How to close more loans in a recessionDavid Bartelseconomic downturn, Selling Smarter and High Performance Strategies for Loan Officers and Their Managers, market share, marketing strategies
This is not an article about the economic downturn (some would
call it a recession), it's an explanation about how we can think
about it differently and, when these circumstances surround us, how
we can improve our results, regardless of what the media tells us.
While economic indicators (and the number of originations) show
that the economy has slowed, I believe a recession is little more
than a change in circumstances that we can choose to participate in
& or not.
Reality does not have to be our
The media may say we are in a recession, but businesses and people
are still buying products and services (though perhaps a bit less
The key for you and your business is to be the one who gets a
larger percentage of the loans that are available. By taking a more
proactive approach, you are making a choice about how you view the
economic conditions surrounding you.
Though times are tougher and things are not as easy as they used
to be (or will be again), it doesn't matter. You can succeed
through a better plan and a bit of persistence. When things get
tougher, it simply separates those who are prepared to work harder
and more creatively from those who aren't or won't.
How you think affects your focus
Whether we are in a recession or not is not important. What really
matters is what you do next, and what you do next should be focused
on the source of your income: Your borrowers. Your borrowers are
your personal recession buster, but only if you focus on them more
completely, deeply and consistently than ever. Think about it this
way: Your borrowers are the source of all revenue for you; your
borrowers write your paycheck. It makes sense to build and deepen
your relationships with them always, but that is never truer than
in times where they are buying less and probably distracted by the
economy themselves. Your borrowers are looking for new solutions.
Your borrowers want help. Your borrowers need you.
Here are five ways that you can focus on deepening your
relationships with your borrowers, starting right now:
Get in touch
Stop by, make a call, send a handwritten note, send a letter or
send an e-mail (in that order of prioritythe further up this list,
the more valuable the contact will be). Let them know you care;
take the effort to be connected.
Stay in touch
Don't make this contact a one-time event, but make this part of an
ongoing process of staying in touch, connected and at the top of
the mind of your customer.
Ask how you can help them
No strings and no qualifiers. Do you appreciate it when someone
offers to help you with something? So will your borrowers, even if
they don't take you up on the offer.
Send an article; share an idea. After you know how you can help or
what their challenges are, it will be easier to determine the best
things to share based on their interests and needs.
Focus on serving, not selling
People buy from those they like, trust and respect. Sales will
come. Focus on the person, building the relationship and serving
These are just five ideas; you can come up with a dozen more if
you challenge yourself to do it. Sit down and focus on ways to be
relevant, helpful and available to your borrowers. Recessions can
be damaging events to you and your business, or they can be a
perfect reminder and stimulus to improve your results by deepening
and broadening your relationships with your borrowers. When you
make the right choices and take the right actions in building
borrower relationships, you will thrive in any economic
David Bartels is founder of the Selling Smarter and High
Performance Strategies for Loan Officers and Their Managers
seminar series. He may be reached by e-mail at firstname.lastname@example.org.