Maximizing the Client Experience to Boost Business

Hand writing note: Who Do You Know?

Creating Referral Opportunities During The Course of an Active Deal

It’s often thought that providing great customer service will yield referrals and repeat business.

But is it enough of a differentiator?

In his 2018 letter to shareholders, Amazon’s Founder and CEO, Jeff Bezos wrote, “one thing I love about our customers is that they are divinely discontent. Their expectations are never static – they go up.”  Bezos continues, “yesterday’s ‘wow’ quickly becomes today’s ordinary.”

Bezos’ comments are a stark reminder that to be considered among the elite, we must continually exceed customers’ expectations. While his insights are applicable across all businesses, it’s enlightening to see how those in the mortgage industry can benefit.

Maximize The Client’s Experience

Most mortgage lenders focus solely on closing the deals they are working on and moving on to the next one. What they often fail to take advantage of are the fruitful opportunities right in front of them. Top producers get the most out of these opportunities to grow their referral network and explode their business.  With the proper systems in place, you can immediately begin to maximize the client experience to boost your business.

A Touch Above

The Mortgage Planner, Brad Roche, partnered with to implement an Approval Surprise Gifting Program. Clients receive a handcrafted gourmet popcorn gift at their work with a note to congratulate them on their loan approval. “When they get into contract, this is the peak opportunity to maximize the result for the client to talk about us to all their friends, family and co-workers,” Brad explained.

When systems are implemented properly to maximize the client experience, lenders can generate referrals from 1 out of 3 clients.  Brad shared, “when a client refers you during the process, you have a 60% chance of them referring you after they close. If they don’t refer you during the process your chances go to 20% percent.”

Building Your Referral Partner Pool

There’s a lot of work that goes into building a referral network.  Believe it or not, you have a tool in place that you can use to grow your referral partner pool.

Most lenders try to keep their Pre-Approval Application forms as short as possible, requesting only the required information. Adding a few more requested fields can help you

provide greater value in the service you provide to your borrower. It can also be beneficial to you.

In effort to provide the most accurate mortgage estimate, you may ask for your borrower’s Insurance Agent’s information. Contacting them would allow you to factor in the cost of homeowner’s insurance in your borrower’s mortgage payment. Insurance Agents are fantastic referral partners who may come across clients looking to refinance their mortgage or new home.

There are other professionals that would be great referral partners as well. I would recommend asking your borrower’s if they have a financial advisor, accountant, attorney and realtor. Additionally, you should ask them to rate their satisfaction with the service of each professional they have a relationship with.  If they are highly satisfied with the service, you should reach out and add them to your referral partner pool. On the flip side, if they are not satisfied with their service, be prepared to offer them a referral. You’re gathering contact information for new referral partners and potentially adding value to the service you’re providing to your client. It’s a Win-Win!

Creating Habits

Success doesn’t come by chance, or luck. It’s generated by hard work and learning from many failures along the way. The top producers in the industry have developed and perfected systems and habits that have a proven track record on producing results.

Fortunately, some of the most successful mortgage originators in the country have been willing to share their expertise and habits in text form. Here are three great reads that will set you on the path to turbocharge your business.

Start by differentiating yourself and go the extra mile to exceed your customers’ expectations. Seize the opportunities that are in front of you and maximize their potential. A couple of simple ways to exceed expectations:

For more tips on how to stand out with your gifts and generate more referrals, contact Tim Myers, Mortgage Services Gift Specialist at [email protected] or (603) 418 -7457


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© Featured Photo by Ildo Frazao, Getty Images