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The Modern Mortgage Client: Speed and Efficiency Matter

As I move forward and try to grow myself as a broker, in this ever growing and competitive mortgage broker industry; I have invested in myself.

How have I chosen to invest? First, by getting my membership here to Mortgage Magnates. Then, I implemented new and what I think, are great strategies to finally take my mortgage practice to the next level, and pulled out all of the stops to be better than the broker down the street. So what did I do to achieve this you ask?

Well, the Mortgage Magnates platform, and further research of my own, have taught me strategies that have fundamentally altered my entire career trajectory as a broker.

The question was; in a day where banks spend millions on quick and efficient online applications and calculators, I was left wondering….how are we ever to compete? Are we a dying breed? The answer, is simpler than we all thought.

Mortgage Magnates was good enough to let me share some of my discoveries here for you on the blog but also note: I will be appearing as a featured broker in the December 2019 M|M University content release lineup, so check that out when it is streaming live, beginning in December right here.

Alright, enough with the shameless self promo…I want to expand on this idea of mortgage client transformation. We’ll discuss where clients are today, and where they are headed into 2020 and beyond by referencing three trends. Think about your clients, and how much they have truly changed over the course of the last few years. Pretty incredible isn’t it?

Mortgage Magnates actually calls this the “era of the mortgage client” and I completely agree. The research identifies three trends that are extremely relevant to us as brokers and our industry as a whole.

The first trend is that speed and efficiency rule. Think about that quick and dirty bank mortgage app I just referenced earlier. This is so effective for them because our potential mortgage clients are busier than they have ever been! They can come in when they have 15 minutes, fill out an app, get an answer quickly and be on their way.

Why is this an advantage for the banks? Think about how busy you are in your own brokering lives right now. How many of you out there are reading this on a smart phone?

Consider this…in 2019 the average smart phone user checks their device 151 times per day. The average professional, checks email over 35 times per hour. The average Facebook user checks their account 17 times per day. On top of this, most of us are truly working multiple “life” shifts in a single day!

We work the 9-5 shift at work, then head home, feed the kids, do the homework, get the showers and baths done, get the kids in bed and then what do we do? We are back on for the 8 to midnight shift.

We are busy and we are more distracted than ever.

In fact, the average human attention span in 2019 is a virtually terrifying 8 seconds, just one measly second longer than the common household gold fish! That is insanely low in this writers opinion.

In an era where we are so busy and our expectations are changing so fast, speed and efficiency truly matter in our business.

The other major trend is that our potential clients are more informed than ever before. With access to more information right in their own pocket and it is absolutely changing the way they make their buying decisions.

Today, a modern mortgage client is over 65% of the way into a decision before they ever walk into your brokerage or come in contact with you at all. So we are meeting our clients in a very different place in their decision process as compared to the brokers of yesteryear.

The last trend in all of this is that our mortgage clients of today will continue to be bombarded with more and more choices than ever before. Your competition is truly just a click away! But this is where the rubber meets the road because here is where a stark contrast is created when it comes to the difference between “what you do” and “how you do” business as an agent or broker.

Increasingly, in this new economy, the ‘what we do’ is quickly becoming a commodity in vast supply. It’s harder and harder to differentiate and get an advantage. This is because products and services and us ourselves, become more and more a commodity available in mass quantities.

But there is a HUGE opportunity my fellow agents and brokers! There is an enormous chance here to create a revolutionary differentiation in “HOW” you do business with your clients. This is where your championship win resides.

This is your opportunity to get the “How Advantage”. The best way in my business that I captured the how advantage over the broker or bank down the street, is to strive to be remarkable at everything we do consistently, right down to servicing. This is, in fact, our daily mantra here. Be remarkable, consistently.

What do I mean? Well, remarkable is being worthy of being remarked upon. Something so good, a client leaves thinking, ‘I can’t wait to go tell someone else, tell my friends, and my family about my experience.’

These three trends and how to deal with them, will have a really significant impact on a mortgage business…

To learn more, stay tuned to catch my video, streaming on Mortgage Magnates, this December.

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