5 Biggest Mistakes Loan Originators Make.

Business-Builders-5-Mistakes_Page-LO

No. 1

“NO PROBLEM”

Unless you only got into the mortgage business today – You know things WILL GO WRONG!
One successful LO I know hands out a list of “50 things that could go wrong…” to every borrower he deals with
Rather than tell them “no problem” – and then run into problems…
…prepare them for the realities of what could go wrong.
Then if there are “no problems” – you’re a hero.

No. 2

AFRAID TO BE CANDID

The great fear of losing the customer…
…if I tell them the absolute truth, they might go down the street.
When in fact the opposite is true.
Bad news isn’t going to get any better by not giving it.
In fact – it will only get worse.

No. 3

CUT PRICE

When you cut price, you tell the customer that you don’t value your own service…
…and neither should they.
“Mr. Borrower, I offer a fair price for a valuable service. For that reason we do not negotiate our price.”

No. 4

PRODUCT DUMP

Too often people get so overwhelmed with options, they shut down.
When you product dump – you risk losing them.

The customer cares more that you’re the expert – and less the 100 products you offer.
They want – and need – the right options, not all of the options.

No. 5

“DON”T LISTEN”

How many people do you know who don’t listen –
they simply are waiting for their chance to speak again?

How many people do you know who don’t listen –
they simply are waiting for their chance to speak again?
You must be willing to listen to your customer;
To hear their wants and needs – which may be very different things.
By listening – you speak volumes about who you are.

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