$45 MILLION PER YEAR ON MARKETING
A large mortgage company we know spends $45 million per year on marketing and lead buying, procuring tens of thousands of leads every year.
They are able to track every lead they get all the way through close, finding out which lender the lead closes with (even if it is not the mortgage bank buying the leads) and at what interest rate.
They were very surprised to see that thousands of the leads they purchased closed with other lenders, even though the interest rates the other lenders quoted were higher.
Seeing this, the mortgage bank launched a massive survey of closed leads to find out why they were losing borrowers to lenders with higher rates.
BORROWERS STUCK WITH MORE COMPETENT LOAN OFFICERS WITH HIGHER RATES
The primary reason borrowers gave for sticking with a loan officer, even if his or her rate quote was higher, was competence.
The borrowers told the surveyors that they stuck with the loan officer who came across as the most competent even if the quoted interest rate was higher.
This lesson applies to all industries of course, including real estate.
No matter how friendly you are, no matter how connected you are, no matter how aggressive you are, you need to come across as competent above all else.
Perceived competence weighs far more heavily than most people realize.
This is why we focus so heavily on training at JVM, and it is also why we remind everyone to polish their pitch.
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646