As we move into 2019, it’s helpful to assess where you’re at with your business goals and where you’d like to improve. Taking a look at the top-producing loan officers in the field today, we can gain some perspective on the priorities that help them thrive. We can see the kinds of issues they contend with in the industry, how they’re overcoming them, and which new market opportunities are yielding success. Here are some of those top priorities and how you can begin adopting them in your own business:
This is a big one, and it comes up often. Social-media engagement and a strong online presence are crucial for LO success in today’s market. Top LOs understand that expanding their marketing skills and trying new things is instrumental in their business growth. If you haven’t established much of a presence yet, LinkedIn is a good place to get started, investing in a profile that accurately represents you. Facebook and Zillow are two platforms that can make a huge impact on your reach since clients can leave public reviews here. If you have an established presence and are looking to expand, other photo-based social-media platforms like Instagram and Snapchat have also been shown to help expand your reach.
Expansive referral networks
While social media is a powerful tool, maintaining strong referral networks is still one of the main ways top-producing LOs meet their business goals. These referral networks should include past clients as well as real estate agents, all organized in a database. Open houses and other events as well as social-media exposure can also strengthen your referral network. With all of the current market challenges LOs face, having strong referral networks and marketing strategies form the foundation of their success.
Of course, all LOs (and clients) hope for on-time closings, but you can’t always predict the snags that may arise along the way. In the face of these kinds of issues, top LOs do their best to problem-solve and resolve them as quickly as possible. Communicating with your clients about any issues is a given, and it solidifies the kind of trust and credibility you need with them. Expecting the unexpected is key, and knowing how to react to those unexpected things can mean the difference between client satisfaction and dissatisfaction. Failing to close a loan on time can be detrimental for your borrower, so the more you go above and beyond to avoid delays and make good on promises, the happier clients you’ll have.
Embracing digital mortgages
Digital mortgages refer to using automation and third-party data to create a more efficient mortgage lending process. It usually means incorporating more mobile technology and self-service tools, like signing and submitting documents electronically. Some of today’s LOs fear that these tools will replace the job of a loan officer one day, so they tend to shy away from them. Rather than indulging in that fear, top-producing LOs embrace digital mortgages and use them to grow their business. Today’s consumers appreciate these digital options, though they still find great value in working with a loan officer.
Even top-producers have areas for improvement, but that in itself is a key to their success: continually striving to improve. When you intentionally arrange your priorities to focus on bettering your business, you’re investing in its growth and success. What are some of your top priorities in your own mortgage business? Tell us in the comments below.