Retention Rockstar Community Coaching Call Recording #7

The key highlights from the seventh of our ongoing monthly coaching calls:

• Annual Mortgage Trends:

  • Post-holiday mortgage activity often surges around January 2nd when people make financial decisions like buying or selling homes.
  • Loan officers should use the next 90 days to engage with potential clients to avoid the frenzy of competition in January.

• Strategy for Client Engagement:

  • Start conversations now to maintain ongoing relationships rather than aggressively pursuing clients like “hot leads.”
  • Treat potential clients like long-term contacts, providing relevant information and staying in touch through texts, emails, or social media.

• Importance of Relationships Over Sales:

  • Building trust and rapport over time is more effective than rushing to close deals.
  • Consistent engagement and valuable information will position the loan officer as the go-to person when clients are ready to act.

• Examples of Long-Term Engagement:

  • Loan officers should share market updates and industry news to keep potential clients informed, not just ask if they are ready to apply.
  • Using casual methods of engagement, such as sending memes or articles, can maintain relationships without pressuring the client.

• Use of Predictive Alerts:

  • Predictive alerts can help identify when clients might be ready for actions like refinancing, but the approach should be social and conversational.
  • The system's data helps loan officers focus on building relationships with the most likely candidates for transactions.

• Client Needs and Timing:

  • Conversations started now will set loan officers up for success in January and beyond, as clients begin to act on plans made during the holidays.
  • Engaging too late, such as in December, will mean missing out on deals as clients will already have made decisions by January.

• Cash-Out Refinancing Conversations:

  • When discussing cash-out refinancing, focus on the client’s potential savings and market trends, rather than directly asking if they’re interested.
  • High auto loan payments are more likely than revolving debt to drive interest in cash-out refinancing.

• Building Trust Through Continued Contact:

  • Trust built through ongoing conversations makes clients more likely to follow through on recommendations, such as locking in rates at the right time.
  • A casual, social approach to communication builds stronger relationships than constant sales pitches.