The key highlights from the seventh of our ongoing monthly coaching calls:
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Annual Mortgage Trends:
- Post-holiday mortgage activity often surges around January 2nd when people make financial decisions like buying or selling homes.
- Loan officers should use the next 90 days to engage with potential clients to avoid the frenzy of competition in January.
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Strategy for Client Engagement:
- Start conversations now to maintain ongoing relationships rather than aggressively pursuing clients like “hot leads.”
- Treat potential clients like long-term contacts, providing relevant information and staying in touch through texts, emails, or social media.
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Importance of Relationships Over Sales:
- Building trust and rapport over time is more effective than rushing to close deals.
- Consistent engagement and valuable information will position the loan officer as the go-to person when clients are ready to act.
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Examples of Long-Term Engagement:
- Loan officers should share market updates and industry news to keep potential clients informed, not just ask if they are ready to apply.
- Using casual methods of engagement, such as sending memes or articles, can maintain relationships without pressuring the client.
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Use of Predictive Alerts:
- Predictive alerts can help identify when clients might be ready for actions like refinancing, but the approach should be social and conversational.
- The system's data helps loan officers focus on building relationships with the most likely candidates for transactions.
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Client Needs and Timing:
- Conversations started now will set loan officers up for success in January and beyond, as clients begin to act on plans made during the holidays.
- Engaging too late, such as in December, will mean missing out on deals as clients will already have made decisions by January.
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Cash-Out Refinancing Conversations:
- When discussing cash-out refinancing, focus on the client’s potential savings and market trends, rather than directly asking if they’re interested.
- High auto loan payments are more likely than revolving debt to drive interest in cash-out refinancing.
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Building Trust Through Continued Contact:
- Trust built through ongoing conversations makes clients more likely to follow through on recommendations, such as locking in rates at the right time.
- A casual, social approach to communication builds stronger relationships than constant sales pitches.