Is Your Loan Production Down? Some Ideas to Get Your Numbers Up
I don’t know anyone who hasn’t suffered at least a little over the last year; and even when the market isn’t the impetus, it’s natural to find yourself in a rut from time to time. A few weeks back, I shared some ideas on helping local businesses with their prospecting, here — which is a great way to build new referral sources. This week, I wanted to share a few ideas for getting your loan production back up to where you want it to be (and hopefully beyond that). Here are some of the best ways I know to get your numbers up:
Have a Niche
Some loan officers are under the impression that choosing a niche will limit their ability to get business outside that niche. This is not true. In reality, it often creates more opportunities for new business. Having a niche asserts that you’re an expert in that area or with that demographic; and borrowers are always going to want to work with the person they feel is most skilled in the area that pertains to them. ?So, where does the bulk of your knowledge lie? Some potential niches to consider are based on geography, demographic, circumstance, specific loans, or types of properties. Once you’ve determined your niche, you can begin marketing to that demographic directly. That targeted marketing won’t exclude prospects who don’t fall into your niche; instead, it will help generate interest within a specific group while still speaking to a larger, more general audience as well.
Build Authentic Connections
Maybe you have a database full of prospects to reach out to, but you don’t know where to start — that’s probably because you haven’t formed real connections with them. A sure-fire way to boost your business is by strengthening your connections. Building the kind of strong, trusted connections you want and filling your database with quality prospects takes time and effort, but when you take the time to connect on an emotional level, you create a stronger bond. Make notes about specific things prospects and clients mention so that you remember them and can refer to them in future conversations. Expending some effort on strengthening your connections will turn prospects to clients and clients into career-long referral sources.
Be More Helpful
Take a look at how you come off to prospects — do you think most of them would categorize you as helpful? First impressions matter. Make sure you prioritize the value you offer. Online, your content marketing can demonstrate helpfulness by offering tips or information for borrowers. If you’re meeting someone face to face, a solid handshake, good eye contact, and active listening go a long way. By focusing on how you can help your prospects, you’ll build trust faster and develop stronger relationships that lead to successful clients.
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Whenever you feel like you’ve reached a plateau, or when your numbers take a dive, it’s time to take action. Look for new strategies to employ and adjust the things you’re already doing — this is how you can get your pipeline flowing again. Experiment with these ideas along with some others and keep what works, while getting rid of what doesn’t.
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Good luck and let me know how any of these tips may have helped you!
Don
If you’re a loan officer, sales manager, or branch manager considering new opportunities, don’t hesitate to get in touch.
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Don Riggs
P: 303-249-8274