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Reach Out And Touch

How Better Communication Can Increase Your Bottom Line

Mary Kay Scully headshot
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Mary Kay Scully
Two hands reaching out to touch each other

At the start of a new year, everyone is setting professional goals and searching for ways to improve. There is something about the beginning of the year that makes everyone want to do and be better. Maybe it’s time to take some continuing education courses or you want to challenge yourself by learning a new area of the business. Everyone will likely have something they want to do this year to improve their career.

No matter what your goals are for the new year, I want to challenge lenders to make it a goal to be better communicators. Why? While at face value, being a better communicator does not sound like the goal that’s going to have the biggest ROI or drive your bottom line, I would argue that it’s one of the best investments you can make in your business.

Purchases are coming back and refinances are declining, so it’s time to get back to the grind. You need to be in touch with your Realtors, as well as past borrowers to make sure you’re setting yourself up for success in a purchase market. If you have not already been doing this, the time to start is right now.

Realtors

With the increase in refinances this past year, you may have fallen out of touch with many of your Realtor contacts. In a purchase-driven market, it is critical to be in touch with your realtors on a regular basis. According to Shape, up to 21% of your referrals will come from Realtors and I would argue that figure is even higher today. Regardless, around a quarter of your business – if not more – depends on your relationship with realtors.

If you have not reached out in a while, now is the time to touch base with them. Especially over the next few months as we gear up for the spring homebuying season, make sure you are at the top of your Realtor’s “must call” list. Ensure they have your correct contact information and connect with them on social media platforms to remain in their orbit. If your name stays in front of them, there’s greater likelihood that they’ll not only remember you, but also make referrals.

Borrowers

The same applies to your past customers. Homebot found that 71% of borrowers will forget about their LO within 13 months after the transaction, so they likely will not use the same lender again. This is an interesting finding, because their decision is not usually based on a bad experience, it is just because people are not thinking about staying loyal to the same LO. Staying in touch can help keep you top of mind with borrowers and prompt them to choose you next time they need a loan.

Make sure to reach out to your past customers and, same as your realtors, make sure they have all your contact information. Something as simple as making sure people know how to get in touch with you can make a huge difference in who comes back. Make it as easy as you can for them.

When you reach out, also be sure to share relevant opportunities with them. Renovation loans are a good touchpoint for many of your past borrowers if it looks like they are planning to stay in their homes. Do a little digging and make sure you are offering value when you reach out, rather than simply asking for business.

Builders

The beginning of the year is also a good time to check in with builders in your area. This can help you get an idea of inventory that may be coming down the line and can help you plan for what homebuying trends might look like locally, based on the inventory you have on the horizon.

Though everyone’s goals will look a bit different, be sure to set the goal of communicating in 2022. Staying in touch with borrowers, realtors and builders will help set you up for success in the new year. However, once you get in touch, what do you say? Stay tuned for next month when we’ll dive into key areas of importance among your realtors, borrowers and builders, and why they are so central for their success – and yours.

Close more loans, be more efficient, stay out of trouble.

Find more at Pro School
This article was originally published in the NMP Magazine January 2022 issue.
Mary Kay Scully headshot
Mary Kay Scully

Mary Kay Scully is the Director of Customer Education at Enact, leading the development of the company’s customer education curriculum. The statements in this article are solely her opinions and do not necessarily reflect the views of Enact or its management. 

Published on
Jan 03, 2022
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