“Low Rates Won’t Win You Business”
One of the most common mistakes loan officers make is letting the market dictate their sales process! The truth of the matter is that when interest rates fall, they fall for everyone—including your competition. Which means even when rates are low, it’s critical to remain focused on what really matters to your customers: value, benefits and relationship.
“Great value, great benefits and great relationships win your business.”
– Dale Vermillion, Mortgage Champions
Veteran sales expert Dale Vermillion says it best: low rates are both good and bad news for loan officers. The good news is that when rates go down leads go up. Why? Because there’s more borrower-initiated activity in the market. The bad news, however, is that you could make the same mistake too many loan officers make that costs them business: focusing on rate instead of value, benefits, and relationship!
Top producing loan officers don’t sell rate because they know it’s relative! If you’re an eighth of a point higher before a rate drop, you will still be an eighth of a point higher after. Which is why instead of selling rate, top producers always sell how they can serve their borrowers—in any market.
The bottom line is: low rates don’t win your business. Great value, great benefits, and great relationships do. Focus on that and you’ll win every time.
Watch Dale Vermillion’s mortgage sales training video.
Mortgage HQ includes daily one-minute videos from Dale Vermillion, one of the foremost leaders in the mortgage industry. Topics include daily market updates, sales tips and motivational videos to keep LOs excelling in their business.
To see a demo that will give you access to valuable training topics like these and more, visit OncourseLearning.com/Mortgage-H-Q.
