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8 Sales Strategies to Increase Loan Closings in 2022 | Consolidation Now

When looking for the ideal loan, the contemporary world of digital technology is a crowded and complex place to look. The following article will provide you with eight different sales methods that will assist you in cutting through the chaos and making more loans available during the course of this year’s loans for Minnesota residents.

Add More Value

“Give, give, take” is, as simplistic as it may sound, the formula for success in the world we live in today, which is increasingly competitive and congested. Always offer to help someone out first before asking for anything in return or attempting to coerce them into selling something they own. In addition to being able to organize and underwrite loans, you should also be able to add value to your customers by giving them information on the economy, assisting them in their marketing efforts, providing them with calculators, and connecting them with any other specialists they will need during the process. Attorneys specializing in intellectual property law Real estate agents, tax accountants, credit specialists, and a variety of other professionals are all just a phone call away.

Everything is an opportunity to make a sale

Every manufacturer has encountered customers who do not want to be bought. On the other hand, some of them will be antagonistic toward you, as Floyd Mays, the former chairman of Atlantic Bay Mortgage Group, recalls a cold call he made with one of his prospects, who said exactly that to him when he asked them if they were interested in working with him “Every single one of the mortgage professionals is exactly like you. You people are a collection of knaves and fools who are hunting for someone to take advantage of.” Floyd might have been offended and decided to leave. Instead, he made this statement, “Someone has been giving you the runaround for a considerable amount of time. I’m sure you’ll be grateful. Why don’t you give me a shot at it?” It made his customer giggle, and as a result, they started a working relationship that would last for a good number of years. Even if making cold calls isn’t part of your sales plan, there are still plenty of methods to spin a negative circumstance into a more favorable outcome.

It Requires a Minimum of Five Touches

It takes an average of five visits with the owner of a business or the buyer of a property before a sale can be made with either party. The majority of loan officers give up after only two meetings and do not even consider the option of continuing. Be patient and keep in mind that it may take years to convince a borrower to switch from their present bank or LO if they discover a possible link borrower who is already banking with that institution. To be able to reach out to potential customers, make a dent in existing sales, and stay in the forefront of your target audience’s mind, you will need to be aware of the maturity dates of your existing loans and lines of credit, as well as the refinancing options that are available to you. You can ensure that you are making these long-term sales without having to raise so much as a finger by storing important dates and facts about the borrower in your CRM, as well as planning and creating follow-ups in preparation.

Ask Away and Don’t Be Afraid to

It is not sufficient to merely supply a term sheet; it is vital to inquire about the details of the organization. When everything is said and done, the borrower will be in possession of the term sheet as well as all of the information necessary to make a decision. The following thing to do is to make some inquiries regarding the company’s information. If a potential lender isn’t quite ready to move through with the next step, you should seize the chance to emphasize the notion of “wanting to be the first call” once they are ready.

Always Include Specific Action Items

Establish a connection between each meeting or phone contact and a list of action items or subsequent steps that need to be done in collaboration with the person responsible. After each encounter, go back through the steps you’ve planned and make any necessary adjustments. You can send a borrower portal checklist by email, or a borrower checklist, or take advantage of BNTouch’s other borrower portals. Prospective borrowers always need to be aware of the actions they need to do in order to be able to complete the transaction with you.

Positivity Sells

Maintaining a positive attitude while also keeping things light and humorous is critical, despite the fact that this may appear to be stating the obvious. Nearly every predicament or difficulty may be met with a workable answer. There shouldn’t be any issues if the borrower wants to put off making a decision on the refinancing. Encourage the borrower to develop a sense of self-assurance in their choice to build trust and construct. If someone brings up another loan officer, you shouldn’t criticize them; rather, you should make them believe that you are trying to frame the situation as if these loan professionals are excellent and are good, but that you are the superior alternative.

Concentrate on Quickness

The borrower will regard the lender more if they receive a prompt answer and approval within a short period of time. You should make an effort to find ways to reduce the amount of time spent by the consumer, while also making sure that you are doing everything in your power to automate and simplify the process of getting a loan.

People are not going to buy something that they do not comprehend.

Rates, turnaround times, and personalities are all great methods to pique a customer’s attention, but those aren’t the only things they’ll spend their money on. Because a customer’s education is an absolute necessity, providing them with information about the value of the product or service they are considering purchasing from you is essential to the success of the sale. However, despite its apparent ease, accomplishing this task can be quite challenging. We have a client to whom we were unable to sell, and we were at a loss to understand why this was the case given that we possessed an exceptional product that our potential customer would require. We came to the conclusion that the issue was caused by the fact that the consumer lacked the ability to comprehend the specifics of the product. The customer was finally able to sign the contract after a member of the sales team had read him the specifics of the product, and he continued to do business with us for the rest of his life.