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By Rob
Real Estate & Mortgage Broker... Creator of the Sink or Swim Loan Closing System
As any loan officer
knows, one of the hardest parts of the job is NOT all the
number-crunching, it’s actually keeping the customer with you until
you close the loan. That’s
right! The hardest part of
the job is actually making sure that YOUR customer stays with you the
ENTIRE way.
How many times have
you--as a loan officer--taken an application…priced-out the
loan…ordered title and appraisal…gathered documents…input them
into the computer…handed the file over the to closing
department…then after doing all this, have the borrower pull out at
the last minute! Whoa! What a let-down! You
did all that work for nothing! Nada.
Zip. Zilch.
Zero.
Besides being
frustrating, it’s hurts you financially, right in the wallet!
And a lost deal can mean a loss of $2,200 to $3,000…not to
mention any future business or referrals from that customer.
Here are some of the
best ways to gain commitment from your customer and keep them on-board
with you the entire way.
1. Make the customer
pay for the appraisal upfront and at-the-door.
This gives them a financial stake in the transaction.
If they pull-out of the deal, it’s their money they lose—not
yours. Also, make them pay
for their credit report as well. Credit
reports are usually under $35 or less, and even a small financial
obligation like this is enough to cement a transaction.
Let them know that this money is non-refundable, but will be
credited at the time of the closing.
2. Gather all documents
from your customer yourself, and don’t count the deal as “sold”
until you have these papers in hand.
Do not order anything or progress the loan until you have these.
The customer isn’t serious about the offer until they do this. By the way, my Sink or Swim Loan Closing System, shows you
exactly what documents you need to gather on every deal so you won’t
forget, to learn more visit http://www.myloansystem.com
3. I make the customer
emotionally commit to me. Here’s
how, when I feel the deal has been “sold”, I tell them, “ As you
know, I have tried my best to get you the best terms and rate out there
for your situation. Doing a
mortgage loan is a highly involved and complicated process.
We are dealing with your finances and I will do the best I can
for you, but before I can proceed, I need to get your total commitment
to moving forward, do I have on your honor, that you are satisfied with
the deal I have presented to you and are done shopping around?”
If they say no or
maybe, then I end it right there and tell them, “Ok, well please call
me when you are satisfied, then we can proceed, but in the meanwhile you
may lose this rate. Is that
something you want to risk?” Once
again, I am exerting control over the situation and letting them know I
am serious about doing business. The
simple fact if they are going to shop you, they will do it anyway, so
better to get it out-front at the beginning.
4. Be sure to gain the
spouse’s commitment as well. Know
who wears the pants and who is
making the decision. I want
all parties to be on board before I proceed.
5. Continually repeat
back to the customer why they are doing the transaction.
Reiterate every time you speak with them, the benefits they are
getting out of the deal. Are
they saving money per month? Consolidating
their debt? Getting out of
renting? Whatever it is,
say it back to the borrower over and over again.
You can never oversell them.
6. Consumers are
bombarded with offers constantly, on a daily basis.
Even one slightly lower offer of even 1/8 of a percentage point
can be enough to make them leave you.
I tell customers to call me before making any final decisions, or
else they will lose the deal. Emphasize
that “If a deal sounds too good to be true, it probably is.
Tell them, that “Many firms use teaser rates just to get you
interested, then quickly bait and switch you into another program”.
7. On purchase loans,
you have less to worry about. If
the borrower tries to leave you, tell them that “They risk losing the
house if they switch to another lender and closing on-time.”
Purchase contracts are very definite in terms of dates needed to
close by, and there is little flexibility in terms of changing these
dates. Purchase buyers are
emotionally invested in their new house—they’re already decorating
and painting the rooms in their mind!!!
Use this to your advantage.
8. Be seen as a trusted
advisor throughout the process. Make
friends with your borrowers. Add
value wherever you can. Keep
control over the situation. Don’t
let the customer “bully” you. If
they walk on you once, they will do it throughout the entire process and
you will lose in the end—not only your self-esteem but your time and
yield spread premium income as well.
These are just a few of
the ways I gain commitment from my customers.
I hate losing deals, that’s why I’ve integrated these tips
and others into my Sink or Swim Loan Closing System.
Save your next $2,200
to $3,000 in commission and get back that lost deal.
Use my system and profit from it.
Sell and close just 1 more loan and it has paid for itself many
times over, to learn more go to http://www.myloansystem.com
Click
here to read just some of the success stories from users of the Sink or Swim Loan Closing System ®...
Click here to see a printout from a recent commissions report with my biggest
month ever!
Download
the entire system now and start earning more money immediately.
Click here...
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