WHAT FRUSTRATED LOAN OFFICERS AND SUPERMARKETS HAVE IN COMMON

WHAT FRUSTRATED LOAN OFFICERS AND SUPERMARKETS HAVE IN COMMON

My 19 year old son is a “foodie” and loves a great supermarket. He spends a great deal of time fascinated with Whole Foods and is always looking for healthy food to eat.

Now stay with me here because I promise this will all tie into our problem as loan officers.
I however am not fascinated with food or supermarkets. In fact I will do anything I can to avoid even going into one. To me a head of lettuce is the same regardless of where it comes from. It all tastes the same and for me it comes down to price.

My son would argue that they are not the same at all. In fact he will spend more for organic veggies that are grown on a mountain top in the Andes. To me it’s still just a head of lettuce period.

DO YOU HAVE THESE FRUSTRATIONS AS A LOAN OFFICER?

Before I tie all of this together for you I want to get some of the frustrations we all share off my chest and then I will share with you how I have been able to correct this situation and help hundreds of other originators do the same.
Check the ones that frustrate you.
_ Being shopped by the majority of buyers that you meet with or having people just call you to make sure the rates they were quoted are ok with no intention of using you.
__ Having to work nights and weekends 24/7/265 so you don’t miss an opportunity because it’s “so competitive” out there.
__ Begging Realtors for business and having to go out with them for coffee or lunch. Heck, it’s hard to even get them to agree and you don’t want to go anyway.
___ Having your income and lifestyle dependent on others to give you business. So you always live on egg shells hoping things go well.
_ Always feeling like you must be chasing new business. You are forced to spend money you can’t afford to spend on programs that simply don’t work.
__ Doing a great job for a realtor and a client and never getting a referral or another deal.

SO WHAT DOES THIS HAVE TO DO WITH SUPERMARKETS AND LOAN OFFICERS?

On the surface maybe nothing but when you stop and think about it the dilemma is exactly the same. After all – isn’t a head of lettuce the same everywhere? An apple and a tomato are the same. Toilet paper and cans of tuna are all the same right?
That’s how I feel and that’s why you constantly see ads in the paper for every supermarket with their sales and super low prices.

BUT WHAT IF YOU ARE KOSHER? OR ONLY EAT GLUTEN FREE- OR HAVE SOME OTHER NEED?

The key is specializing in a niche. My son loves Whole Foods because he has many healthy alternatives at one place. They charge more than the other supermarkets in town and have raving fans.
In Baltimore there is one HUGE kosher supermarket. If you keep kosher than this is your one stop for all of your food needs. YES- They are more expensive than the other local markets who may have a kosher section.

NOW LET’S APPLY THIS TO OUR MORTGAGE INDUSTRY.
I realize this may sound counter- intuitive but you should pick a niche that you become the obvious GO TO Expert in . When you are the expert in a niche and are able to solve a specific challenge a buyer has you avoid the issues above that have frustrated us all.
_ Borrowers will meet you during your hours since you are “The Expert”
__ They will not shop you since there a few alternatives.
__ Realtors will seek YOU out since you have a program they need that their in-house or current lender can’t help them with.
__ These buyers become Raving Fans when you solve their issues.
Best of all you can promote yourself as the expert without spendin g one penny.


BUT WHAT NICHE?

Of course there are many niches like Reverse Mortgages, Construction Perms, Foreign Alien loans, First Time Buyer Programs. Un Approvable Condos, VA etc.

To me these all have a lot of competition.
BOOMERANG BUYERS
But I bet you might know that there are 7.3 MILLION buyers who were hurt during the meltdown that are NOW eligible to purchase a home. They are in every city and town both big and small.
The best part thing about this niche is that fewer than 1 in 10 loan officers in the US is going after them. To me that is a perfect recipe for success. Go after a niche that few others are going after and become the GO TO expert for these buyers.

TIME SENSITIVE.
If becoming the obvious GO TO Expert in your area is something in your plans sign up for our webinar March 29 2016 at 2pm eastern.
www.BoomerangExpert.com/webinar

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