigned from the escrow company, who barely understands the nature of the documents themselves.
If you've ever been through the loan application process as a consumer, you know how stressful it can be, especially the first time. Hopefully a primary aim of your service is to reduce stress and anxiety for your customer, making it a pleasant experience. How do you do that? How can you develop a consistent pattern, so every customer has a calm and uneventful buying experience?
Communication Builds Relationships
The moment someone agrees to fill out an application, you have just overcome the most difficult hurdle in sales & marketing - you've gained trust. This is your chance to prove the quality of your service to the borrower.
Let's assume you've been incorporating the different suggestions from the previous articles in this series. Right away your level of communication has improved, and as a result, the borrower feels more comfortable.
Your next marketing opportunity exists prior to the close of escrow. Rather than wait until then for the borrower to see the closing documents, consider sending them a copy beforehand. Of course, the documents won't have the final actual closing costs, only estimates if you decide to include any figures. The point is, let the borrower feel the girth of the documents, so if they're intimidated you can address it before they come to the table to sign. A relaxed and happy borrower at the close of escrow is far more likely to share referrals, as you'll learn in next week's article.
But where is the marketing opportunity? It's in two places. First, you're helping to stimulate future conversations the borrower is likely to have with people they know and trust before their close of escrow. People like to talk about themselves, some especially when it comes to important matters, like their mortgage. It's possible that they'll share their experiences with other family members, friends and co-workers. This is indirect marketing, keep in mind that not all marketing has to be direct (like advertising, mailing, etc.), sometimes your best marketing is indirect.
Let Your Service Do The Talking
One of the biggest complaints by real estate agents is there's never enough communication between them and the lender. This is the second marketing opportunity that exists. If you send a sample copy of closing docs to the borrower, consider sending a copy to the Seller's Agent and Buyer's Agent, too. As far as privacy is concerned, either forward copies with the privacy matters blanked or send a sample of the borrower's cover letter without the docs.
The concept is simple. Rather than make claims that you offer great service, both agents are witnessing it firsthand. Whether or not you agree with sending a copy of the closing documents, incorporate some type of hard copy communication. Let the agents see that you're communicating and servicing the borrower at this stage. Remember, many loan officers have no communication during this stage, so you'll stand out from the competition and show off your personalized attention.
Watch for next week's article when I discuss how to attend a closing and walk away with quality referrals.
Thanks for support,
Jeff Nelson
Salesachievers
Helping loan officers attract more clients
© 2004, 2005 by Jeff Nelson
All rights reserved
