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Answer Upon - Loan Officers: The $41,600 Reason Why Your Closing Ratio Matters
If you are a mortgage broker or loan officer and you are actively buying mortgage leads, or you are considering buying mortgage leads, here are a few tips on how to get your customers attention.Most lead companies will sell their leads up to five times, so you can pretty much count on competit
So the next time you are brainstorming ways to improve your business, remember how changing your closing ratio (by just a little bit) can generate incredible financial rewards. Just a 4% change caused
The emergence of balloons comes from a long series of evolutions from the time it was made out from animal parts of bladders, intestines, and stomach. The introduction of rubber in balloon making credits back to 1824 by British Professor Michael Faraday when he made experiments for use with hydrogen
Most loan officers would want to make their marketing efforts have better responses. And while marketing is critical to business success, there are other aspects of your business that are overlooked and could have much more immediate results.
This article is going to show you how improving your closing ratio just a little bit can have massive effects on your earnings for the year.
We are going to talk in hypotheticals for a second, so bear with me.
We have two loan officers working in the same office. There businesses are identical in every way. They have the same processors, underwriters, and marketing tools.
The only thing that is different is that Loan Officer A has a slightly better closing percentage than Loan Officer B, and let's see how this will affect their commissions in the long run.
Both loan officers, through their marketing and prospecting efforts, meet face to face with 25 potential customers each week. They both also average about $800 per closing.
Now Loan Officer A is a better closer than Loan Officer B, but only slightly better.
So out of those prospects, Loan Officer A closes 3 of them, and Loan Officer B closes just 2. That one loan difference means that Loan Officer A is 4% better at closing than Loan Officer B.
Did you see what I just told you? Loan Officer A didn't close twice as much, or even 25% better. It was just 4%.
Now 4% doesn't seem like much, right? However, that 4% allowed Loan Officer A to close one more loan that Loan Officer B, and at an average transaction commission of $800, that 4% will cause a difference in gross income of....get this:
Over $40,000! ($41,600 to be exact).
Becoming a better closer is like any other skill that can be studied and mastered through education and practice. Pick any book by Brian Tracy or Todd Duncan, and you are well on your way. Also, take the time to practice scripts and/or roleplay. It's not just knowing what to say, it's also knowing how to say it and it will only sound natural through repetition.
So the next time you are brainstorming ways to improve your business, remember how changing your closing ratio (by just a little bit) can generate incredible financial rewards. Just a 4% change caused
What a lot of money we have been wasting on dealing with customer complaints.Instead of dealing with them and attempting to satisfy the customer we should create a process that makes complaining so difficult then when customers complain they get such a huge negative experience and never receiv
We are going to talk in hypotheticals for a second, so bear with me.
We have two loan officers working in the same office. There businesses are identical in every way. They have the same processors, underwriters, and marketing tools.
The only thing that is different is that Loan Officer A has a slightly better closing percentage than Loan Officer B, and let's see how this will affect their commissions in the long run.
Both loan officers, through their marketing and prospecting efforts, meet face to face with 25 potential customers each week. They both also average about $800 per closing.
Now Loan Officer A is a better closer than Loan Officer B, but only slightly better.
So out of those prospects, Loan Officer A closes 3 of them, and Loan Officer B closes just 2. That one loan difference means that Loan Officer A is 4% better at closing than Loan Officer B.
Did you see what I just told you? Loan Officer A didn't close twice as much, or even 25% better. It was just 4%.
Now 4% doesn't seem like much, right? However, that 4% allowed Loan Officer A to close one more loan that Loan Officer B, and at an average transaction commission of $800, that 4% will cause a difference in gross income of....get this:
Over $40,000! ($41,600 to be exact).
Becoming a better closer is like any other skill that can be studied and mastered through education and practice. Pick any book by Brian Tracy or Todd Duncan, and you are well on your way. Also, take the time to practice scripts and/or roleplay. It's not just knowing what to say, it's also knowing how to say it and it will only sound natural through repetition.
So the next time you are brainstorming ways to improve your business, remember how changing your closing ratio (by just a little bit) can generate incredible financial rewards. Just a 4% change caused
When applying for a job, one of the questions might be how much is the desired salary. If the asking price is too high, the chances of being called back for a another interview or being accepted are slim. Should it be low, the applicant might get it and is probably selling oneself short.This c
Now Loan Officer A is a better closer than Loan Officer B, but only slightly better.
So out of those prospects, Loan Officer A closes 3 of them, and Loan Officer B closes just 2. That one loan difference means that Loan Officer A is 4% better at closing than Loan Officer B.
Did you see what I just told you? Loan Officer A didn't close twice as much, or even 25% better. It was just 4%.
Now 4% doesn't seem like much, right? However, that 4% allowed Loan Officer A to close one more loan that Loan Officer B, and at an average transaction commission of $800, that 4% will cause a difference in gross income of....get this:
Over $40,000! ($41,600 to be exact).
Becoming a better closer is like any other skill that can be studied and mastered through education and practice. Pick any book by Brian Tracy or Todd Duncan, and you are well on your way. Also, take the time to practice scripts and/or roleplay. It's not just knowing what to say, it's also knowing how to say it and it will only sound natural through repetition.
So the next time you are brainstorming ways to improve your business, remember how changing your closing ratio (by just a little bit) can generate incredible financial rewards. Just a 4% change caused
Want a simple, low-cost way to boost your sales? Just uncover the narrowly defined sub-markets hidden in your main market. Then create special versions of your advertising to focus on the specific needs of prospects in these hidden market segments.1. How to Find Your Hidden Markets<
Now 4% doesn't seem like much, right? However, that 4% allowed Loan Officer A to close one more loan that Loan Officer B, and at an average transaction commission of $800, that 4% will cause a difference in gross income of....get this:
Over $40,000! ($41,600 to be exact).
Becoming a better closer is like any other skill that can be studied and mastered through education and practice. Pick any book by Brian Tracy or Todd Duncan, and you are well on your way. Also, take the time to practice scripts and/or roleplay. It's not just knowing what to say, it's also knowing how to say it and it will only sound natural through repetition.
So the next time you are brainstorming ways to improve your business, remember how changing your closing ratio (by just a little bit) can generate incredible financial rewards. Just a 4% change caused
In our previous installment on medical billing and the electronic transmission of claims, we briefly touched on multiple batches and why they're required when billing. In this installment, we're going to cover the batch trailer record and the individual fields it contains.The batch trailer re
So the next time you are brainstorming ways to improve your business, remember how changing your closing ratio (by just a little bit) can generate incredible financial rewards. Just a 4% change caused a difference in over forty grand in income.
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