It’s natural to find yourself in a rut from time to time, where your sales business has plateaued or you seem to have lost your motivation. Fortunately, for loan officers in this position, there are plenty of ways to spark progress with innovative ideas to help grow your business. Here are a few top strategies LOs can use to reignite their business growth:
Choose a niche market
While some LOs feel that choosing a niche will limit them, in reality, it often creates more business opportunities. Having a niche implies that you’re an expert in that area or demographic; and prospects prefer to work with someone who they feel is highly skilled. Identify the areas you’re most knowledgeable in, and filter that down by the niches that seem most in demand in your area. Some potential niches to target are based on geographic location, demographic, circumstance, specific loans (ex: VA or condo loans), or types of properties. Once you’ve determined your niche, you can market to them directly. Your marketing won’t exclude prospects who don’t fall into that category; instead, it will help spark interest within a specific group while still speaking to a larger, more general audience as well.
Build authentic connections
Maybe you have a full database of prospects to reach out to, but they’re not quality leads, or perhaps you haven’t formed a real connection with any them. Whatever the case, one way to boost your business is to strengthen connections. Building the kind of strong, trusted connections you want and filling your database with quality prospects takes time and effort. Connecting on an emotional level helps to create more of a real human bond. Keep a positive attitude in all interactions, but never at the expense of honesty. Make notes about specific things prospects and clients mention so that you remember them and can refer to them in future conversations. These are the kinds of actions that will turn prospects to clients and clients into referral sources.
Take a look at how you come off to prospects — are you positive and helpful, or do you come across as salesy and impersonal? Whether it’s your first time reaching out online or you’re meeting in person, the initial impression matters. Make sure you emphasize offering value. Online, your content marketing can take a helpful approach by offering tips or information for home-buyers. If you’re meeting someone face to face, a solid handshake, good eye contact, and active listening go a long way. By focusing on how you can help prospects and demonstrating your commitment to that, you’ll build trust and stronger relationships that lead to successful clients.
Mix up your marketing
Maybe your rut has to do with your current marketing strategies. If your latest methods are feeling lackluster and aren’t bringing in the business you want, it’s time to make adjustments. Marketing is an ongoing process that need regular attention. Keep an eye on mortgage marketing trends to see if there are any creative marketing strategies that have been effective. Get creative with the ways you currently market to prospects. For example, if you frequently send mailed materials to prospects and realtors, but you wonder if they even get opened, look into ways to make them more intriguing. One LO decided to mail his flyers in cardboard tubes, and it proved much more effective because the recipients felt more compelled to open them than a generic envelope. Think outside the box, and explore ways to grab the attention of your target market. By regularly tailoring your marketing, staying up to date with current trends, and experimenting with new ideas, your marketing can start generating the business you’re seeking.
LOs can and should take action when they feel they’ve reached a plateau. By looking into new strategies to employ and researching ways to adjust the things you’re already doing, you can get your pipeline flowing. There isn’t a one-size-fits-all solution to getting out of a rut. The key is to have the confidence to embrace change and the willingness to learn from what does and doesn’t work.