Loan Officer & Real Estate Agent Professional Tips

Lots of people incorrectly assume that a loan originator’s job is pretty simple and easy.

Basically,  it is just high school level math and if someone qualifies for a mortgage, you offer them a loan and you’re done. How easy is that?

Nothing could be further from the truth if you ask mortgage originator as you know there’s much more to it than that. Borrower many times want or you need to offer them different options. If you want your business to grow, certain sales techniques are required to outperform your competitors or you’ll be among the many loan officers who say the job isn’t nearly as easy as so many presume.

On the plus side, the following sales tips should help you rapidly improve your closings without needing years of experience.  You should be able to implement them right away.

1.  Honesty Is Always the Best Policy
Always be 100% honest and upfront with prospective borrowers. Go the extra mile to make sure the facts are crystal clear to them and you’ll soon find that they are very appreciative of this characteristic.

2. People Prefer Someone Who is Confident and is Optimistic
Applying for a mortgage is a big decision in their lives. People want the help of someone who communicates to them to them with a voice of certainty and knowledge.  A person who seems unsure about the loan product or if you will qualify or not, don’t count on these prospects to convert into a closed client.

3. Speed Captures the Prize
Let’s say you finally found the home of your dreams. The only thing you need now is the loan to secure it.  By having quick response, fast approval times, and knowledge, it’ll capture you more business. Right out the gate from your initial contact with the borrower, you need to make the entire process a as fast as possible.

4. You Won’t Get What You Don’t Ask For
One of the best tips of being a good salesperson still applies today: you have to ask for the business.

Many mortgage originators are oblivious to this or were never taught. By just simply sending out rate quotes to a borrower will not get them to commit to you.

When you have a qualified borrower, you will want to ask them to take the loan you offer. If they tell you they’re not ready, at least you tried and can now move on.

5. Recognize Your Clients’ Availability
Needless to say, if you can’t communicate with your borrower due to work or family constraints, knowing these sales techniques will not help you.  You may have to adjust your times of contact to before work or after their work schedule.  Ideally, if they can speak with you during normal business hours, that would be great. If you decide to work with a client, make sure you can accommodate their available times.

6. Teaching the Client The Steps in the Process
Always try to think several steps ahead when you review your borrowers documents. Know what’s going to be required next during the approval process.  By educating and preparing them it’s also a part of being speedy and efficient.

7. Always Follow Up with Prospects in Writing
A follow-up email or SMS is used by many businesses today and, yet, the majority of loan originators rarely use it.  Follow-ups help you stay on their mind.   

8. Qualifying Your Customers
Knowing how to qualify clients is extremely important or you won’t know which prospects you need to dedicate your time and which are just going to be wasting your time. 

9. Prioritize Referrals from your Network
If you have a good referral network that consists of real estate agents and other business professionals in your area whom you can trust to send you leads. This saves you a lot of time and they are easier to work with.

10  Add value to differentiate yourself
Apart from being able to structure a loan, perhaps offering your insights about the economy, and referring clients to some of your business connections. These can include real estate lawyers, CPA’s, real estate brokers, appraisers and others.

11.  It May Take 5 Times or More
 It can take up to five meetings or more with a borrower to obtain their business. Many people follow-up but tend to give up after two attempts and then let that prospect be free to use another lender.