Your lenders are spying on your clients
Below is a MRR and PLR article in category Business -> subcategory Ethics.
Your Lenders Are Eyeing Your Clients
Summary:
Discover effective strategies to protect your clients from lenders who may attempt to woo them away.---
As mortgage brokers, we face the constant risk of losing our clients to the lenders we collaborate with. While we have brief interactions with clients, lenders maintain ongoing communication. When clients are asked about their mortgage, they often name the lender instead of us.
Some lenders are more aggressive about acquiring our clients than others. For instance, I’ve worked with various lenders as a real estate investor. One of them, a small bank named JB Nutter, barely communicated. I only heard from them thrice a year about routine matters and they never once offered a refinance.
In contrast, my current residence is financed through Countrywide, which excels in client engagement. They send monthly statements accompanied by offers to refinance, open lines of credit, or get insurance. They're consistently proactive and persuasive.
World Savings Bank takes it a step further by alerting their division of telemarketers when a loan holder’s credit is checked by another lender. Imagine my surprise when I received a call from them after a credit check, ready to counter any offer I might be considering.
Such tactics pose a challenge, as more lenders begin to adopt these strategies. So, what can we do as mortgage brokers?
The answer lies in forming unbreakable bonds with our clients, creating a "silent force field" that makes them resistant to other lenders’ pitches. Here are some guidelines:
1. Regular Contact: Stay in touch monthly at a minimum. A simple way is through a newsletter?"consider outsourcing it to manage production, printing, and mailing.
2. Impress Early: Create a memorable first impression. Take inspiration from an Australian dentist who remodeled his office to resemble a cozy living room, complete with fresh-baked cinnamon buns. His approach was so effective that he now operates on referrals alone.
3. Get Personal: Share your life and get to know your clients personally. Keep them updated on your family, and engage in social gatherings like customer appreciation events or housewarming parties. Make interactions personal, not transactional.
4. Start a Blog: Write on topics you’re passionate about and encourage client interaction and feedback.
5. Patronize Your Clients: Support their businesses. If a client owns a dry cleaners, use their services. This mutual support strengthens your relationship.
6. Foster Networks: Encourage clients to connect with one another. Set up a referral club and facilitate introductions, enhancing your value in their eyes.
By building strong, personal relationships, you ensure that your clients remain loyal and return for their mortgage needs. Remember, people do business with those they like and trust.
You can find the original non-AI version of this article here: Your lenders are spying on your clients.
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