Five Tips For Closing More Loans As A Mortgage Broker

Selling mortgage loans is considered a tough job to some, and it’s a walkover to others. If you are positioned as an expert in the industry and offer help when needed, you are most likely to succeed in this industry. Building a relationship with your potential clients will also get you closing more mortgage loans. Relationships are not the only key skill; having a strong network will help you get referrals you did not necessarily work for. If you are searching for a  San Pedro mortgage broker, Harbor View Funding has some of the best mortgage brokers with years of experience in the industry. Below we explore five key tips for closing more loans as a mortgage broker.

Be An Excellent Sales Person

Selling is one of the most important skills in any business. No matter how experienced you are In a field, if you have not mastered the art of selling, you may end up closing very few loans as a broker. Selling begins with creating rapport, establishing trust with potential buyers, after which you can explain what you have to offer, how it will benefit them, then close. As a mortgage broker, learning on the job is an added advantage.

Regardless of how many potential clients you meet, if you can’t close that loan, you will still be missing out on your piece of the pie in the multi-billion dollar industry. However, there are so many online avenues that can help you learn more on how to close as trends change each day. Experts have various opinions on the art of selling and closing. Some suggest avoiding some words such as “trust me.” Others suggest sending a potential client a recorded video, as this prompts them to trust you more. Whichever method you choose, aim to be a  better salesperson, not just a marketer who leads prospects then they are sold to by better-equipped brokers.

Be An Industry Expert

As a mortgage broker, you need to position yourself and be an expert in the industry. The best way to do this is by being helpful to your clients and always being ready with information when they ask questions, and if you don’t have an answer right away, always promise to get back and actually do. A mortgage is one of life’s greatest investments, and most people taking mortgages do due diligence to ensure they are getting the best deal.

Assure your potential they can always run to you if they feel stuck, and they will always have solutions. If you love the online space, present yourself as an expert with helpful information that makes people want to follow and hear from you. Ensure everything you put out there is educational and reflects positively on you as someone in an industry that requires utmost trust.

Make Referrals A Top Priority

They say your network is your net worth. If this network can introduce you to their networks, the snowball effect sets you up for great success. Referrals are all about working smart, not hard. If you sell a mortgage loan to one individual, always ask if they could refer you to their other friends, colleagues, and even family members. The trick here is to do a good job. If your client is impressed, they will most likely refer you.  Another way to build a referral network is to keep in touch with other industry professionals and real estate agents in the community. Ensure you are part of their groups and network. Attend meetings and let them know you are open for referrals. You may even have a program where you compensate those who bring you business at an agreed percentage.

Move With Speed

A client is looking for a house to settle, not a loan. With this in mind, always move with speed ensuring quick response and a shorter approval period. The mortgage industry is very competitive, and if your loans take forever to be approved, your potential client could be dealing with the next broker at the next minute. Close as soon as possible so your client can move into their new home fast.

Make Yourself Available

All these efforts are useless if you won’t be available to meet your clients and close the deal. If it means meeting them past business hours, make the sacrifice. Some of your mortgage clients will most likely be high-profile career and business people. Their schedules may clash with yours. Be ready to work with their schedule instead. If you are willing to make your client’s life easier, the more likely it will be for you to close. A little sacrifice goes a long way.

Being a mortgage broker is one of the most fulfilling careers if you position yourself well. Key among the areas of positioning is building strategic relationships and referral networks, positioning yourself as an expert, being helpful to your clients, and learning the art of selling.