When competitors over-promise

How do you exceed customer expectations when a competitor has already promised something you know can’t be delivered?

When competitors over-promise
I am a fairly new originator with a small company. While my knowledge is perhaps not as vast as a seasoned loan officer, I often find potential clients are being promised things that truly cannot be delivered. How can I keep my integrity and show a client the process without subtly naming my competitor as a liar? I ask this question simply because it has been one of the most frustrating parts of this business to date.

–Thomas from Maryland

The cornerstone of a successful business based upon referrals is the delivery of great customer service. You deliver great customer service by exceeding your customers’ expectations. However, you will never exceed your customers’ expectations by promising more than you can deliver. If you over-promise, you will always under-deliver.

Now the problem. If you under-promise, you will lose the loan because everyone else is promising the world. This is really frustrating. But if you are coming from a position of expertise, those you deal with will respect your position. They also will know your reputation if you are dealing with referrals rather than cold calls. I have no problem with making a statement such as, “I can’t promise that closing date, but I will promise that I will work as hard as I can to get you there as quickly as possible.” Add some testimonials to strengthen the argument.

One other consideration. Even if you lose the loan, call the person back two to three weeks later. When they discover they have been over-promised they will be unhappy. You can put yourself in a position to get the loan back if the timing is right. Don’t call asking for the loan back – just check in to make sure everything is okay. Leave the door open. Remember – if you don’t put yourself in position, you will never succeed.

–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 [email protected].

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