The power of testimonials

by MPA19 Apr 2016
Part IV: Why didn't anyone predict that rates would fall in January? All the predictions had me geared up for purchase business and I was taken by surprise and missed many opportunities. Why can't we get better data?

--Written by several loan officers.

It seems we have moved far from the main point in this series, but last week we talked about the majority of consumers feeling that getting a home loan is too painful. Thus, in our conclusion we did not want to leave this point hanging because it is related to being able to serve your clients in any changing environment. We start by asking what you are advertising. If you are marketing rates and programs, instead of superior service levels, you are not addressing a major concern of your clients. And it is not enough for you to say that you give great service. Your customers must say this for you.

These testimonials are called social proof and are an integral part of marketing – from formal surveys to web reviews. Of course, in order to get this feedback, you must deliver great service and you must ask for the feedback. How do you deliver great service? You most important tool is the application system. You have heard the adage, “garbage in, garbage out.” If your applications are well documented, you will have a better result coming from the process. And if you are dealing with purchases, having a formal pre-approval service is the key to giving you the time to iron out issues and provide better service.

--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 If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].