“If you want to increase retention, you’ve got to be able to have a system to connect to your database, connect to the realtors, connect to what we call VIPs on a continuous basis,” he continued. “I think the loan officer today does not understand how much their database is worth.”
Personal touch and realistic expectations
Markman, director of national sales at REMN Wholesale, brought attention to the over-reliance on digital communication methods like social media and emails. He reminisced about his early days as a loan officer when personal phone calls were key.
“I would reach out to my customers periodically with a phone call just to find out how the family is doing,” he said, suggesting that this personal touch is even more crucial now to stand out amid fierce competition. Setting realistic goals and managing expectations effectively were also highlighted as essential practices.
“Set realistic goals,” Markman said. “If you have a closing and you need to meet a close of escrow, the lender is going to do as best they can to meet that close. But do your best to create extensions if need be. So just keep realistic expectations, and you’ll have repeat points.”
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Source: mpamag.com