There’s talk that the market is shrinking now that interest rates are rising. First, there’s always “talk” – and most of it involves nay-saying. Putting that aside, however, it will be difficult to achieve the results of the past two years without putting forth a little more energy and investment.
Let’s be real. Borrowers were falling out of the sky since COVID began. Interest rates were low, people needed more space and your home became your castle. I cautioned that these good times wouldn’t last forever and, lo and behold, they didn’t.
That doesn’t mean a famine is ahead. It simply means you need to get a little more creative to maintain your deal flow and increase your market share.
There are three ways to do that:
Technology is practically paramount to success nowadays in the mortgage industry. People are busy. They like real-time updates. They’re not always keen to jump on the phone. They’d like to take their time completing their application.
There are tons of reasons why fintech is booming, and you better get on board. Thankfully, APM highly values technology and the innovations and conveniences it can produce.
In addition to our mobile app, we have:
- – AP Social, which provides turnkey content and in-house social media guidance
- – AP Connect, our exclusive lead-nurturing platform that converts leads into sales-ready opportunities
- – AP Reputation, which collects and showcases customer feedback so you can manage your online reputation and amplify your Google search rankings
- – Candor, an AI underwriting tool that reduces loan approval times, while increasing the volume of loans that can get approved
APM also maintains an amazing team of in-house marketing experts, an automated CRM and brilliant support services because we know how important these tools are to our loan advisors.
I’ve said it a million times – and I’ll keep doing so until I’m blue in the face: a loyal customer is worth their weight in gold. Prospecting and new leads are important – of course – but why reinvent the wheel each and every time?
Loyalty matters. And how do you create loyalty? By ensuring people matter. Provide your customers, referral partners and even prospective customers who don’t ultimately obtain a loan from you with an experience they can’t get anywhere else.
What does that mean? It means being more responsive, faster to process, anticipating questions, listening to concerns, providing solutions, calming fears, giving advice. Whatever the client needs, you’re there to give it to them.
Sometimes they need nothing. That’s great, too. You’re there anyway. Whether their loan closed 12 minutes ago, 12 days ago or 12 months ago, those aren’t “transactions” walking around; they’re people.
So check in. Say congrats when appropriate, ask about their vacations, and every now and then suggest doing a mortgage and/or financial checkup to make sure their current mortgage is still the best option for them. Goals – not to mention financial situations – change after all.
Even if you haven’t seen someone in a few years, by building loyalty you’ll ensure that when the client needs something you will, in fact, be the one to give it to them.
Enjoy your successes and be proud of how far you’ve come, but never rest on your laurels. Many didn’t heed that advice over the past two years, and the result is they’re no better informed, skilled or educated than they were before the pandemic began.
While they sat at their desks and only focused on the things in front of them, a large amount of loan advisors leveled-up, while even more entered the business. Now those paper pushers are playing catch up.
Investing in yourself is supremely important if you want to increase market share. I mean, you’re kind of all you can rely on, right? That’s why forward-thinking companies like APM want to see you grow. We have Spring Summits, Fall Symposiums and support staff who deal with just about every facet of the mortgage industry – all of this is at their disposal.
The mere fact that you’re reading a blog about increasing market share is a good first step. Keep that momentum going by working on your weaknesses, learning something new about the industry or developing a different skill. Your pipeline will thank you for it.
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