Most people getting a mortgage for the first time generally think of LOs as banker/salesmen. Which, I guess, is an apt description for most loan officers. The most successful LOs, though, position themselves as educators. If you want to set yourself apart from the competition (more on that, here) and attract more first-time buyers, strengthening your teaching skills is a great strategy to focus on. You want your clients completely confident in their decision to work with you, and when you’re willing to share what you know, it goes a long way to demonstrate why they’ve chosen the best LO for the job. Here are a few reasons why it’s so important for LOs to be educators:
Understanding
When you set yourself up as an educator, it immediately improves the probability that you’ll have a successful transaction (which is how we get more referrals). When you take time to address the questions and concerns of your prospects and clients, you begin to earn their trust. The more you invest in learning about your client base, the more it shows. Think about the common misconceptions throughout the lending process, and the parts that are frequently confusing. When you can clear up and simplify those issues — before they even have to ask — you can begin building the relationships that will help you reach greater heights in your career.
Preparation
Being prepared is one of the cornerstones of being an educator. I mentioned common questions and concerns above, but you also need to be well versed in the less common ones; and you need to have tools, resources, and answers at the ready. When you can anticipate your clients’ needs and give clear guidance (along with the facts to back it up), they’ll be more confident in your abilities and more satisfied with the overall experience.
Listening
Educators make their audience comfortable asking questions and sharing information. Make sure you offer ample time in your client meetings for them to ask questions. Move slowly through explanations and be ready to pause to clear up any confusion. If you allow your clients to set the pace, you can be sure that they’ll get the most out of the information you share.
Empower
Education is empowerment. When we do a good job giving our clients all of the information they need to make an informed decision, they move through the process comfortable and confident. When you share what you know, slowly enough to know your clients are on board, you’re playing an active role in instilling that confidence — and you’re empowering them.
From earning the trust of prospects and clients to delivering the best client experience, showing a willingness to educate will help you strengthen your reputation and help you reach new levels of success.
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