No one likes to think about what happens when we’re done here, but I’m imploring you to do just that. Your role for your clients doesn’t end when the loan is closed. In fact, it’s just beginning. Did you know that the average homeowner will complete 11 mortgage-related transactions in their lifetime? This is why retention is so critical!
When you focus on loyalty and retention, you open yourself up to the potential of working with that client multiple times over the course of their lives. Here’s another fact for you: the top producers in our industry say 65% of their business is from repeat clients.
The afterlife period of a loan is one of the most important times as you solidify your relationship with the borrower. Hopefully, you did the work ahead of time to set yourself up for success now. That involves asking the borrower all about their short- and long-term goals, as well as their financial history and any challenges or changes they may see on the horizon. This exercise isn’t for small talk! It’s to get to know the borrower as intimately as possible.
It’s what you do with that information now that counts. You want to consistently leverage that data in a proactive way. That starts by playing an active role in your borrower’s financial success. Send them meaningful communications on housing- and market-related subjects. Check in every now and then to see how they’re doing and whether their goals, timeframes or financial situations have changed. Help them develop a picture of what their overall financial success looks like years from now…and make sure they know how you can help them get there.
If they know from the get-go that you’re a partner in their financial future, they’ll view you as such. A trusted and valuable member of their financial advisory team is with them for the long haul. They are expected to communicate with their clients on an ongoing basis. Why, in that scenario, would they turn to anybody else but you when they need something housing-related? That is the difference between a trusted partner and a one-time service provider.
If, on the other hand, they think you’re just simply there to pair them with a loan, collect your fee and go, they’ll also view you as such. If you suddenly resurface years later because rates are low and you don’t want to lose their refinance business, they’ll see right through you. They know what you’re up to. You’re there for yourself, not them. It was never about them. And they know it.
A loan officer who is focused on loyalty and retention invests in their borrowers whether there’s something in it for them or not. It’s about playing the long game. Build that relationship slowly but meaningfully, and you’ll remain by their side from Transaction 1 through Transaction 11.