With loan application volumes healthy and consumers hungry to score a great deal, there’s no doubt opportunities are everywhere, though it seems the Pareto Principle (80:20 rule) very much applies to broker performance.
Some brokers quite literally settle 5 to 10 times more than their peers while working comparable hours, so it begs the question as to what these brokers are doing differently to attract that volume.
Part of the answer has to do with these brokers building their brand and reputation as being a Person of Influence. This means they not only get to write more loans, it means they get to positively impact more clients for the better.
I call it being Preeminent.
That is, you become the preeminent adviser to your current and future clients. The person your clients turn to first for all matters finance.
Why does preeminence matter?
Well, think about this. Who is the world’s preeminent authority on animal documentaries?
David Attenborough, right.
It’s not that he knows more about animals than other professionals in the field. He probably doesn’t. In fact, he’s not an expert in any area of animal studies per se, yet he’s built a brand and reputation that precedes him.
Experts know something. An authority, a preeminent person or company is known for something.
So, let’s look at some simple strategies being used right now by preeminent brokers across the country that enable them to avoid the roller-coaster ride and maintain consistency in settlement volumes month after month.
Educate your clients, don’t transact them.
With most brokers averaging healthy loan app conversion rates of 90+ per-cent for people who qualify, there’s little question that you’ll likely win most deals you set appointments for.
Winning the deal however does mean they’ll ‘fly the flag’ and tell their friends and family about you.
One thing a handful of elite brokers do to win client advocacy is to whiteboard the scenario with their client. They put all the details up there – so they – and more importantly, their client, can see the full picture.
They then explain to the client what they are recommending and why – AND, they ask their client to take a photograph of the board.
When clients are educated, they feel empowered, they feel more confident, and they’re more likely to trust you. Not only that, they are also far more likely to actively ‘sell you’ to their friends and family because of the quality of the experience they have.
When you think long-term about the ‘total lifetime value of a client’, it becomes a no-brainer to know that a bit more education can turn a person in a raving fan.
Become a hub. Clearly it makes common sense to build your professional network with multiple people in complimentary services.
There are several reasons why you would want to do this. Firstly and obviously, if you identify a service your client requires, it enhances your value proposition when you can introduce clients to members of your network.
In addition to which, some people say the best way to get a referral is first to give one.
It reinforces to members of your network that you value their skill and relationship and you want to reward them with an introduction. This in turn can enhance the potential for them to refer business back – though it may not happen as often as you expect if you don’t use an effective referral structure.
Being a ‘hub’ is like being the go-to person. It’s not a natural reputation that mortgage brokers have built over the years, though it is a reputation that is worth striving to build.
Even if your clients call you for advice on who they should speak to, it validates that they appreciate and recognise your opinion, and with the marketplace being so competitive, this reputation must not be underestimated.
Establish expectations. Before jumping into the nuts & bolts of your client meeting, take a moment to firstly ask them “Mr. & Mrs. Client, just before we get started, it’s important for me to understand what would need to happen for you to have a really great experience in terms of the work we do together?”
The reason for asking this question is because it makes your client feel important and positions you as completely focused on wanting to understand them.
Given there’s not a person alive who doesn’t like to be made to feel important, why not start off your interview and relationship with the client this way.
Building your influence and impact isn’t just confined to some cool sales tricks and persuasive words. The more you become known as preeminent amongst your clients and your networks, the more easily business will find you so you can write more loans, help more people – and run a great business.