Why you and not Countrywide?
The products are the same. Their name is bigger. Their rate is probably better. They probably have a piece of mail, with a great offer, sitting in your prospect’s mailbox right now.
Time to give up and throw in your mortgage broker license?
That is up to you, but I like your odds if you do what Countrywide can’t.
You are a broker. You represent the customer. Let them know that on every call. While the Countrywide or other large mortgage bank is churning through new bodies looking for new “transactions” to feed the monster. You can build a relationship that puts the person you are serving at the center of the sale. Here are a couple of suggestions to set your sale apart from a typical big mortgage transaction:
- Start every call with a needs assessment and financial objectives
- Send them an article from the Internet that supports your recommendation on dealing with the current rate environment
- Give them your personal cell phone, and tell them to use it
- Send them a link to your personal web page or blog with pictures of your family on it
- Ask them their hobby, and remember it occasionally with a special touch by sending an article or small gift
Now, for the big punch. Once they are a customer treat them like one. Start a customer loyalty program that treats all of your closings like valued clients. Here are a couple of suggestions that are simple and can be automated for less than $20/month:
- Start an electronic newsletter with mortgage market news and alerts to call you
- Remember birthdays and other special events in your clients lives
- Call them at least twice a year to do a mortgage check up
I guarantee you the big boys don’t position themselves as client advocates and mortgage professionals. Make that valued “broker” relationship and service a competitive advantage.