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Telephone Doctor: Service recovery

National Mortgage Professional
Apr 23, 2007

Closing loans, changing livesRyan Floriotransformation, competitive, communication, motivation Recently, I ran into a friend at a coffee shop. He had just returned from a world-class trip to Monaco where he had experienced a Tony Robbins seminar. I was really impressed with his reeling enthusiasm, especially considering that most people in the area where I live have been feeling the somber effects of a cold, harsh winter. It was a refreshing change. I noticed that the only other people speaking so loudly in the room were the people working behind the counter, and this was probably because they were doing double shots of espresso. I became very curious, almost envious of this man whose attitude was practically soaring. What was his secret? He told me that in the process of walking on fire and jumping off bridges, he realized that it was only fear that had been holding him back in the pursuit of his life goals. And by facing some very immediate fears head on, he realized that there was nothing real holding him back after all. He felt that his mental blocks had been removed and now the energy coursing through him represented lost time that he was making up for. I believed him when he said that his life would never be the same again. I thought about this exchange for a while afterward, probably because this man is a business leader I respect very much and someone I consider a mentor. It may be interesting to learn that that man is also exceedingly successful by most standards; he runs a multi-million dollar company, has a beautiful family, great health and an active social life. What would motivate him to spend thousands of dollars on a trip merely to face fears? Wouldnt he rather sit still on a beach in Bali and drink cocktails or find adventure during an African safari? The fascinating answer is no. Human psychology shows that we are in a stage of development where what we are seeking most is transformation. We as consumers are willing to pay for services and products that change us in our quest to grow and change the quality of our lives. Consider the increasing popularity of self-help books and products, gyms and personal training services, makeover spas and clinics, off-road driving schools and a multitude of other products and services that make us brighter and better. The reason this is important to business professionals is because if we are to remain competitive, we must find a way to provide value beyond the common experience of our services. The evolution of business since the Industrial Revolution has moved us from what was originally an exchange of manufactured products, to an exchange of services, and now, ultimately, to an exchange of experiences. We are now living in a business environment that is based on optimized experiences, hoping for monumental shifts and lasting impressions. Mortgage professionals must use this information to their advantage. It is a known fact that the sales process can be intensely frustrating since the closing of a loan depends on so many variables. At the same time, the client's interest and commitment must be maintained so that the process can be carried through to fruition. This challenge provides an opportunity to distinguish yourself among your competitors. It can be done by providing an optimal experience for your client. Create an orientation toward open communication with your customer. Recognize that he is choosing you because he wants you to facilitate his success. He needs you to help him achieve his goal of buying a home for the first time or perhaps moving to a larger home where he will raise his family. In other cases, you may be helping him succeed by securing his first investment property or the vacation home he has worked so hard to buy. Whatever the reason for transaction, each experience is a critical moment in the buyer's life and should be recognized as such. By communicating openly with your prospects and keeping them informed of your developments every step of the way, they will become engaged to the process and learn to trust you. Another important opportunity lies in positioning yourself as a knowledgeable authority in your profession. Stay informed of changes in laws or industry procedures that affect your client and leverage this knowledge as a reason to communicate with him, even after the sale closes. In doing so, you will foster respect from your clients and peers and begin to develop a pipeline of referrals earned simply from developing a solid reputation. And because of your expertise, he will consider it a privilege to work with you. Finally, go the extra mile to personalize your services by developing a sincere relationship with your client. Make efforts to learn his story and the motivation behind his transaction. Our work becomes more meaningful when we are driven toward our clients happiness. It helps to remember his birthday and anniversary dates with a personal card or telephone greeting because it continues the stream of thoughtfulness that was initiated during the sales process. These subtle nuances go a long way in reminding him of the positive experience in working with you. It's true that life will never be the same again if we recognize the need to be the agent of positive change in each of our sales opportunities. If we can meet this ulterior objective and offer lasting value beyond our customers basic expectations, our lives will be transformed as well. Ryan Florio is president and CEO of Cleveland-based SpecialClient.com, a Web-based company that offers automated client relationship programs as a vehicle for client retention and business development. He may be reached at (216) 598-0934 or e-mail [email protected]
Published
Apr 23, 2007
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