Ask the Expert: Should I work for a more competitive company?

by 24 Apr 2015
By Dave Hershman
Special to MPA
Part III of the answer to this question: Rates are down and I am getting a lot of calls from previous clients that want to refinance. Unfortunately, the market seems to be very competitive and I am losing deals to other loan officers. Should I move to a company that is more competitive? Robyn from Oklahoma
In the past two weeks we discussed being proactive with clients and focusing upon payments vs. rate. This opens up the broader question of focusing on benefits, rather than features. A lower rate is a feature of a mortgage. But the lower payment is the benefit. A lower rate on a conversion to a 15-year mortgage could actually raise their payment but add the benefit of building equity more quickly. Perhaps the benefit could be getting cash to pay off debts, pay for college or even purchase a car.
Again, the cash is not the benefit -- the benefit is what they do with the cash. For example, if they need to purchase a car---you should be focused upon questions regarding the car because that is what they are interested in. They are not interested in a mortgage, they are interested in a car.
Even if the prospect is calling because they are purchasing real estate, they are not interested in a loan, they are interested in a home. The more you are focused upon the ultimate benefit, which is what your client is interested in, the deeper relationship and trust you will develop. And your conversion rate will increase accordingly.  Remember this—true value is what your client is interested in, not what interests you. 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   



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