“This is the max buy down. Can we make that work for the client?”
A BDM we speak to regularly has made this statement to the same broker twice in the last 24 hours. He fully expects to be asked again several more times by the same broker before the week is out. This broker is a poor producer for this BDM and lender and in fact, his regions top producer almost never asks for a max buy down or even a buy down at all. Ever. Why?
First, we know this: Customers don’t buy on price. They default to price when value and a quality experience are absent.
That’s on us, as mortgage professionals.
You need to be expertly prepared for a clients needs. You need to understand their current situation, their short term goals and their long term outlook and be able to confidently and fluently articulate it back to the client as well as a strong solution to meet those needs. If you do this, you will never again feel compelled to compete on “price” (rate).
“Mortgage Magnates early research has shown that only 20% of the mortgage professionals clients we surveyed, are successful in achieving their expectations and creating value that makes them not care about the rate they receive. Terrifyingly, only one in four of these mortgage professionals get agreement from their clients to meet again, a second time. For this industry to continue to and better compete with big bank advertising and reach, we need to improve this ten-fold” —Chris Baker, President and CEO, Mortgage Magnates
The best mortgage professionals are meticulous about preparation because they understand that client expectations have completely changed in recent years. The opportunity to advance their broker-client relationship is dependent on meeting clients exactly where they are. Clients are overwhelmed, time-crunched and expect you the mortgage professional to deliver more value, constantly.
A recent Gartner survey on the role of marketing in client experience found that 89% of companies expect to compete mostly on the basis of customer experience, versus just 36% four years ago.
It is imperative to think about: Why did you become a mortgage professional in the first place? What purpose do you serve? How do you make homeownership better for your clients?
Our customer experience roadmap informs every conversation we have at Mortgage Magnates and client engagement:
Notice that the first four points are all about discovery. This is the biggest part of our belief and the Mortgage Magnates experience. We’ll walk clients and brokerages through our experience when we white label the platform for them. We spend that much time getting to know our clients (the first four steps) BEFORE we commit to any experience preparation.
For example, we are often brought in to deliver presentations. Those plans are pretty standard. They typically include a couple of calls to plan the presentation, slide deck approval with the client, the presentation notes and occasionally a meet and greet following the presentation to see how we impacted the audience.
But we also include a very imperative opportunity to customize and personalize the experience for the brokerage beyond the standard presentation to deliver more value for the Mortgage Magnates client. We obsess over how we can continually upgrade and update our approach.
For example, we recently helped a brokerage plan a kick off meeting for 2020 at a local ski resort where we will deliver a presentation to more than 300 brokers and agents and company representatives. To elevate the engagement, we will:
We, as should you, want to show up prepared to make the maximum impact. It isn’t just about that time in front of brokers — every touch point with an M|M client is an opportunity to add value, advance a relationship and move beyond the “transactional approach” into a more meaningful partnership.
“You are rewarded in public for what you have intensely practiced & refined in private!”
The invitation to kick off an important meeting like this for a large brokerage is an incredible privilege and we wanted to make sure we had earned the right to put on that red vest for our contribution. When you are prepared, you can meet the moment and clients with confidence.
If you’re feeling pressure of rate-driven sales conversations every day, stop the cycle now. Step back and consider your approach to your whole process.
Prepare to win.
It’s way more fun than preparing to discount.