The mortgage industry is one of the highest revenue-generating businesses in the world. With customers, officers, managers, and valuers bustling about in offices, the business keeps getting busier and challenging by the day.
If you’re a loan officer looking for a rewarding career choice, then there are a few things to remember and follow to achieve sustainable success.
For those wondering how to be a successful loan officer among thousands of others in a fiercely competitive industry, scroll through the article, and you will know what you need to do.
In this article, you’ll see what it takes to be a successful loan officer and how nailing the right customer retention strategy could bring you a long way.
How to Be a Successful Loan Officer – What Does it Take to Get There?
These valid questions have valid answers in the form of a few easy steps and suggestions. They are:
1. Connect with your Sphere Of Influence (SOI)
Success with obtaining quality referrals is possible only when you connect meaningfully with people and encourage them to help you with referrals and leads.
Your immediate sphere of people is your best advertisers, and potential clients would rely on the trust they have in you.
It is prudent to use your sphere of influence sustainably while establishing long-term relationships with them. When your friends/acquaintances make a referral, it becomes all the more essential to serve their best interests and live up to the trust they have in you.
2. Give more than what you take
On processing a loan for a client, ensure by all means possible to give them the best deal for the loan. While it is essential to earn your commission, helping your client get a sizeable discount or a fair interest rate would ensure repeat business and favorable testimonials from the client.
When clients realize that you value their satisfaction over your commission, they give positive reviews and recommend your services to their circle.
3. Own up to your responsibilities
When things go wrong, like they sometimes do, it is prudent to own up to your mistakes and responsibilities. Trying to deny accountability or hiding under the desk would only wreck your relationship with your clients and cost you your career. Being honest with the clients and serving their best interests, though occasionally tricky, makes it worthwhile and saves you from humiliation.
4. Have an active online presence
In a world where anything is possible online, not having an online presence would be considered outdated or, worse, non-existent.
Having an active online presence is the foundation to expand your clientele and source referrals.
But having an online presence is not only about listing out your services on the company’s website. It extends to answering customer queries, appreciating feedback, making suggestions, updating market regulations, etc., so that people understand your dedication and approach you with their requirements.
5. Maintain an updated Database
When it comes to the mortgage business, the database is a treasure chest of information. An updated database and a robust CRM are crucial for product marketing, tapping referrals, and expanding the client base.
The bigger and more updated the database, the higher are your chances of qualified leads. When you prioritize your list and approach the quality contacts for generating leads, you could save the time and money you would otherwise have to spend on outbound marketing.
6. Promote quality content
Content is king, queen, army, and pretty much everything. When you promote your offerings through a popular medium like videos or promotional clippings, it attracts the audience’s attention.
The catch, however, is to ensure that there is a balance between information and promotion. If your content is more about promoting your business, the viewers would lose interest and might not pay heed to it.
However, when you make the content informative and brand relevant, it keeps the audience engaged and apprises them of your offerings.
7. Maintain client relationships
Customers and businesses help raise each other, and a thriving enterprise values client relationships over profit.
Your clients are the linchpin of your company, and establishing good relationships with them is vital for your company’s success and long-term growth.
The relationship you have with your client does not start and end with the loan processing and closure. Instead, the relationship extends to assisting them with everything that would help them make an informed decision.
When you attend to your clients, appreciate their trust, and go the extra mile to make them feel valued, they confide in you and your product and, in effect, the company.
And when it comes to showing that you care, is there a better way to show appreciation than a thoughtful gift? But, wait, there is something better. How about sending your clients the perfect gift that they would love without you asking them about their preference or having to spend any time on it?
It’s possible. And it is called Eva, an automated gifting assistant.
Eva – Automatic Gifting (and Customer Retention) Powerhouse
To experience delightful gifting with end-to-end automation, Eva is your best bet. But that isn’t the best part. Eva chats with the recipients, analyzes their preferences, and puts together the perfect gift they would love and remember.
Gifting is a thoughtful way to let your clients know that you value their trust and patronage. Sending a little gift to appreciate referrals, a thoughtful closing gift, and a small token of appreciation during their loan anniversary would go a long way in fostering lifelong relationships.
With Eva, you get the complete package with a happiness guarantee. For instance, when a client is not satisfied with the gift or has given an average rating, Eva studies the feedback and sends another brand new gift free of charge! How cool is that! Isn’t it?
Eva also enables corporate branding at a specified price replete with little handwritten notes, ensuring nothing less than the most delightful gifting experience for both the sender and the recipient.
Gifting is also a great way to reconnect with the past clients you have not been in touch with of late. All you have to do is specify the budget ($30-$1000) and send Eva gift links to their email/mobile. Eva takes care of everything else.
Your past clients would be pleased with the thoughtfulness of a gift, despite the lack of communication. In addition, it is a great way to remind them of your services and subtly encourage repeat business and referrals from them.
Eva also works wonders when it comes to repeat gifts and mass gifting. For example, if you have planned to reward the referrers in a particular area who sent quite many referrals for your ongoing project, all you have to do is send Eva gift links to all of them. You need not worry about the hassle of picking and sending gifts to all of them. Phew! that is a relief, isn’t it?
Choose from the best
Eva has a brilliant catalog of handpicked gifts based on customer feedback and user preferences. Eva brings a personal touch to the thoughtful, customized gifts of the finest quality and makes the whole experience delightful.
When you send a customized gift to your clients, they feel happy that you value their trust and appreciate your thoughtfulness. For those wondering how to be a successful loan officer – focus on the people. When the clients realize that they are valuable to your business, they will believe in your services and nurture long-term growth.
Take a trial with Eva to show people that you care.