DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1520335
MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 52 May 2024 E X P E R T I N S I G H T S don't call, they're going to forget about me." They start wavering, and eventually, most will pick up the phone and make that first call. But they are not really sure where to proceed, because they do not have a plan in place. This is why I have a very simple rule: Never leave a meeting or a conversation without knowing what your next step needs to be in order to move the relationship for- ward. The only way you establish that is by making it part of your initial discussion. Q: Considering how competitive the market has gotten, how can loan officers stand out from their competitors when it comes to capturing the attention of potential partners? Vaimberg: Make it easy for people to digest whatever you send them. We all have a reptilian brain that acts on instinct, like a gatekeeper. When we see an ad, text, or email, the first thing our brain does is ask, "Is this relevant to me?" If it is, the brain starts gathering more information. But if it does not pass this relevancy test, the message dies on the vine. Many people think the critical part of their message is the details, but the details are only important if the headline and first paragraph passes the relevancy test, which happens when you address the recipient's frustrations or fill a void right up front. Messages must also be timely and repetitive. Too many salespeople engage in what I call "one and done" marketing campaigns. They do something once, it does not work, and they never bother to evaluate exactly why it did not work. Many think there is a problem with the message or idea, but there are many great ideas out there, and they all work. Very few, however, look at how they executed the idea to see if they are doing it right. As a coach, I see this all the time. I give my clients specific guidance on how to execute something. When we have our follow-up coaching call, and they provide the results, I can immediately determine whether they came close to executing what I asked them to do and show them why they got the response they did, versus the one they should have seen. That is because they changed the format of what I asked them to do, but they did not realize what they had done to the message. Q: Can you share some creative tactics that loan officers can use to overcome objections from real estate agents, and turn them into opportunities? Vaimberg: The first key thing is to understand where the objection is coming from. Real estate agents often say, "I have an existing relationship," "I have an in-house lender," or "I only do listings." They say this strictly to dismiss a loan officer, and they know it works really well. It is possible that their reasons are legitimate, but you must prepare for them in advance, which very few loan officers are willing to do. The way to overcome these objections is to show how you solve a problem for them or create an opportunity. So, you need to have a question ready. For example, if a real estate agent says, "I have an existing relationship," try saying, "I appreciate you being honest with me. I expected that you already did. The reason I am reaching out to you is …" and then insert the purpose for your call. It could be as simple as, "I was hoping I could ask you a question." I teach my clients this, and it works like a dream. We are conditioned to answer questions. It is almost a reflex for most, and if you have a question ready that sets up the purpose of your call, it becomes much easier to gain and keep someone's attention. Q: What do you find most real estate agents want in their referral relationships with loan officers? Vaimberg: The number one complaint agents have about loan officers is communication. In the many decades I have been in the industry, that has never changed. However, you cannot simply promise to communicate better—your potential partners have heard that before. You need to establish your communication system by asking a series of questions. For instance, when speaking with an agent, you might ask, "Do you ever encounter issues with the loan officers you work with, like a borrower choosing different financing? How is commu- nication handled in those situations?" Most times, the agent will express their frustrations, such as lack of transparency or not knowing the status of transactions. You can then follow up with, "Have you ever had a mortgage professional outline their communication process to ensure you're always informed about the trans- action's progress?" They may say "yes," but more commonly, it is "no" or "what do you mean?" This is where you set up your solution. Asking the right questions is crucial in sales—questions that not only set up the solution you want to discuss, but also identify if there is a genuine need for it. Sadly, it is a skill that many loan officers lack, which keeps them from expanding their referral relationships. But with the right guidance, they can learn to overcome it, and when they do, their ability to grow business is practically unlimited. "Make it easy for people to digest whatever you send them. We all have a reptilian brain that acts on instinct, like a gatekeeper."