Not long ago, I hosted a room full of loan officers at my Spit in the Eye of the Taxman mortgage marketing boot camp. I think everyone agreed that it was a terrific seminar. And I think everyone left all PUMPED on the idea of achieving more in the mortgage business.

During the weekend I got to talk to a lot of interesting people and hear a lot about their businesses.

Something I like to do when I'm at an event like this is conduct my own "undercover market research" -- which means I ask a lot of people the same question and see what the most common answers are.

One question I asked often was: "What makes YOU different from your competition?"

(Or using proper marketing mumbo jumbo: "What's your unique selling proposition, or 'USP'?")

Here were the most common answers I got: 

1. "I am new to the business so I haven't got one [a USP] yet."

Ahhhh... How can you be starting in any business and not have a USP?

Seriously, before you even start developing or selling a product line, or building your website, or writing a single advertisement you must be able to clearly articulate what the heck makes YOU different from your competition!

Having a niche in the mortgage business is essential to long term survival and success. Look around at who is doing well out there – I’m willing to bet you they all have some kind of niche they work in. In just the past few issues of the Niche Gold Letter, I have presented over a dozen niche mortgage ideas – from first time home buyers to reverse mortgages to commercial mortgages to working with Realtors (the right way). And more. I have received a ton of response from loan officers all over the country thanking me for pointing them in the right direction. So, at least some of your competition is getting the idea – are you?

2. "I have the lowest rates!" -- OR -- "I have the best service!"

Let me blunt: neither of those USPs work. I'll tell you why in a moment, but first -- do you want to hear something ironic?

After a number of people at the boot camp told me their USP was about price or quality, those very same people told me they wouldn't believe other loan officer’s who claimed those USPs! Do you think your prospects believe you?

The fact is, you don’t have the lowest rates or the best service. The fact is that anyone of us can under price you in two seconds flat – if we are willing to work for nothing. The fact is that the “best service” is a very subjective thing, and any of us can have or claim that we are the best.

Trying to compete on rates alone is one of the most idiotic moves a new (or experienced) loan officer can make. You have immediately established yourself as a commodity – something that is meant to be shopped. You’ll quote your rate and the customer will immediately hang up and call the next guy in the phone book to get his lowest price. Then, if you are lucky, he will call you back and get you to cut some more. I say “lucky” because you will still have a shot at making your $287 on that loan – which in this kind of loan officer’s mind is better than nothing. Well, truth is, it is not better than nothing. It would be better for that person to make zero and have to quit this business. The less of these people who try to turn our profession into a commodity, the better.

Lowest rates or best service is not a USP.

Here is the quick and dirty of it: If you want to be really successful you need to stand out from the crowd by offering a USP that's truly different... something your competition just can't claim. Become THE expert at a niche for your market. Then, price shoppers go away. Rate cutting goes away. And what you are left with is a line of people seeking you out and asking you to help them. Isn’t that a better way to be successful in this business?

(And in hindsight, you'll know you did it right when your competitors scramble to catch up by offering the same USP. But they won't sound as believable -- because you're the one who offered it first!)

So, step one: get a niche. Step two: get a real USP!

There are plenty of niches to choose from. Subscribers to the Niche Gold Letter receive my special report on the top three niches (and one to avoid). You can have it for free by taking me up on my Greatest Free Gift a Loan Officer Ever Got.

Then, you must let the world know what makes you different from your competitors -- in ten words or less. Being an expert in a niche and having a strong USP gives your customers a powerful, compelling reason to do business with you.

This is why you should want to be different!

About Jon Esposito
>>>Jon Esposito specializes in the niche market of Construction to Permanent financing. He has been responsible for over half a billion dollars in closed construction loans in his career. Today, he continues to originate loans while devoting a large portion of his time to helping other loan officers build high income businesses while reducing overhead and stress.

For his FREE NO OBLIGATION REPORT “7 Essential Survival Tactics Every Loan Officer Needs to Know. Now” please visit www.mpnfreereport.com or call his 24 hour toll free information line at 1-888-699-6075, ext 90252 to request your report.  A special gift to Mortgage Pro News readers only will be sent to the first 87 loan officers who request his free report. Give yourself the gift of education in the New Year.