What makes you different

[berniecmps]

While training several people over the past couple of years, I have run into a high percentage of people who lose clients during the application phase of the loan. Quite honestly, I have seen people lose a client in the first line of the conversation. Here is why, I think, they lose this business:
Introduction Statement is too "sales-like"; trying to close the client too soon
Capacity of knowledge
Confidence
Pace and Control of the Application (how fast, and who controls it)
Closing Lines or statements in applicationBetween these 5 issues, I have seen at least 20 leads per day get thrown into the "follow-up" bin because the application wasn't taken.

What I want to do, is open this discussion thread and really dive into what you do for these 5 areas in the application. What do you say that makes you stand out when taking an application either in phone or in person? What is different in your opening lines? How do you demonstrate your industry knowledge? How do you exude confidence? How do you control the application process and/or control the pace of the application? And, How do you close the application process?

Personally, my into line (after I have told them my name and company) is, "Tell me about your current situation". It's Open-Ended, vague, and almost forces the client to tell you how to "sell" them.

I can't wait to hear some of your ideas on what makes you different in the application process.

[OregonLO]

Well since 90% of my business comes from referrals I don't really need to "sell" to anyone so to speak so I don't come across that way. I do agree with you about people losing deals with the mistakes you've listed. Confidence is huge and can be tough for the brand new person and gets easier down the road. I can take an application on a napkin at a drive through and talk to the person just like I was sitting at my office in front of my laptop punching in the info. I take my time and talk to them for a bit and get to know who they are. They appreciate it and its funny when people will mention to their agent "he remember XYZ" and are shocked that I paid such close attention to them. But then again, that is probably why 90% of my business is referral based and I like it that way.

[berniecmps]

OregonLO,

This is what most LO's are striving for, what you mentioned all referral based.
My business today is all referral based as well, but you know what this year 08 I have set out to do things I have not done for some time.

.contact Realtors again
CPA's
divorce attorney's
and start my FSBO Campaign again...

Why am I doing this again, because I have not arrived at where I want to be in my business, and I'm starting at the bascis all over again.

[LOTrainer]

OregonLO,

This is what most LO's are striving for, what you mentioned all referral based.
My business today is all referral based as well, but you know what this year 08 I have set out to do things I have not done for some time.

.contact Realtors again
CPA's
divorce attorney's
and start my FSBO Campaign again...

Why am I doing this again, because I have not arrived at where I want to be in my business, and I'm starting at the bascis all over again.

OregonLO, and Bernie, you guys are excellent (as it seems in the above posts) with referrals! Great job!! That is how my business is right now as well, though I also work leads.

How long, for the newer guys in the industry, did it take for you both to establish a referral base/network like that?

[berniecmps]

LOTrainer,

Thank you for the kind words. I love your knowledge as an LO, and you can see from the initial post I learned from the best.;)

I can say it took me almost 3.5 years of doing loans to get to where I'm at today. In the beginning it was so pathetic I did not know what to do, and that has finally all changed now a-days.

[LOTrainer]

LOTrainer,

Thank you for the kind words. I love your knowledge as an LO, and you can see from the initial post I learned from the best.;)

I can say it took me almost 3.5 years of doing loans to get to where I'm at today. In the beginning it was so pathetic I did not know what to do, and that has finally all changed now a-days.

Bernie, at least you were able to change and adapt to the market in order to make yourself better!

[securityonefinancial]

Bernie, at least you were able to change and adapt to the market in order to make yourself better!

I like what you said because i've seen so many people in my company come and go, i'm the only one left in my company that's been there longer than 3 years. some of the past LO's were doing arms and making 200k a year... it screwed so many people over, i'm glad FHA and conventional loans are dominating...

my company does mailers, I also get repeats and referrals. but once again... with rates on the rise... the market seems so slow...

securityonefinancial@gmail.com (http://www.securityonefinancial.com/)