One of the greatest advantages to being an MLO is having the ability to be your own boss. You can work whenever, wherever, and can pick and choose who you want to work and network with.
Loan originators are typically those with an entrepreneurial mindset, one that is always thinking of ways to grow and scale their business. At Wemlo, we can relate to this mindset because we are former loan originators ourselves. We’ve seen the pain points and we know what needs to be done to simplify an MLO’s workday. That’s why we created Wemlo.
Want to see what it’s all about? Our free demo can change the way you approach your workday.
While our product can help you scale your business, there’s still an important question that needs to be answered: What is the deciding factor that allows an MLO to win a deal?
Actually, there are a few:
Be personable in your approach
What all MLOs seek is a reliable group of referral partners, and in order to gain those trusted relationships, it’s important to be approachable. While being a loan officer has the advantage of being your own boss, that typically means being available outside of working hours. For the most part, buyers are taking care of their paperwork outside their own business hours and may have questions during the process.
Do you answer your cell phone at night and on weekends? If a real estate agent or buyer calls you with a question, do you give a prompt response? Many times, it’s this simple act of showing you care that matters most to those you could potentially work with.
Show interest in what you do
We’ve all heard it a thousand times: Buying a home is the single largest purchase many individuals will make in their lifetime. It may be overused, but it’s true.
There’s a great deal of stress involved during the process and simply showing that you care enough to help will work wonders for your ability to win deals as an MLO. Being available to answer questions, walk through options, and give professional advice to buyers can go a long way. Having this approach is also one of the best ways to gain future work without ever having to market yourself.
Display your expertise
It’s simple—if you know what you’re talking about, others will be much more willing to work with you. This doesn’t necessarily mean you have to have a ton of experience, but it does mean you have to know your industry.
Pay attention to what potential clients are asking and respond in clear, understandable language. Remember that those you may be conversing with are not in the industry you are in and may not be able to decipher some of what you’re saying. Answer questions using simple language that potential clients and partners can understand. Being direct and clear will show others that they can trust you. In the end, trust is essential if you want to win deals.