THE ONE THING MOST ORIGINATORS AND COMPANIES DO WRONG WITH THEIR ADVERTIISNG AND SOCIAL MEDIA.
Take a few minutes after reading this article and review your social media posts , advertising and even your website. My topic this month was going to be about something totally different but I just read an industry publication and couldn’t help myself.
While most companies make this make in their advertising and posts, Originators are making this mistake in their daily conversations with Realtors and prospects and even current clients.
WHAT IS THIS MISTAKE?
It’s being tuned into the wrong station. That probably sounds strange so let me explain. The truth is ALL HUMANS, whether they be originators , prospects, clients, agents or anyone else, is always tuned into the WIFM radio station in their heads.
The call letters stand for What Is In For Me – WIFM.
Might even be a good idea to write those call letters down and tape it up in a place you can always see it.
ADVICE FOR COMPANY ADS.
As a company many of the ads I see simply state what programs we offer. They go on to say how many top producers they have and how many awards they have received.
But the truth is clients really don’t care much about any of that. They do want to know that you are reputable. But more importantly, they want to know What’s In It For Them?
If you are responsible for your company’s advertising, please take out a pad and write down the reasons a client should choose you.
If you are involved in recruiting you should do the same exercise. Why should a loan officer jump ship and go to your company.
Is it because you provide great service and your rates are competitive.
I CERTAINLY HOPE THAT’S NOT THE ONLY REASON!
If that is the only reason a loan officer should switch than you have some serious issues, but I guess you already know that.
Think about what an originators issues are and then lead with the way your company is able to solve these issues. Here are some idea.
-Better Compensation Programs.
-Better Training Programs.
-Better Marketing Resources and Tools.
There are many more than the ones listed above. But my point is for you to realize that your conversations and ads should NOT be all about you but rather it should be about what you can do for originators and clients.
NOW LET’S MOVE ON TO ORIGINATORS AND REALTORS OR REFERRAL SOURCES.
I know many of you don’t believe this but Realtors are actually people just like you and I. They are also very tuned into the WIFM station.
Most originators meet or speak or e-mail Realtors with a full list of all of the tools they have along with any marketing programs etc. They just go on and on in personal conversations, e-mails, ads, newsletters. I hate to even say this but is almost as if you are vomiting benefits on them and you know as well as I do that most often these messages and meetings don’t turn out the way you had hoped.
IT’S ALMOST AS IF A DOCTOR IS THROWING MEDICINE AT A PATIENT BEFORE EVEN KNOWING WHAT THE ILLNESS IS.
You must first get to the referral source or agent as a person and connect. Once you have taken this first critical step than you can start finding out what their needs are.
Once you have their needs nailed down, then and only then , can you go on to tell them about your solutions.
That is where the What’s In It For Me comes in. There truly is no one size fits all Realtor or Referral partner script. In fact, at top originator secrets and in my Top Originator Mastermind program I refuse to give scripts.
SCRIPTS ARE VERY DANGEROUS.
Think about that for a minute. You don’t really know what the person’s issues or challenges are yet, but a “guru” has given you a script. Let that one sink in?
The alternative to scripts is always realizing what the Realtor’s or referral sources needs are and meeting them with your tools and solutions.
NOW LET’S MOVE ON TO CLIENTS AND WIFM.
No normal person wakes up in the morning and realizes they want to get a mortgage. The problem is that we assume that is everyone’s motivation and so we create our ads, e-mails, and marketing so we can be the one they choose since we are screaming the loudest.
Consumers are all tuned in to WIFM. You can’t tell them that you have good rates and provide great service. Honestly, that it just a baseline and is expected.
But again the big mistake is not understanding WIFM.
Let’s assume you were ill and you went to the Doctor. He orders you into the emergency room and tells you what a great surgeon he is and that this hospital has the lowest cost per operation in your city.
DID YOU CATCH WHAT WAS MISSING IN THAT LAST SCENARIO???
Honestly, take a minute and go back and read it. But now think about the way we speak to prospects. We tell them how great we are. We tell them the awards our company has won and that we have won.
We go on and on about how great our service is however they will not realize that until after the transaction is completed.
RIGHT NOW ALL THEY CARE ABOUT IS WIFM.
So just like a Doctor with an ill patient, you need to be asking more questions than vomiting benefits on them.
– How Long Will You Stay In The Home?
-What is Your Comfort level for a monthly payment?
-What have you come across in your research that was interesting?
*** This tells you if they are shopping and what their buttons are****
-How Much Do You Want To Use For Down Payment and Closing?
Once you have these answers you can begin going over your solutions for them. There is no script for this since every situation will be different.
People care about rates and service but they actually care more about having a solution customized for their personal needs and situation. They are tuned into WIFM and you have now shown them that you are listening. You care. You have a program that solves their personal needs.
Try this and let me know your thoughts by posting below.
Brian Sacks is a nationally-renowned mortgage expert who has career closing of more than 5,924 transactions for more than $1 billion. He has trained, consulted and coached, tens of thousands of loan officers and company owners over the past 31 years on how to close more loans, make more money, and still have a life.
Brian is the host of Top Originator Secrets which can be seen weekly on Mortgage News Network and on his blog. You can get more information and grab your free report on How to Get Agents Chasing You at TopOriginatorSecrets.com and learn more about the Top Originator Mastermind at www.toporiginatormastermind.com/video4