Friday, April 25, 2008
How to Research Your Competitors
How to Research your Competition (www.LoanOfficerMagazine.com)
“I would never stoop so low as to spy on my competition?” one loan officer said to me recently?
“Why not? Don’t think for a minute that they haven’t spied on you!”
Yeah, you might hear comments about your competition from the real estate agents you work with. Your clients might reveal a thing or two about their encounter with “the other loan officer down the street”. But how can you ever know what your competition is REALLY doing, unless you do your own research.
Many loan officers miss this critical step—especially when launching a new marketing campaign! Some assume they know what’s going on with their competitors. Others just take someone else’s word for it.
The first step in launching a successful campaign or improve your selling skills, is to find out EXACTLY how you stack up against your competition.
Here are 7 ways to do your research so you are never blind-sided again!
Ask for something.
Call them on the phone. Ask for a good faith estimate. Ask them to explain a loan program. Ask for a copy of their free report to be sent to you. Take note of what they say, how they say it, how long it took you to get what you requested. How they follow up. Compare it to your own process and learn how you can improve your own business. (Be sure to block Caller ID by entering *67 before you dial)
Visit your competition. (stop here)
Send a trusted “co-spy” to visit your competitor. Provide them with a series of questions you would like to have answers to. Ask them to take notes during their meeting.
Visit their website and take notes on every single detail that is better than yours. Remember, it’s the little details that win prospects over to doing business with you.
Phone your competition.
Listen intently to the attitude and personality of the person who answers the phone. How long were you on hold. What did their “on hold” message say? How long did it take to get you transferred to the right person? (Now call your office –block caller ID – and see what happens to your clients when they call you!)
Compare Everything.
Compare your service, rates, programs, brochures, website, people, personality, follow up, signs, business cards, scripts, quick response times and attitude to you and your internal operation. Determine where you are superior and which areas need work.
Buy something.
No, I don’t mean a house or a mortgage. If your competition is publicly traded, buy one share of stock. I had Countrywide, FannieMae, Freddie Mac and other mortgage company stocks (yes I sold way before the meltdown) so I could get quarterly updates and a copy of their annual reports to see which direction the company way headed.
Spy on yourself.
Again, ask a “co-spy” to call YOUR office, ask for information, ask for something to be sent in them mail. Ask them to take notes about their experience with you and your company. Don’t become defensive if they point out problems with your operation. Thank them and make the improvements.
Spy on a regular basis.
Continue your research on a regular basis. If they are truly your competition, they have the same goals as you—to up-grade and modify their business plans; to provide a better experience for their prospects and clients.
Just think about the research steps mentioned above.
Don’t you do this yourself when comparing products and services?
Unless you don’t want to know how you stack up, this process is one of the things you MUST do to insure continuous, self-improvement.
“I would never stoop so low as to spy on my competition?” one loan officer said to me recently?
“Why not? Don’t think for a minute that they haven’t spied on you!”
Yeah, you might hear comments about your competition from the real estate agents you work with. Your clients might reveal a thing or two about their encounter with “the other loan officer down the street”. But how can you ever know what your competition is REALLY doing, unless you do your own research.
Many loan officers miss this critical step—especially when launching a new marketing campaign! Some assume they know what’s going on with their competitors. Others just take someone else’s word for it.
The first step in launching a successful campaign or improve your selling skills, is to find out EXACTLY how you stack up against your competition.
Here are 7 ways to do your research so you are never blind-sided again!
Ask for something.
Call them on the phone. Ask for a good faith estimate. Ask them to explain a loan program. Ask for a copy of their free report to be sent to you. Take note of what they say, how they say it, how long it took you to get what you requested. How they follow up. Compare it to your own process and learn how you can improve your own business. (Be sure to block Caller ID by entering *67 before you dial)
Visit your competition. (stop here)
Send a trusted “co-spy” to visit your competitor. Provide them with a series of questions you would like to have answers to. Ask them to take notes during their meeting.
Visit their website and take notes on every single detail that is better than yours. Remember, it’s the little details that win prospects over to doing business with you.
Phone your competition.
Listen intently to the attitude and personality of the person who answers the phone. How long were you on hold. What did their “on hold” message say? How long did it take to get you transferred to the right person? (Now call your office –block caller ID – and see what happens to your clients when they call you!)
Compare Everything.
Compare your service, rates, programs, brochures, website, people, personality, follow up, signs, business cards, scripts, quick response times and attitude to you and your internal operation. Determine where you are superior and which areas need work.
Buy something.
No, I don’t mean a house or a mortgage. If your competition is publicly traded, buy one share of stock. I had Countrywide, FannieMae, Freddie Mac and other mortgage company stocks (yes I sold way before the meltdown) so I could get quarterly updates and a copy of their annual reports to see which direction the company way headed.
Spy on yourself.
Again, ask a “co-spy” to call YOUR office, ask for information, ask for something to be sent in them mail. Ask them to take notes about their experience with you and your company. Don’t become defensive if they point out problems with your operation. Thank them and make the improvements.
Spy on a regular basis.
Continue your research on a regular basis. If they are truly your competition, they have the same goals as you—to up-grade and modify their business plans; to provide a better experience for their prospects and clients.
Just think about the research steps mentioned above.
Don’t you do this yourself when comparing products and services?
Unless you don’t want to know how you stack up, this process is one of the things you MUST do to insure continuous, self-improvement.
Wednesday, May 09, 2007
Video On Your Website
Bill Gates just predicted that within 5 years, we will see the end of "news printed on paper".
Well, we all know that he has been wrong before--but why take a chance?
If you have not already done so, I would recommend that you seriously look into placing short video messages on your site. One to two minutes at the most. Link to YouTube.com. Helps you get search engine placement.
So what could you talk about?
Credit Scoring
Identity Theft
Buying Investment Properties
Vacation Homes
...you may even consider a separate video for each loan program that you offer.
I am going to start the process myself and would love to hear about what you are doing too. Karen Deis.
Well, we all know that he has been wrong before--but why take a chance?
If you have not already done so, I would recommend that you seriously look into placing short video messages on your site. One to two minutes at the most. Link to YouTube.com. Helps you get search engine placement.
So what could you talk about?
Credit Scoring
Identity Theft
Buying Investment Properties
Vacation Homes
...you may even consider a separate video for each loan program that you offer.
I am going to start the process myself and would love to hear about what you are doing too. Karen Deis.
Labels: mortgage training, video, website
Tuesday, April 17, 2007
Easy Way to stop the credit bureau from selling info to your competitors!
Mary Stroiman, a loan origination from San Diego, has it all figured out! When he faxes over the 1003 to the credit bureau (or orders electronically or DU or LP submissions) he either blocks out the phone number or writes down a "wrong number" so other mortgage companies are not able to contact your clients.
Since the advent of credit bureaus selling your client's information to other mortgage companies, and it's legal, this is an easy way to make sure your leads are not stolen from you.
...when in-house lending is not enough...Karen Deis.
Since the advent of credit bureaus selling your client's information to other mortgage companies, and it's legal, this is an easy way to make sure your leads are not stolen from you.
...when in-house lending is not enough...Karen Deis.
Labels: trigger leads mortgage marketing training
Wednesday, April 11, 2007
Is Free Report Marketing Dead?
Watching the TV the other day, I saw an ad for Lunesta (the drug that helps you sleep) and they asked viewers to call for a FREE REPORT.
The one thing about Free Report Marketing is that it's overused! Don't get me wrong, the basic concept is rock solid. What I propose is that you include the free report in to "kit" of some kind.
For example:
New Home Consturction Survival Kit
First Time Homebuyer Tool Box
For Sale By Owner in a Box
Check out www.LoanOfficerMagazine.com for a full length article and what you can do to kick up your marketing to the next level. Karen Deis.
The one thing about Free Report Marketing is that it's overused! Don't get me wrong, the basic concept is rock solid. What I propose is that you include the free report in to "kit" of some kind.
For example:
New Home Consturction Survival Kit
First Time Homebuyer Tool Box
For Sale By Owner in a Box
Check out www.LoanOfficerMagazine.com for a full length article and what you can do to kick up your marketing to the next level. Karen Deis.
Labels: free report marketing
Thursday, March 29, 2007
Mortgage Marketing Tips - Trigger Leads
Is your pipeline dwindling because your clients are being contacted by other mortgage companies with other (or better) offers? Want to know why? Because the credit bureaus can legally sell mortgage inquiries to the highest bidder!
While it will take the stated and the federal government to change the laws, you might want to check ou www.OptOutPreScreen.com and print the 5 page list of things you can do to protect your business.
We have also written an article about it (where you can download a flyer free) at www.LoanOfficerMagazine.com. Don't be reactive--be proactive and keep the business you fought hard to get in the first place. Karen@KarenDeis.com
While it will take the stated and the federal government to change the laws, you might want to check ou www.OptOutPreScreen.com and print the 5 page list of things you can do to protect your business.
We have also written an article about it (where you can download a flyer free) at www.LoanOfficerMagazine.com. Don't be reactive--be proactive and keep the business you fought hard to get in the first place. Karen@KarenDeis.com
Labels: opt out trigger leads mortgage tips
Tuesday, March 20, 2007
Mortgage Marketing Tips - FBSO Marketing
I just did an online seminar for ByOwner365.net and one of the questions I was asked was what I thought were the important traits and qualities need to be successful in FSBO marketing.
First and foremost, the word CONSISTENCY pops into my head immediately. Unless you make the commitment (make a date with yourself in your calendar) don't even bother tackling--in fact that goes for any marketing tactic.
However, I do recommend that you get your real estate license. To work with FSBO Sellers, you will need a good working knowledge of purchase contracts, disclosures and forms required by your state's real estate laws.
It gives you instant credibility with now only FSBO sellers, it provides an extra layer of credibility with home buyers and real estate agents (after all, you went thru the same courses they did).
When working with FSBO Sellers, have a list of real estate attorneys who can help them with contracts and forms--it's better to have a 3rd party involved versus YOU being both the lender and the real estate agent.
Check out www.LoanOfficerMagazine.com for info on how to hold a FSBO Seminar. More next week, Karen Deis.
First and foremost, the word CONSISTENCY pops into my head immediately. Unless you make the commitment (make a date with yourself in your calendar) don't even bother tackling--in fact that goes for any marketing tactic.
However, I do recommend that you get your real estate license. To work with FSBO Sellers, you will need a good working knowledge of purchase contracts, disclosures and forms required by your state's real estate laws.
It gives you instant credibility with now only FSBO sellers, it provides an extra layer of credibility with home buyers and real estate agents (after all, you went thru the same courses they did).
When working with FSBO Sellers, have a list of real estate attorneys who can help them with contracts and forms--it's better to have a 3rd party involved versus YOU being both the lender and the real estate agent.
Check out www.LoanOfficerMagazine.com for info on how to hold a FSBO Seminar. More next week, Karen Deis.
Labels: mortgage marketing tips
Wednesday, February 28, 2007
E-Book Released - Million Dollar Mortgage Marketing On a Tiny Budget
There are soooo many great marketing ideas out there for loan originators. Most of them take time and are pretty complicated to create and maintain.
This e-book is different! Superstar loan officers, trainers and speakers were share their simple marketing ideas, with estimated costs, website links and their email addresses to contact them with your questions.
Million Dollar Mortgage Marketing on a Tiny Budget contains 31 marketing ideas (low cost or no cost) by 23 authors to help you plug the holes in your current marketing strategies. The e-book costs $27--or just 87 cents per idea--and can be purchased at www.LoanofficerTraining.com.
Subscribers to www.LoanOfficerMagazine.com get absolutely free.
If you have a marketing idea you would like to share with the world, please email me at Karen@KarenDeis.com
This e-book is different! Superstar loan officers, trainers and speakers were share their simple marketing ideas, with estimated costs, website links and their email addresses to contact them with your questions.
Million Dollar Mortgage Marketing on a Tiny Budget contains 31 marketing ideas (low cost or no cost) by 23 authors to help you plug the holes in your current marketing strategies. The e-book costs $27--or just 87 cents per idea--and can be purchased at www.LoanofficerTraining.com.
Subscribers to www.LoanOfficerMagazine.com get absolutely free.
If you have a marketing idea you would like to share with the world, please email me at Karen@KarenDeis.com
Labels: e book for mortgage loan officers
