Knowledge is Sales

Loan origination requires ongoing preparation. Hence, being an excellent loan originator requires constant research as rates fluctuate, loan programs change, and the competition shifts.

“Prepare to win or lose to someone who is,” is just one of the principles that according to The Little Red Book of Selling can ensure sales success.

There are many ways to stay on top of the competition by being prepared. One way, best-selling author Jeffrey Gitomer explained in the book is to capitalize on the endless amounts of instantaneous information found on the Internet.

And like any great resource, it has to be used and used often not only to learn about the competition but also to learn about the borrower. Running a search on the borrower’s name might lead to an interesting article or other important information to support a rapport-building topic of discussion. In fact, running a self-search can give an idea of what others will find out about their loan originator as well. Efficient homework is more than just surfing the Internet, as explained in the book. “Getting VITAL information as it relates to the buying of your product or service,” Gitomer said of proficient preparation. “Be prepared with an objective or two about what you want to accomplish in the meeting.” Gitomer admits proper preparation takes time but contends it will be impressive to the client. “It’s an advantage that very few salespeople use,” he explained. “They make the fatal error of getting all their own stuff ready. PowerPoint slides, samples, literature, business cards — you know, all the same things the competition is doing. Biggest mistake in sales.”

The secret to sales success is not really a secret, the sales guru wrote, it is a series of fundamental steps that successful salespeople and entrepreneurs have been using for centuries. Gitomer noted some of the common attributes found in high achievers.Among them he found that preparation means a top originator would have the answers the borrower requires. “The more you can solve problems, the easier path you will have to sales success,” Gitomer wrote. “Prospects don’t want facts, they want answers. In order to have those answers, you must have superior knowledge about what you do — and explain it in terms of how the prospect uses what you do.”

Recognizing opportunity and taking advantage of it requires preparation also, the book said. Gitomer recommends keeping a positive attitude is the prelude to being able to see the possibilities when opportunity strikes, because it often shows up in the form of adversity.

A well-prepared loan originator would be able to seize the opportunity and act on it. “Opportunity is elusive,” Gitomer concluded. “It exists all over the place, but very few see it. Some people fear it because it involves change; most don’t believe they are capable of achievement. Do you seize opportunity?”

Related:

Increasing Originations By Branding
In sales, clients need to be sold on the salesperson first, according to the Little Red Book of Selling. If they are sold on you as a brand, then they may buy your loan programs.