When business owners are searching for a loan, these days, they have more options to close more loans than ever before. The internet alone provides them with pages of results with companies and lenders to help them finance their dreams. For loan brokers, it’s essential to stand out above your competitors to grow your client base. If you are searching for ways to do this, here are a few suggestions to help you get ahead and close more home and business financing deals.
1. Close More Loans – Boost Value
People love working with others who add value to their experience. They have more confidence in someone who readily and quickly answers their questions, offers industry insights, and works to get the best deal or terms. Other ways you can add value might be connecting business owners with other trusted professionals needed to complete the transaction.
2. Grow Your Network
Top producers understand that not all prospects are eager to do business. However, the best agents understand people and can create ways to establish a relationship where none existed. Everyone you interact with can potentially become a client or send over referrals. Always be sure to have your business card on hand and don’t be afraid to grow your personal and professional network to uncover new business opportunities.
3. Stay In Touch (FOLLOW UP!)
Building trust in a business relationship takes time and effort. According to industry standards, you should account for no less than five meetings with a prospect to make the sale. If you’ve been in the habit of making two contacts and giving up on the person and giving up on them, you’re leaving money on the table. Prospects who are in good standing with a traditional lender could take months or years to cultivate into a client. Stay in touch! When speaking with a prospective client, listen to what he says about his current financial situation. By understanding the ways you can help him, you are opening up more opportunities to win him over as a client. To keep track of conversations, previous engagements, and to plan for future follow-ups, consider investing in CRM software to help you manage your time more effectively.
4. Just Ask
You can show your prospects all the term sheets in the world, but if you don’t ask for the business, don’t be too surprised if you don’t win it over! After supplying prospects with all the information needed to make an educated decision and giving them time to evaluate the deal, you have to ask for their business.
If the potential borrower seems reluctant to move forward with the deal, let them know you want them to call you first they when they’re ready.
5. Close More Loans – Pay Attention To Action Items
Keep your potential deals running smoothly by setting up action items, and assigning them to the responsible party. Be sure to provide links to critical meetings and phone calls. Once each action item gets done, mark the task as completed, taking care to write important notes about the calls for future reference.
Action items can get provided to all parties in the transaction in a variety of formats. Popular formats include Email summaries, checklists, or online portal access. By giving potential borrowers a roadmap and milestones in the transaction, you can close the deal more efficiently.
6. Always Be Positive
No one wants to work with someone who is downbeat or has a ‘can’t do’ attitude. Brokers who want to make loans to prospects are always better off being positive. A willingness to solve difficult or challenging financing situations is advantageous. For instance, if a candidate wants to delay a refinance, affirmatively take the news. It’s no problem. Support the borrower’s decision as a measure of goodwill. If they mention another loan officer, don’t take the time to disparage your competition. Instead, take this opportunity to explain why you are a better choice than the competing loan officer.
7. Focus On Expediency
In today’s fast-paced world, people are accustomed to quick service. Being responsive to the needs of your client, as well as providing short timeframes for loan approvals is a surefire way to win over the business of a motivated real estate buyer. Find the best ways to save time throughout the loan process without detracting from your customer service responsibilities.
8. Customer Acquisition
In real estate, the acquisition of a new loan customer is nearly priceless. By providing a seamless customer experience, you have the opportunity to build a long-term relationship with a loyal customer. Further, this relationship can open new doors by way of referral or word of mouth. Loan officers who can deliver results with favorable terms are always going to be the first ‘go-to’ person. As you can imagine, this is a ‘win-win’ situation for all parties involved. You get to help move real estate and make your clients happy with their real estate purchase.
Putting all these tips into practice will help you close more deals and be a successful broker. If you are looking for a broker program, don’t hesitate to visit our Partner’s page. Sign up today for Gokapital’s referral program and start earning commissions today.