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Mortgage Saving Without Refinancing

My Competitor Is A Liar PDF Print E-mail
Ask the Expert - Dave Hershman
Wednesday, 01 August 2007 06:19

Q: I am a fledgling broker with a small and integrity driven firm. Dave Hershman PortraitWhile my knowledge is perhaps not as vast as a season broker, I often find potential clients are being promised things that truly cannot be delivered. How can I keep my integrity and show a client the process without subtly naming my competitor as a liar? I ask this question simply because it has been one of the most frustrating parts of this business to date.

Thomas

A: First. The cornerstone of a successful business based upon referrals is the delivery of great customer service. Second, you deliver great customer service by exceeding your customers’ expectations. Third, you will never exceed your customers’ expectations by
promising more than you can deliver. If you over-promise you will always under-deliver.

Now the problem. If you under-promise—you will lose the loan because everyone else is promising the world. This is really frustrating. But if you are coming from a position of expertise, those you deal with will respect your position. They also will know your reputation if you are dealing with referrals rather than cold calls. I have no problem with making a statement such as—“I can’t promise _____, but I will promise that I will work as hard as I can to help you through the process.”

One other consideration. Even if you lose the loan, make sure that you leave the door open by saying that you will continue to help them throughout the process. Then call the person back seven to ten days later and make the same offer. When they discover they have been over promised they will be unhappy. You can put yourself in a position to get the loan back if the timing is right. Don’t call asking for the loan back—just check in to make sure everything is okay. Leave the door open. Remember—if you don’t put yourself in position—you will never succeed.

Dave

Ask The Expert is an exclusive feature of Origination Update. If you have a question on finance, sales, marketing or leadership you would like to ask—email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Dave Hershman is the leading author for the mortgage industry with eight books and several hundred articles to his credit. He is also head of OriginationPro Mortgage School, the most advanced comprehensive curriculum in the industry, and is a top industry speaker. For more articles by Dave, free marketing materials and a schedule of classes, visit www.originationpro.com.

 
 
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