For entrepreneurial loan officers, business growth is often a top goal. We want to bring in more clients, close more loans, and earn more positive reviews and referrals. We want to strengthen our brand and expand our reach. Business growth isn’t an easy goal, and it requires consistent effort to make it happen. Unfortunately, writing ‘grow your business’ on the to-do list isn’t all that helpful. We need to know how we can take action. So, what can you start doing now if you’re eager to grow your business? Here are a few places to start:
Research
Your business and its growth are all about your clients, so it makes sense, then, that we need to know what clients want. Sure, we might know the general facts. They want honest and prompt service. They want to get the right mortgage at a very competitive rate. But if we want to excel, we need to dig deeper. You can do this with online research, having conversations with clients, and seeking out feedback from past clients. The more information you acquire about what your clients want, the better client experience you can create. That experience will support sustainable business growth. After all, it’s not just about attracting new clients. It’s above giving them a stellar experience. When you do so, past clients become a powerful force in helping you grow your business. From positive reviews to word-of-mouth referrals, investing in your client experience is invaluable. In fact, providing exceptional service to your clients is the #1 most important factor in growing your brand and growing your business. It may not be glamorous, or the fastest way to grow your business. But it is the most tried and true, and will sustain you through challenging markets.
Find Your Niche
Another option many loan officers may want to consider is identifying a niche market. This doesn’t mean that you won’t work with people outside of this niche, but it can give you a real edge in attracting a certain demographic. When you specialize in a niche, you become an expert loan officer for a specific group. Your niche may be a generation, like millennials, it might be first-time buyers or those purchasing a second home, it could even be something like single parents or military vets. The value in having a niche is that it helps you establish yourself as an expert. When someone in your niche market is looking for a loan officer, you’ll be the stand out choice because they’ll trust that you know how to handle their unique needs.
Network in Your Community
Mortgage entrepreneurs must not underestimate the value of networking. With so much of our business coming from our local communities, one of the best ways to support business growth is to make yourself known. While industry networking events are great, these don’t always connect you with potential clients. Getting out in your community in more casual ways and letting people know what you do is a great strategy. Attending community events, offering a course, practicing a hobby, volunteering, and always taking the opportunity to meet someone new are some of the best ways to get your name out there.
Invest in Your Marketing Efforts
One of the biggest marketing mistakes that loan officers make is only working on marketing when business is slow. This start-and-stop kind of activity isn’t the best use of your time. To maximize your efforts, you need to be consistent. Even if it’s just checking in, you should dedicate some time to your marketing efforts once a week at minimum. It could be getting on social media to share a post and reply to comments, writing a blog post, or adding some new photos to your website. Consistent marketing efforts will support sustainable growth.
If business growth is your goal, you need to determine the actions that will help you get there. While this list isn’t exhaustive, these are some key strategies loan officers can employ to fuel that growth. Do you have any other suggestions for techniques to grow your mortgage business? I’d love to hear your thoughts.
Kirk Brewer
Branch Manager | The Loan Geek | NMLS #150287