Apr 07

Get the Deal or Client for Life?

In the past few years, I’ve refinanced my mortgage three times - with three different people. The first two brokers did not get my subsequent business. Nor will the third guy when I refi this month. Why? Because, they all seemed a bit like traveling salesmen…just passing through.

What struck me about the brokers was how transactional they were. Every one talked interest rates, stated income or W-2, fixed or variable and on and on. They were fixated on technical knowledge. Thing is though, what each said about rates and the other stuff convinced me they were like all the rest. in the mortgage business, it’s very difficult to differentiate yourself on technical knowledge. Why? Because most clients don’t know enough to value every morsel of knowledge you have. You all sound the same after a (very short) while.

You can, however, distinguish yourself in a crowded market by going beyond the details and transcending the transaction. It will help to permanently learn that except for rare cases, your technical knowledge about mortgages will not set you apart from the other mortgage folks. In a licensed profession, technical knowledge is ordinary. It is the start line, not the finish line. Why then do so many mortgage (and real estate) professionals spend almost all their time with a client talking minutia?

In my experience as a professional coach of salespeople and entrepreneurs, the answer is simple: too many want transactions now, not clients for life. When I talk with brokers and agents about this stuff, they say something like, “But there’s not time for that. Things move too fast in this business.” But, the reality of selling flies in the face of that thinking; it takes a lot less effort, money and time to sell an existing customer new products than find a prospect and convert them into a client.

If you want to stand out from your competitors, take the time to get to know your clients really well. Go beyond the ordinary; demonstrate you are about a lot more than selling a product. Find out about their lives, dreams, fears, kids, jobs and financial needs. Find out who their financial planner is and strategize the optimal product. Be part of the big picture, not just today’s deal. Know their birthday so you can send a card or small gift. Make sure NOT to include your business card. Birthday gifts are about them, NOT you. Just sign the card with your name. They will know who you are - in the best ways possible.

You will become special to your prospects and clients when they believe they are special to you. Now THAT is a great way to sell more mortgages.

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