Prospecting is an important aspect of every loan officer’s business. In order to maintain and grow our business, we need to keep new clients flowing in. While this can get challenging the busier we get, it’s not something loan officers can afford to overlook. The best entrepreneurial loan officers know that they need to invest in their prospecting efforts. They need to have clear strategies and goals in place that allow them to see regular results. Even the most driven professionals, however, can make mistakes in their prospecting work that limit their success. So, whether you’re actively looking for ways to improve or simply checking in on your current prospecting efforts, being aware of the most common mistakes is important. This way, you can better avoid making them yourself. So, what do loan officers need to be on the lookout for? Here are some common mistakes to avoid:
Going in Cold
Sure, it’s called cold calling, but that doesn’t mean going in with no preparation. And it’s not just calls. In any situation when you have the opportunity to engage with prospects, preparation is key. When you go in cold, you put yourself at a disadvantage and risk losing your prospect’s interest. On the other hand, when you take the time to research their demographic and even their personal needs and concerns, you give yourself the opportunity to make a real impression. For example, if you notice that millennial clients are often concerned about debt and financing, these are the topics you can speak to with millennial prospects. Sometimes, you might even be able to find out a bit about someone before your meeting. Maybe you see they have a family, for example. Keeping this in mind during the call can help you focus on the things that pertain to them in particular. There are also a few tricks we use to convert a cold call into a warm call before we even pick up the phone. I can show you how to do this too! This same trick really helps with call reluctance as well.
No Follow-Up
Some loan officers worry about being pushy, others don’t have a follow-up strategy, and some might simply forget. Whatever the reason, not following up with your prospects is a mistake that can cost loan officers significant business. Persistent doesn’t have to mean pushy. And when you have a strategy in place and are organized in your efforts, you can ensure that you don’t cross the line. In fact, following up can show your prospects that you’re engaged and ready to help.
Focusing on Yourself
When prospecting, you certainly want to tell prospects what you have to offer. This is important information that will help them make their decision. However, when loan officers only focus on what they have to offer, they miss out on a major opportunity. When talking with your prospects, take advantage of your ability to demonstrate your willingness to customize the process, your commitment to understanding their unique needs, and your determination to make your clients feel like a priority. Ask questions to better understand what they’re hoping to get from the process and where they need the most support. When you direct the focus to your prospects, you give them a glimpse of how they will be treated as clients.
Inconsistency
When are you most likely to engage in your prospecting efforts? If you’re only really investing the time when business is slow, you’re asking for inconsistent business. This will create a start-stop effect in your pipeline that can keep you from being able to expand. Instead, loan officers need to be consistent in their prospecting work. Whether business is at an all-time high, an all-time low, or anywhere in between, prospecting still needs to be a priority. When loan officers regularly carve out time for this, they pave the way for business growth.
Prospecting is a key part of a loan officer’s work, especially if they’re focused on growth. Unfortunately, there are many mistakes that can throw us off course. This is why it’s so important to check in from time to time. Are any of these mistakes slowing you down? And how can you work to avoid them? The more aware we are, the better we can work towards the results we want to see.
Kirk Brewer
Branch Manager | Loan Geek | NMLS #150287