Want a referral? Deliver value more quickly

by 01 Jun 2015

By Dave Hershman
Special to MPA

Part II: Everyone keeps telling me that I should ask for referrals from my borrowers. I always do after the loan closes, yet I rarely even get referrals even though my service is great. What could I be doing wrong?
--Peter From Philly

Last week we spoke about why we should be asking for referrals earlier in the loan process. This week we will speak about how to make yourself more comfortable asking.

For example, if you give great customer service consistently, then you don't have to wait until the loan closes. You are confident that you will do the job, so asking earlier is easier. Speaking of confidence, any time that you deliver good news to your customer, this juncture represents great opportunity to ask. That requires more touches. If an appraisal comes in higher than the sales price, call them and give them the good news. This is an example of a great "good news" opportunity, along with the point of approval and when the loan becomes "clear to close."

You can also make yourself more comfortable by delivering value more quickly. How can you do that? Perhaps deliver an article which will help them (for example about getting ready for closing or increasing their score). Or refer them to an insurance agent who is going to save them money. Even calling them weekly to give them status updates represents value.

Getting more comfortable? Just a matter of confidence, timing and delivery of value. Next week we will cover what to say.
--Dave Hershman

Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at dave@hershmangroup.com.



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