5 Things that Drive Borrowers Away
Hey, all you mortgage professionals out there! Instead of bringing you a familiar message about the importance of delivering a great experience to your customer, we’re changing it up this time with a little reverse psychology. That’s why SoftVu is declaring today Opposites Day and, instead of telling you what you can do to win customers, we’re telling you what you should do to turn off as many borrowers as possible. Here are five red flags for you to wave proudly and boldly throughout your lead conversion campaign. (It’s our attempt to educate and entertain. You’re welcome!)
Red Flag #1: Pressure them to borrow way more than they want or need.
Why would you be that guy? Sure, borrowers may qualify for a big honking amount, but when they’re pushed beyond their limits and put themselves in a financially strapped position, they’re going to think back to you, “that guy” who told them to go ahead and spend all that money. Hint: it won’t be a fond think-back. Unless you want bad karma for life, be the wise expert who’s going to help your borrowers’ financial futures…not hurt them.
Red Flag #2: Totally treat them like you’re doing them a favor.
Come on! Nobody likes being treated like a chore. Wouldn’t you get upset if you were making a huge purchase and had questions, but no one was getting back to them to answer those questions? Your borrowers may be new to the homebuying game, or they haven’t bought in a long time. So they’ll have lots of questions. Remember, they’re paying you. It’s your job to get them to the finish line, and that’s hard to do if they’re dragging you along the way.
Red Flag #3: Try and have the worst online presence possible.
Yeah, that’s a good tactic. Borrowers want to know they can trust you with this HUGE and important financial decision, so the first thing they’re going to do is search you out on the Internet. So you need to be on the Internet and be more than just an old Facebook page. The last thing you want is for potential borrowers to think you’re a ghost, or worse, see a lot of negative reviews from people who’ve used your service! While face-to-face communication is the very most important type of communication, your online communication “skillz” mean a lot in this game.
Red Flag #4: Give them the old bait-and-switch whenever possible.
Don’t be that shady person. Don’t promise someone one rate and then say “psych! Just kidding! Here’s your actual rate which is two points higher than what we said we could get you, whoops.” That makes borrowers feel like you’re trying to pull one over on them. And nobody likes that to happen to them. Be honest, explain things, and if you can’t give them that low rate, let them know why. It all goes back to trust.
Red Flag #5: Make the process as complicated and clunky as possible.
Nooooooooooo! The home-buying process is incredibly complicated, and the last thing your borrowers want is for you to make it even more difficult. That ranges from everything from outdated, clunky technology to reeeeally slow processes to just plain old bad communication. If your borrowers feel like it’s taking too long or it’s too complicated, they’ll probably just ghost you because it’s just too much trouble to get a loan. And then you lose that loan. And then you’re sad.
Okay, obviously, this article is way tongue-in-cheek, and SoftVu is in no way advocating for you to do any of these things we’ve mentioned. In fact, we’d like you to do the direct opposite of what we’ve said. And while we can go on and on about the things you shouldn’t do, we’ll leave you with the one thing you absolutely, positively should always be doing: The Golden Rule.
Yup, treating others like you’d like to be treated may be a cliche, but it’s never been truer than in this day and age. With so many different lending options available to borrowers, any bump in the road is a chance for them to get out of the car you’re driving and find another ride. The best way for you to keep from turning off borrowers and instead converting them into happy, satisfied customers is to do what you do best: be the very best mortgage lender you can be.
We’re ready to come along side you to make your customer’s experience the best it can be. Reach out to learn about a new solution from Lending Manager that industry leaders are talking about! Find out how we can help you build a better, stronger business.