Top-performing loan officers capitalize on promising opportunities and see them through to sale by being highly prepared, leveraging logic and lead generation metrics, and having the right tools on hand.
Top salespeople frequently go above and beyond to prepare, continually refine their lead generation tactics and strategies, and build flourishing customer relationships that well position them to surpass their quotas.
Top Mortgage Loan Officers are really no different. Here are five qualities top MLO’s use to close more deals and drive their bottom lines.
1. Know Your ChannelCold calling has proven benefits, but it’s not the right tool for every aspect of the job. Knowing which mediums to use for prospecting, lead generation, and selling is critical for building a healthy sales pipeline.
Data from the ABA shows that one of the fastest-growing tactics for banks and financial institutions is social media marketing. In fact, some 66% of banks plan to increase spending on social media. That’s unsurprising, seeing as 92% of buyers use social media to research potential purchases. Social platforms allow you establish meaningful connections with prospects, generate leads, and even to sell to your audience in an approachable way — those using social media in their sales process are up to 40% more likely to meet their revenue goals.
Keep in mind, however, that social platforms may be uniquely suited for meeting different goals. 79% of all American internet users have a profile on Facebook, making it the ideal marketing tool for loan officers who want to expand their reach or engage in social selling. On the other hand, LinkedIn is the most effective social network for lead generation, boasting a visitor-to-lead conversion rate of 2.74%, nearly three times higher than that of either Facebook or Twitter.
Relatedly, it’s critical that you know when to post content. Build a schedule for your social posts that’s frequent enough to remain visible for followers, but not so frequent that you begin to monopolize their social feeds. You should also make sure your content is being posted at times when your prospects and borrowers will see it, not at times they’re likely to be commuting or running errands.
2. Stay Hyper-Focused on ResultsAnother indispensable trait of successful loan officers is their unwavering commitment to making the sale. Half of top sales performers keep written or mental lists of their goals, and most monitor their own progress, comparing their initial objectives with actual results achieved. Documenting criteria of success and tracking quota fill rates in a set of spreadsheets can keep you accountable for meeting sales targets.
To surpass quotas, 36% of overperforming salespeople pride themselves on their commitment, claiming they “feel personally responsible and dedicate themselves to ensuring the client’s success.” Loan officers can establish meaningful relationships with leads to foster trust and see the deal through to a sale.
And don’t stop focusing on results once you’ve closed a sale! Keep filling out your funnel with new borrowers by asking your lenders to refer their friends and loved ones to you. Propellor research found that while 91% of customers say they’d be willing to give referrals, only 11% of salespeople ask for them.
3. Share Your Industry ExpertiseWhen you’re operating in a complex space like mortgage lending, customers aren’t just looking to buy from you — they’re also looking to you for guidance and education. If you dedicate time to developing thoughtful, original thought leadership, you can give borrowers the knowledge they need to make an educated buying decision. The more confident your borrower is in their choice to take out a loan, the more satisfied they’ll be with your business, which in turn makes it far more likely that they’ll refer you to friends and colleagues.
Of course, you don’t want to be churning out this thought leadership on an ad hoc basis. Build up a content library of thought leadership that you can pull from and offer to borrowers. Nothing inspires confidence in your guidance like having just the right resource at-hand to answer any borrower’s question and immediately add value to any and every step in the borrowing process. By staying ahead of the game and posting this content proactively, you’ll avoid getting overwhelmed during the busiest times of the season, when you’ll need to content most.
4. Straight Talk Means More SalesPeople tend to overestimate the importance of charisma and flashy rhetoric to successful sales practices. The truth is that closing a sale requires the trust of your customer, and trust comes from forthright advice about the complex and often intimidating task of taking out a mortgage. As Elevate Marketing’s Adam Ellis writes, “being 100% honest about rates and possible rate changes can be one of the most valuable sales tools in your arsenal. Honesty wins trust, and trust will win you a sale.”
The great thing about honesty in sales conversations is that it’s easy — you likely don’t need pointers from us on how to be direct and straightforward with your borrowers. But how do you earn the trust of new borrowers who might not even know about your business? Establish a strong thought leadership platform where you can push your sincere advice to potential borrowers continually on social media, allowing you to earn their trust and create the foundation of a deep relationship before they even walk through your door.
5. Have the Right ToolsTo truly maximize sales, it’s vital for loan officers to invest in tools that bolster efficiency and position them for success. That’s why the toolbox of any high-performing loan officer includes tools that automate their lead generation and marketing efforts. For example, a strong social media presence today is key for loan officers hoping to drum up interest from potential borrowers, but LOs need to be able to streamline this process in order to maximize the time they spend engaging prospects and closing sales.
Gremlin Social is the tool of choice for mortgage loan officers looking to go above and beyond their sales quotas. Social Guardian is the only ABA-approved social media marketing platform designed for banks and mortgage loan originators — it allows LOs to build out a content library, schedule posts weeks in advance, and vet each and every piece of content for compliance. Schedule a free demo today to learn more about how Gremlin Social Guardian can streamline the work of maintaining a healthy, compliant social presence and let you focus on closing deals.