Close More Loans in 2021
Historically low interest rates are driving a lot of people towards mortgages for first-time home buying as well as refinancing outdated and expensive loans. How do you best capitalize on this opportunity? The secret isn’t in improving your sales technique or your closing tactics. If you want to stand out in such a competitive market, you need to make the loan process more personal. You will want to form a personal relationship with each client and not treat him or her like just another transaction. Here’s how you do that:
1. Provide Value Regardless of Outcomes
Do not be that person who only invests in people you believe will earn you income. Your mindset with every interaction should always be to leave things better than you found them. That means you need to find ways to provide value at every touch point, whether you are educating clients about rates or the economy, connecting them with other professionals they’ll be needing in the process, or simply treating them with respect and professionalism. You are always being evaluated and judged by others, so make sure to exceed expectations at every opportunity.
2. Have a Plan
It’s impossible to consistently provide value if you are constantly unprepared for what comes next. You should have a plan that details what your ideal customer transaction looks like. What is the perfect process from start to finish for your ideal customer? This is called the customer journey and it has stages of progression. This journey starts with awareness, then consideration, and finally conversion (buying decision). Break your customer’s journey down, and then map out how you will provide value at each touch point during each stage to encourage your customer’s forward momentum towards a successful buying decision. Here is a great tutorial from HubSpot on how to map out a customer journey. They also provide free mapping templates.
3. Be Consistent
Your success is dependent on consistency. Everyone with whom you interact ought to be treated to the same thoughtful follow up, advice, material, etc. Consistency is the core for your long-term success. If you’ve gone through the effort of planning and preparing, then stick to your plan and trust your process. Learn to do the same thing with everyone you interact with and do it at a high level, regardless of how you may be feeling that day. Consistency is key to your success.
4. Be Kind
The last, and equally important factor for long-term success is kindness. Being kind to everyone at every opportunity makes people feel better. Kindness can even change your brain says Stephanie Preston, a psychology professor at the University of Michigan. When we’re kind, a part of the reward system called the nucleus accumbens, activates. Our brain responds the same way it would if we ate a piece of chocolate cake. In addition, when we see the response of the recipient of our kindness, when the person thanks us or smiles back, our brain releases oxytocin, the feel-good bonding hormone. This oxytocin boost makes the pleasure of the experience more lasting. It feels so good that the brain craves more. “It’s an upward spiral: your brain learns it’s rewarding, so it motivates you to do it again,” Dr. Preston says. Being kind will always make your day better, and others who interact with you will always leave feeling better for the experience.
Real estate is not transactional. It’s all about relationships. If you are good at what you do and follow these four tips, people will love doing business with you and they will refer friends and family over and over again because they like how you make them feel (Be Kind), they have learned that you can be trusted (Be Consistent), you have proven your expertise (Provide Value), and you always provide a good outcome (Have a Plan).