Loan Officer Training

How to Research Your Competitors

2008-04-25T14:05:00.000-07:00

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.

Video On Your Website

2007-05-09T05:40:00.000-07:00

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.

Easy Way to stop the credit bureau from selling info to your competitors!

2007-04-17T10:27:00.000-07:00

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.

Is Free Report Marketing Dead?

2007-04-11T11:28:00.000-07:00

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.

Mortgage Marketing Tips - Trigger Leads

2007-03-29T06:28:00.000-07:00

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

Mortgage Marketing Tips - FBSO Marketing

2007-03-20T12:16:00.000-07:00

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.

E-Book Released - Million Dollar Mortgage Marketing On a Tiny Budget

2007-02-28T11:24:00.000-08:00

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

Real Estate Investment Clubs

2007-02-21T10:53:00.000-08:00

With housing prices going down, foreclosures at an all time high, ajustable-rate mortgage payment increases making it harder for people to make their payments--the bad news is the GOOD news for real estate investors.

It did not make sense to buy investment real estate when prices where spiraling out of control. Now it does. And there has been a huge increase in Real Estate Investment Clubs, created for the sole purpose of educating R.E. investors on how to either flix and flip or create a portfolio of rental properties.

My good friend, Ralph Roberts has written a book called Flipping For Dummies. Ralph, at one time had 1,200 rental properties and flipped about 100 of them per year. Learn from someone who had learned first hand about both the rewards and the mistakes made by investors.

As a loan officer, remember, these are people who can give you 3 to 5 deals every single year (and not once every 7 years). Google the clubs in your area and attend a meeting. You may never look back. Karen Deis - Karen@LoanOfficerTraining.com.

Chauvinism Is Alive and Well

2007-01-31T11:01:00.000-08:00

In letting everyone know that we have a WomenInMortgages.com confernce scheduled, I have received a few emails from male mortgage species with some tongue-and-cheek remarks about not being included...can I meet some chicks...etc!

But this email proves that Chauvinism is still alive and well--even in the the mortgage industry. Here's the email along with the email address! Cute? I think not!

----- Original Message -----
From: greg@floridamortgageoriginationschool.com

To: information@womeninmortgages.com
Sent: Tuesday, January 30, 2007 8:07 AM

Subject: Get Connected - WomenInMortgages - RegisterNow!

So this is PMS helping PMS?

Women In Mortgages

2007-01-23T12:44:00.001-08:00

Wow - how many seminars are there out there for women in the mortgage business?

NONE that I know of? Oh, there was one for women loan officers who closed more than $40M per year but that's not the norm.

Within the last 10 years, there has been a 40% increase in women who own mortgage companies! There has been a 50% increase in women loan officer!

Why? Most of us started in processing, closing or as a loan officer assistant and learned the ropes from the bottom up!

We know what it takes to process a loan--get it closed and develop relationships with the clients! And women decided the could originate loans--with a better customer experience.

That's why we decided to create a niche for women who are in the mortgage business. Check out www.WomenInMortgages.com and the first of it's kind, annual conference in Scottsdale, AZ on March 16 & 17, 2007.

I would love to meet you and help you increase your business. Regards, Karen Deis.

Loan Officer Training

2007-01-17T11:52:00.000-08:00

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

2006-06-23T13:49:00.000-07:00

The Envelope-Please!

What types of envelopes have you used when marketing to clients, realtors and affinity partners? See www.LoanOfficerMagazine.com for more ideas.