As a mortgage loan officer, you know the importance of continuously boosting your sales. However, this can be challenging when there are various roadblocks, such as rising competition and tedious business processes, preventing you from closing the sale. Rest assured that there are numerous ways you can improve your sales process from start to finish, so you can efficiently close more deals. Keep reading to learn seven ways to grow your sales as a loan officer.
1. Provide Thorough Explanations
You can reduce how long it takes to close a loan simply by taking the time to explain to borrowers concepts and terms that they’re having a hard time understanding. If you don’t, borrowers that are not knowledgeable on the subject matter may lack the confidence needed to seal the deal. Remember, an informed buyer is a confident one.
2. Improve Approval Times
Approval times vary from loan officer to loan officer. However, the fact remains that it can be a time-consuming and overwhelming process if you’re going through applications manually or have an influx of paperwork to sort through.
You can streamline and automate the process to make your approval times faster with a mortgage business intelligence solution. By improving your approval times, you can get more borrowers in-and-out of the mortgage application process faster. Plus, this allows you to focus more on the quality of service you provide and stand out from the competition.
3. End With Action Items
You should be ending every phone call and meeting with action items, ensuring borrowers know the next steps they’re required to take. You can provide these action items to clients by creating a checklist for them to complete or sending them an email going over what was discussed. While this may seem like an extra step, it can help you close sales faster as it minimizes friction between you and the borrower.
4. Invest in Social Media
Many loan officers don’t think of investing in social media. However, social media platforms can provide you with more exposure so that your list of clients grows significantly. Promoting your services on social media is also becoming more and more important as homebuyers, from first-timers to seasoned investors, are spending a lot of time surfing the web. Take the time to build a thorough social media strategy and collaborate with industry leaders and influencers.
5. Be Positive
Despite any issues that may arise, continue to maintain a positive attitude when working with clients. For instance, if a potential borrower lets you know that they’re considering working with a competitor, don’t automatically begin questioning their decision. Instead, let them know that while they’ll be working with a reputable loan officer, you can provide a better level of service. After all, borrowers don’t want to work with a loan officer that’s condescending or rude toward them.
6. Use Referrals
If you’re looking to boost your sales, referrals are a great strategy since they can effortlessly provide you with qualified leads. To increase your referrals, ask past clients to submit a review regarding your mortgage loan services. You can also check in with former clients and see how they’re doing, reminding them of your services and how happy you are to have worked with them. This way, you remain top of mind and clients can continue to refer you to their friends, relatives, and co-workers.
7. Host In-Person and Virtual Events
Being able to host in-person and virtual events is especially important due to the ongoing COVID-19 pandemic. This is because some people will feel comfortable enough to attend in-person events, while others will not. It’s important to cater to both, so you don’t lose out on a potential sale. Consider recording virtual events as well to ensure individuals that can’t attend still receive the information they need.
Growing your sales as a loan officer doesn’t have to be difficult. Use the tips above and see the difference they can make in your sales process.