With mortgage rates remaining near records lows, the market has seen an increase in borrower demand this past year. According to the Nationwide HoHM Report for 2020 Q3 data, the mortgage market outlook is Positive.
In an up market as a mortgage loan originator, your greatest asset is lead volume—which means improving conversion is the single largest driver of bottom-line results.
Do you know how to master your value proposition when calling on inbound leads, referral leads, prospective referral partners, and portfolio customers?
With the overwhelming number of leads to serve in high-volume markets, delivering an effective streamlined value proposition is essential. Too many mortgage loan officers make the mistake of fundamentally changing the way they sell in high-volume markets.
Instead, top performing mortgage loan originators optimize their pitch by delivering the same key components quicker, and by leveraging a one-call close when possible. There are key components to note of a great value proposition.
Key components to a great value prop:
- Introduction: A clear and concise introduction that explains the reason for the call and gains permission for an initial 30-seconds.
- Credentials: Credentialing yourself and your company in a way that feels relevant to that borrower and current market conditions.
- Benefits: Listing five tangible benefits that show the borrower how you can impact their life financially while delivering an exceptional lending experience.
- Confidence: Closing with a statement that displays confidence and gains borrower commitment to begin the process of applying.
This format has been proven to increase lead conversion for decades; but, not every lead is inbound, and not every call you make is to a borrower.
Calling on Referral Leads
- When calling on referral leads in a high-volume market, it’s critically important to clearly state the referral relationship up-front, to communicate affinity with the referral source, and to emphasize your personal and company credentials.
Calling on Prospective Partners
- When calling on prospective partners in a high-volume mortgage market, focus on explaining how you can earn them more business immediately. They understand as well as you do that up markets are temporary—so show them you’re capable of adding to their production volume now, not later
Once you know how to master a streamlined value proposition, you’ll be able to better react to high mortgage volumes and more efficiently deliver your service. It all starts with your 30 second intro.