Exceptional loan officers can take business away from another loan officer. These individuals share essential characteristics that make it possible for them to easily prevail over their competitors and achieve the success they are striving for.

Below are eight essential characteristics that have been proven to create success and set yourself apart from your competition.

1) There is a world of business out there for the taking.

Being proactive on your part is your best strategy in taking business away from your competition. The secret is learning and applying basic telephone and cold-calling skills. Calling homeowners may initiate the thought “Why hasn’t my mortgage loan officer called me?” In this case, you have a competitive advantage over the homeowners’ former loan officer.

2) Make the time to set up a referral network.

In the search for new mortgage business, there is no easier and more efficient way to create a consistent flow of prospective clients than by referral sources. Developing referral source relationships is a great way to increase your sales. There is nothing like the power of a recommendation from a peer to open a door for you.

3) Create customer loyalty by visiting prospects and clients and exceeding their expectations.

Loyalty comes from trust. Trust comes from communication. Great communicators understand the importance of connecting by making prospects customers and possible referral sources feel comfortable. A visit with the other party enables a greater insight into your products and services, while simultaneously building that trust. Show your clients you care by turning your relationship into a personal one. The more personal you make your relationships with your customers, prospects and referral sources, the more loyal they become.

4) Never make promises you can’t keep.

In order to achieve that customer satisfaction, you must implement the successful idea of under promising and over delivering. Meet your commitments. Do not promise what you can’t deliver, instead deliver more than you promised.

5) Take the initiative and be prepared.

Listen, study and be prepared. Recognize your competition and their offerings and be aggressive about keeping your customers informed. Blow your competition away with your professional approach and your deep understanding of your companies products and services and what would fit your customer.

6) Always treat your customer with respect.

In order to build that lasting long-term relationship with your customer, you must exercise toward your customer. An organizations treatment of the individual will not only determine if they will do business with you in the future, but also whether to refer their friends, family and colleagues to your business

7) Listen to your client and demonstrate your interest by asking questions.

The easiest, cheapest, and often most effective way to do customer research is to simply listen to what customers say. Do not assume you know everything about the customer. Listening to your customers will not only help you understand their needs but help you provide them with the best loan offering to meet their needs.

8) Educate your clients to the process.

You can avoid having to be in the awkward position of having to play “take away” later in the relationship if you educate your client up front. Most customers do not know what the mortgage process entails. They do not know how long the process will take, what information is needed and how it should be prepared. You have a golden opportunity to play to your company’s strengths by explaining how the process works.

Your challenge is to incorporate these characteristics and personality traits into your skill set. By doing so, your rewards will be higher customer retention, increased gross sales, more referrals leading to a larger loan portfolio, and the knowledge that you have contributed to your company and your clients


Article submitted by Richard Larimer. Rich is the CEO of Champfund Mortgage. He can be reached at rlarimer@champfund.com

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