JanSchrader
47 Posts |
 Posted - 05/09/2008 : 08:27:58 AM
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Top producing loan officers know that you don’t build a successful, long-term business by advertising lowest rates and fees. Why? Because on any given day someone else will either be lower or will cut their price to get the deal. “He who lives by rates, dies by rates, and you can’t always have the lowest rate.” Top producers, especially those who entered the business well before the latest refi boom, have built dynamic businesses by uniquely positioning themselves as niche marketers and by providing solutions for clients in that niche. By doing so they have opened doors that were otherwise closed and have expanded their business outward from there.
As all successful businesses have proven, you must differentiate yourself from the competition to be noticed. Ask yourself this question, “Why should someone choose me to do business with, especially if they have no prior knowledge of, or experience with me?” All of your marketing and advertising must give prospects a compelling reason to choose you. That is as true with the borrower as it is with potential referral clients such as real estate agents, builders, CPAs, attorneys, financial planners, or any one else.
Maybe it’s time to re-evaluate how you present yourself and your services. Take a look at what you’re doing and see if you can fine tune it to differentiate yourself, provide solutions and benefits, and focus on an opportune niche. And yes, there are many underserved niches available, even in this market.
As someone who has been in the business for over 28 years, and having to produce as a commissioned loan officer when FHA was 17 ½%, conventional 18%, and prime was 22%, I had to learn how to survive and thrive in tough markets. Take my advice: These principles work! BTW, if you’re interested, you can get more FREE information at www.20trillion.com . Good luck!
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