8 Sales Tips To Help You Close More Loans

by Aidan P

Today’s modern digital landscape can be a crowded and confusing place to look for a loan. Here are 8 sales tips that will help you cut through the clutter and close more loans this year.

    1. Add More Value

      add mortgage sales value

      This one may seem obvious but the formula to success in the modern and over clutter landscape is “give, give, take”. Always try to provide someone with something before you ask for anything in return or try to sell them. Aside from being able to structure and underwrite a loan, you can add value to your clients by giving them information on the economy, helping them with their marketing, providing calculators and connecting then with any other professionals they’ll need in the process. Intellectual property lawyers, tax accountants, realtors, credit experts and others should all be one phone call away.

    2. Everything is a Sales Opener

      Every producer has encountered prospects that are not exactly keen on being sold, but some will be outright hostile toward you, says Floyd Mays past president of Atlantic Bay Mortgage Group He recalls one cold call he made on a tough prospect who told him, “All you mortgage guys are the same. You’re a bunch of liars and thieves who are looking for somebody to screw over.” Floyd could have gotten offended and walked. Instead, he said, “Somebody has been screwing you over for years. Why not give me a chance?” It gave his client a good laugh and began a business relationship that lasted for years. Even if cold calling is not a part of your sales process, you can find always find a way to turn a negative situation into a positive.

    3. It Takes at Least 5 Touches

      5 touches for mortgage sales

      Realize it takes an average of five meetings with a business owner or home buyer to earn the sale. Many loan officers give up after two meetings and forget about the prospect. If a potential with their current LO or bank, play the long game and know that it may take years to bring a borrower over. However, in these cases, be quick to understand target’s existing loan, line of credit maturity and refinance opportunities so you can reach out, chip away at the sale and stay top of mind. Important dates and borrower information can be saved into your CRM and follow-ups can be created and scheduled in advance so that you’re working these long terms sales without lifting a finger.

    4. Don’t Be Afraid to Ask

      It is not enough to just show a term sheet, you have to ask for the business. There gets to the point where the borrower has a term sheet and all the information to make a decision. The next step is to ask for the business. If a potential borrower does not seem ready to move forward, then drive home the message of “wanting to be the first call” when they are ready.

    5. Always Give Action Items

      mortgage sales action items

      Link each meeting or phone call with a set of action items or next steps to complete with the responsible party. At the end of each encounter, confirm and update the those action items. Whether you provide a checklist, email summary or use BNTouch’s borrower portals, a potential borrower should always know the path they need to take to most efficiently close a loan with you.

    6. Positivity Sells

      This one may seem obvious again but it’s important to keep it light, fun and always positive. There’s a solution for almost any challenge or problem. If the borrower wants to put off that refinance decision – no problem, make the borrower feel good about the decision in order to build goodwill. If someone bring up another loan officer, you should never disparage them but talk them up as if to frame it as these loan officers are good are good, but you are the better choice.

    7. Focus On Speed

      mortgage sales speed

      Responsiveness and short approval times will get the borrower’s respect every time. Look for ways to save the customer time while making sure the lender is doing everything possible to automate and streamline the loan administration process.

    8. People Won’t Buy What They Don’t Understand

      Rates, speed and personality are great ways to get a client’s attention, but are not the only thing on which they will buy. If a potential borrower doesn’t understand the value of your offering, the sale is a no-go, which makes client education a must. That can be easier said than done, however. We can recall a client whom we simply could not sell, and could not understand why, as we had a great product our potential client needed. The problem, we realized, was that the client couldn’t read. Once someone from our sales team read the product details to him, the client signed, and stayed with us ever since.

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Inspiration from our friends at Property Casualty & Center State

Aidan P
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