5 Tips to Build Your Pipeline

A lot of people are interested in purchasing a home or could be eligible to refinance. And while there may be a sea of potential clients, there’s also a significant amount of competition to earn their business. Between retail loan officers, online lenders and mega banks, you’ll be fighting it out with some tough competitors, which makes it that much more important to find effective strategies to build your pipeline and grow your business.

Let’s look at some expert sales tips to keep in mind while you continue to build your business as an independent mortgage broker or loan officer.

1. CREDIBILITY IS KEY

Be the obvious expert. When potential clients need help financing their home, they want to work with someone knowledgeable about the mortgage process. That means it’s not only important to know the industry, but also to showcase that knowledge to potential borrowers through your social media accounts and website. Sharing insights about industry trends on your website and/or social channels or developing a bi-weekly blog is a great way to show credibility.

Word of mouth is another way to show your expertise. Being involved with your local community can give you an advantage when it comes to bringing in business. The knowledge you have about local real estate, businesses, neighbors and more is likely greater than that of a competitor at a large bank or retail lender. That allows you to connect with potential clients on a more personal level, which might open doors to many more in their social circles.

2. SET YOURSELF APART

Get creative and test some unconventional ways to reach your clients. Want to talk about current financing opportunities or trends? Consider sending them a personalized video. Want to keep them posted on the status of their loan or pre-approval letter in real-time? Try texting instead of sending a formal email.

Clients want to feel understood and taken care of by their mortgage broker and a personalized message goes a long way. It’s also important to discuss with them upfront how they prefer to be contacted. While some clients may enjoy receiving text messages, others could prefer emails or phone calls.

3. Speed, speed, speed

Speed matters, especially in the mortgage industry. In reality, no one really wants a mortgage. The goal is to own a house and a home loan is a necessary part to get there. That means it’s up to you to get them to the closing table as quickly as possible, so they can actually move in and enjoy the part they are truly excited about.

Also important to keep in mind: You’re working in an extremely competitive market. The speed at which a loan gets closed can impact whether or not your client’s offer is accepted. Sometimes, a faster process will be even more important than the rate you can find for them.

4. BE ACCESSIBLE

Adjust your schedule to your target group's working hours. Start by learning your clients’ schedules and when they’ll be available to touch base with you.

For example, if you’re working with someone who has a 9-5 job, they’ll likely prefer to set up meetings with you outside of traditional business hours. Clients don’t want to feel pressured to take time off or work within rigid hours. The more flexibility you offer, the easier it will be for you to get (and keep) business coming in the door. That means having a mix of traditional, non-traditional or flexible working hours to be accessible for your clients.

5. BUILD A REFERRAL NETWORK

What is a referral network and what can it do for you? There are different ways to get new clients. While some examples can get costly very quickly, referrals are an inexpensive and easy solution. A referral network is simply a group of people or businesses who are aware of your expertise and recommend you when the situation allows it.

Taking the time to build a solid referral network will do great things for your business. Consider partnering with local real estate agents in the community and working together to send each other referrals. Not only will this save you time in the long run, but it will help create a steady flow of new clients.

Once you get the clients in the door, relationship-building is a must. Work to earn their trust and get to know them on a more personal level. This will help them feel heard and understood and will keep them coming back in the future. With an established relationship, it’s also more likely they’ll send other family members and friends your way.  

Being an independent mortgage broker or loan officer can be an extremely rewarding job. Take the time to get to know your clients and do your best to ensure they have the best homebuying experience possible. This will give you an edge over your competition and help you close more loans.

Are you interested in pursuing a career as an independent mortgage broker or loan officer? It’s easier than you might think and our team is here to help you every step of the way. Become an independent mortgage broker today!