Wednesday, January 17, 2007
Loan Officer Training
Should you SPY on your competiton?
I recently published an article in www.LoanOfficerMagazine.com on that very topic. In fact, Donald Trump recently published a online article called "Love Your Competition" which says that if you don't know what your competitors are up to, you'll go broke.
Quite a few people emailed to tell me that they would NEVER stoop so low as to spy on their competitors?
My answer is--WHY NOT? Don't believe for one minute that they don't know what you are up to?
Here's my story -- could this happen to you?
I called one of my competitors and pretended that I was shopping for a mortgage. I said "I was talking to Karen Deis about getting a mortgage"! The loan officer said (I couldn't believe my ears) "I'd be careful working with her because she has only been in business a short time--while I've been in the mortgage business for 5 years now."
What was unbelievable was that I had been in the mortgage business for 20 years! I wondered how many other people he lied to?
HERE'S MY POINT: What is your competitor SAYING about you, your company, your services (that is untrue)!
You won't know unless you ask. You won't know how to compete against them if you don't know what they are doing or saying about you! Here are 5 suggestions on what you can do:
Call them on the phone and pretend you are a consumer. Mention your name and see what they say about you
Visit their office - no, not you personally, but ask a friend of yours to visit and give you feedback on what they say about you.
Visit your own company - have the same friend visit your company and report back to you on their experience
Compare everything you learn through the eyes/ears of a client (not a loan officer)
Call a real estate/builder and mention YOUR name. See what they say about you too.
One last note - you know the loan officer that said I was in business for only 5 years? I called and told him what I had heard and politely corrected him! They need to know that YOU know what is being said. It's the only way to stop the lying. Karen Deis, Karen@KarenDeis.com
I recently published an article in www.LoanOfficerMagazine.com on that very topic. In fact, Donald Trump recently published a online article called "Love Your Competition" which says that if you don't know what your competitors are up to, you'll go broke.
Quite a few people emailed to tell me that they would NEVER stoop so low as to spy on their competitors?
My answer is--WHY NOT? Don't believe for one minute that they don't know what you are up to?
Here's my story -- could this happen to you?
I called one of my competitors and pretended that I was shopping for a mortgage. I said "I was talking to Karen Deis about getting a mortgage"! The loan officer said (I couldn't believe my ears) "I'd be careful working with her because she has only been in business a short time--while I've been in the mortgage business for 5 years now."
What was unbelievable was that I had been in the mortgage business for 20 years! I wondered how many other people he lied to?
HERE'S MY POINT: What is your competitor SAYING about you, your company, your services (that is untrue)!
You won't know unless you ask. You won't know how to compete against them if you don't know what they are doing or saying about you! Here are 5 suggestions on what you can do:
Call them on the phone and pretend you are a consumer. Mention your name and see what they say about you
Visit their office - no, not you personally, but ask a friend of yours to visit and give you feedback on what they say about you.
Visit your own company - have the same friend visit your company and report back to you on their experience
Compare everything you learn through the eyes/ears of a client (not a loan officer)
Call a real estate/builder and mention YOUR name. See what they say about you too.
One last note - you know the loan officer that said I was in business for only 5 years? I called and told him what I had heard and politely corrected him! They need to know that YOU know what is being said. It's the only way to stop the lying. Karen Deis, Karen@KarenDeis.com
# posted by Karen Deis @ 11:52 AM 
