Living Life by Design

I’m in the mortgage business so I will frame this discussion from that perspective. However, this applies to any service related business. Good, sound sales advice works regardless of the industry you’re in…:-)

For most clients, a home purchase is one of the most emotionally charged, exciting and confusing experiences of their lives. Whenever a person is in a situation with high stakes and low control, it results in self-doubt, anxiety, defensiveness and even anger. They don’t understand most of what they’re being asked to sign. And, they have low visibility into the process. This certainly qualifies as high stakes, low control.

As such, your priority is to be a professional, calm guide through the process. A 2013 study by the global consultancy PwC found that fees and terms only drive 10% of positive memorable mortgage experience, while almost half are driven by the loan officer. “With a single person (loan officer) playing such a major role in the customer’s borrowing experience, it’s critical that you (loan officer) be customer-centric and put a personal touch on your services. While technical skills are important, the bulk of memorable experiences are actually driven by personalization.”

Personalizing the product and every piece of communication is the key. Avoid templated emails and needs lists. Communicate fully the benefit of a particular loan program after listening intently to their needs, finding every opportunity to reinforce why this program is right for them. By customizing the experience – or at least appearing to – you create the very experience that customers crave and one that they’ll remember.

Excerpts from “The Mortgage Communication Playbook”, by Maxwell.