There are many components to a sale of any kind, but one of the biggest drivers – regardless of your industry or what you’re selling – is price. “How much?” and “I can get it cheaper elsewhere” are two phrases loan officers encounter again and again.
I want to focus on how you can secure more business, more often, when so many potential borrowers have tunnel vision for price. The first strategy is to know there are some people who will never see the light or the importance of customer service. That dollar sign will blink on in their eyes – and those aren’t your people. It’s a fruitless effort to try to sell them the value of your insight, professionalism, or customer service.
Now that that’s out of the way, let’s focus on the ways you can utilize your strengths to overcome any sticker shock or price comparisons. The easiest way to do that is to demonstrate your value. What do they get when they choose you as their LO? What type of service, market knowledge, communication comes packaged with this application?
It’s easy to craft a sales pitch out of this advice and be ready to lay it on them the second they walk in the door, but I think an alternative approach works better. It involves shutting the mouth and opening the ears. Make listening your biggest asset for the next 10 minutes, half hour or however long you have their semi-undivided attention. Ask follow-up questions. Determine their short- and long-term goals, strengths, weaknesses, fears, and any flexibility or stringent requirements within their vision.
Most people will easily mark Point A and Point B…but few are able to map the most strategic route to take along their journey. These are services that can’t be performed by simply clicking on the lowest rate you can find online. That’s why your value must be greater than the perceived value of online automation and discounted pricing. You establish this added value by building trust, emphasizing transparency, being an effective communicator, and showing clients you have their best interest at heart.