Enjoy access to a free NMLS renewal class when you attend an in-person event.
Recently, on my Lykken on Lending radio show, I had the wonderful opportunity to interview Luke Slivkoff, a loan originator and branch manager who has developed a wonderful system for generating new clients. In our conversation, Luke talked about the importance of building relationships rather than simply making transactions.
At the end of the day, there are really two types of buyers—those looking for a product and those looking for a supplier. The buyers looking for a product are transactional. They will be overly concerned with rates, they will pay attention to the media and not believe anything you tell them, and they will forget you completely once the deal is done.
And then there are the other clients--those looking for a supplier. These types of customers are relational. They want to build a relationship with you that lasts. Therefore, they aren't so much worried about the specific rate as they are the assurance that you will take care of them in the long-run. And they're just as willing to trust you as they are to trust the media, if you will give them a reason to.
These types of customers aren't, contrary to what some may believe, simply gullible and naive consumers. Actually, they're smart. They want to build the relationship so they don't have to worry about the future transaction costs of finding someone else all over again. They want someone they can go to and trust when they need advice as homeowners. They're focused on the long-run, not the short term.
What kind of customer do you want? The relational one, right? Then, focus on building relationships with those customers. Even if it means turning down business occasional, seek out the clients that are going to be better for you in the long-run. They're out there, trust me. You've just got to do some digging.
David Lykken is 40-year mortgage industry veteran who has been an owner operator in three mortgage banking companies and a software company. As a former business owner/operator, today David loves helping C-Level executives and business owners achieve extraordinary results via consulting, coaching and communications, with the objective of eliminating corporate dysfunction, establishing and communicating a clear corporate strategy while focusing on process improvement and operational efficiencies resulting in increased profitability. David has been a regular contributor on CNBC and Fox Business News and currently hosts a successful weekly radio program, “Lykken on Lending,” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. He produces a daily one-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper Web sites across America. He may be reached by phone at (512) 501-2810 or by e-mail at [email protected].