home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Stories For Salespeople
Loan originator and broker news and stories. Advice about improving mortgage loan originations. Insights to and profiles of mega-producers.
sales stories | sales books | originator newsletter

Industry Commentary

Experts Sell More

Expert or salesman, it's your choice


June 10, 2003

With the age of the Internet upon us, it seems that every industry has gotten more price competitive than ever. In a few minutes a consumer can pore over hundreds of airline, life insurance, mortgage or house prices. It's no wonder that it is getting harder and harder for us to distinguish ourselves from our competition. But this heavy reliance on technology also gives us an opportunity. The more our competition relies upon cut-rate call centers to sell products, the less real expertise there seems to be in the world. How much expertise can be brought forward by these people who occupy low-paying jobs and whose performance may be rated by how many people they speak to in an hour?

Many traditional originators are now wondering whether they may be replaced by a computer and a phone. But the fact is that a computer cannot develop a close enough relationship to discover a person?s real financial goals and therefore their needs. An inbound phone center will typically find out what a person wants. An expert can go further to determine whether what a person wants will help them achieve their long-term goals and, if not, offer alternatives.

Many will have a choice in the coming years. Never before has there been such a dichotomy between sales and expertise. Are you going to be a low-cost provider? Or, are you going to offer a reasonable price but an above-average amount of expertise?

Of course, to offer this expertise you must become an expert. I really believe in this concept; enough so that it has become our company's main objective. Unfortunately, within the mortgage industry, most training offered is either basic or focused on the areas of marketing and sales.

Being an expert in marketing and sales does not help unless you are an expert within the other aspects of the industry. For example, our school focuses on real estate finance, ethics, delivering quality service, and legal issues. It has been our experience that those who are not well-trained do not sell well because they are not confident. Therefore, we move to sales and marketing only after other areas of expertise are achieved.

The first benefit of expertise is developing the confidence to sell. But there are other benefits. Experts recognize opportunities far beyond what a salesperson may see. These may include the opportunity to fulfill additional needs for a client. They may also include recognizing additional marketing and sales opportunities presented by typical situations. For a salesperson, marketing will normally be a completely independent function distinctly separate from servicing their clients. That is why marketing will typically be accomplished last after all other tasks are complete. Experts can combine marketing with their everyday activities, making them much more effective in the long run.

How does marketing from an expert's perspective differ from a salesperson's? A salesperson would typically focus on their prices and therefore obtain responses from those who are interested in only a low price. An expert delivers value. They may write articles, teach seminars or courses and distribute substantive newsletters. We distinguish substantive newsletters from those that are made up of recipes and handy-homeowner hints. How can you establish a level of expertise when you are distributing recipes to your clients (some of whom may have a PhD in economics)?

Only experts would know that an interest-only product lowers the total mortgage payment less than ten percent at high interest rates but over twenty-five percent at lower rates. This fact makes the product extremely attractive during this particular economic era. One national wholesale lender indicates that there has been much interest in this product in the past several months because the mortgage program will substantially increase a homeowner's purchasing power. This is just one many, many economic concepts that an expert must grasp within the area of real estate finance. It is your choice-compete on rate, or try to deliver expert value to your customer.

Dave Hershman is the leading author and a top speaker for the mortgage industry with seven books-including two best sellers for the Mortgage Bankers Association of America. Dave also heads www.OriginationPro.com Mortgage School.

click here for more articles by Dave Hershman

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders