Ask a dozen loan officers what their primary goal is, and at least ten of them will tell you they want to increase their sales. There are so many techniques out there to improve sales, but which ones actually work? While your clients will vary in every sense — demographic, personality, qualifications, and circumstances — there are tried and true methods to help you close more frequently, no matter the client. This week, I wanted to share some ideas to help increase your closing ratio. Let’s dive in:
Get to Know Your Prospects
First, you need to get to know your prospects before you can determine the right sales approach. By learning about the general needs and interests of their demographic, you can better figure out the ways to engage with them. You can find valuable information about prospects on your list through their profiles on LinkedIn, Facebook and Twitter. For example, knowing that your prospect is of the millennial demographic could encourage you to send them some video content in an email, as this may spark their interest more than a traditional text email. Knowing your prospects is essential for building rapport and trust, which are the precursors to getting a commitment. Once you’ve gained them as clients, you should continue to get to know them (in-person!), so that you can use the right approach as you move through the borrowing process.
Ask the Right Questions
Often, you’ll have prospects or clients that are concerned about certain parts of the borrowing process, but they may not reach out to voice those concerns. This is where asking them questions to check in can really make or break a deal. When it comes to prospects, asking them questions about their expectations and concerns can help you to provide the information they need to become clients. With existing clients, make sure you check in throughout the process to see if they need any clarification or reassurance along the way. Not only can you ease their minds and clarify confusion, but this also speaks to your attentiveness and shows that you genuinely care. When clients seem to be dragging their feet, this is a great time to ask them questions. You could ask them if they need more information from you or if an outside factor is slowing their decision. Whatever the case, communicating will build trust and give them confidence, both important to closing the deal.
Too often, deals are lost due to poor follow-up. Whether you’re missing opportunities to reach out to prospects after meeting them in person or you’re failing to follow up after initial contact, both are detrimental to your chances of closing. Be attentive and offer valuable information to prospects and clients every step of the way. Send relevant information and content so prospects can begin to trust you and see you beyond the sales environment. LOs should have a follow-up strategy in place, which allows you to see where you are in the process, and what step you’ll take next. Following up with phone calls as opposed to emails or text adds a more personal touch, and it’s often more effective. More on improving your follow-up, here.
So, if you want to increase your closing ratio… just pay more attention along the way: get to know your prospects better, ask more questions, and don’t fumble the follow-up. A little attention in these 3 areas will always lead to a better conversion rate.
Good luck and let me know how any of these tips may have helped you!
If you’re a loan officer, sales manager, or branch manager considering new opportunities, don’t hesitate to reach out to hear about some terrific opportunities.