Preparing your lending business for a potentially slower housing market
It’s easy to be a successful loan officer when everyone in town is looking to purchase a home. However, those who are able to develop meaningful relationships with borrowers are the ones who typically succeed when the housing market is slow.
Are You Able to Connect With Your Clients in a Meaningful Way?
A slowdown is a perfect time to assess your ability to meet a client’s needs throughout the process of obtaining a home loan. It may be a good idea to ask your existing clients how they felt about working with you in the past. You may also want to talk to real estate agents, office assistants, or others in your network for feedback that could help to enhance your customer service skills.
Think About the Purchase Process From a Customer’s Perspective
For most people, buying a home is one of the most consequential decisions that they will ever make. This is because where a person chooses to call home can have a significant impact on his or her social and professional lives. Therefore, it is important to think of yourself as more than someone who evaluates loan applications for a living.
Instead, you want to be someone who can help fulfill a client’s dream of being able to provide security for his or her family. Taking this approach may make it easier to create marketing strategies that allow you to attract a base of enthusiastic clients who will gladly refer you to other borrowers. These referrals can help keep your business afloat when there aren’t as many buyers looking for homes.
When the housing market slows down, you’ll have to work harder to earn the business of those who are interested in obtaining home loans. This may mean that you’ll need to change your marketing strategy, offer better customer service or find other ways to stand out from the competition.
Have questions? Speak to an expert for more information.