TRANSFER OF TRUST. I was introduced to this term about a year-and-a-half into my mortgage broker career by a very well-known and respected broker. Needless to say, it has shaped how I run my business. It’s the very foundation and basis for all the decisions I’ve made and will make going forward.
Up until that time, I was scrambling to get business. There was no rhythm or reason for how I was getting leads. I had no plan.
After I heard the term it was like a light switch was turned on. I had moved from first to second gear and I could feel everything start to accelerate. After I cemented the term in my head, it became extremely obvious what I had to do next. I needed to go meet like-minded professionals that over time I could learn to KNOW, and eventually LIKE, so that we could TRUST one another to share business.
That was my TSN Turning Point.
TheTRANSFER OF TRUST requires basic fundaments of KNOW, LIKE and TRUST. If these three boxes are checked it’s impossible for business to not happen eventually… and naturally. Nowadays there isn’t a single name in my book-of-business that doesn’t come from a pre-existing relationship, either past client or professional referral source. Every year from 2012 to 2016, 76.21% to 94.12% have all originated from someone that I had a pre-existing relationship with. The exception is this year: to date 100% of my files have come from someone that knows me, likes me and/or trusts me.
What is the best form of business/potential client in our line of work? Is it one where the call or email originates from an ad placed at a public bus stop and invariably starts something like, “What is your best rate…?” Or would you prefer to conduct business with potential clients who say something like, “My friends Jane and John Smith we so impressed with how you assisted them with their recent financing request that they highly recommended I call you to discuss my financing options.”
This is an absolute no-brainer.
If I had to choose between two files, only knowing the potential volume and source of the business, without hesitation I would choose the business from a past client or personal referral source, even if the volume was significantly higher from the bus stop ad. In my eight-year career, only 1.77% of my completed files have originated from Google or another outside source.
Never say no to a mortgage, regardless of the amount. I just recently completed the smallest mortgage amount of my career, $50,000. The amount didn’t even faze me because I knew if I gave that file the same love and attention as an $800,000 file, there would eventually be an opportunity for that client to pass along my contact details to a friend, family member or colleague in need of mortgage financing. Lo and behold, it took all of 4 days and my client had referred me to a colleague of hers. The couple were buying their first home; the mortgage amount went up tenfold. The client LIKED and TRUSTED me, therefore she referred me.
Think about how you generate business and how your time can be used more efficiently. I don’t lose my clients to rate very often; it’s generally because they have decided not to proceed with the transaction. And because we’ve worked together once, I still consider these almost-clients in my pipeline. Every working relationship can result in a referral.
Michael Hallett, Mortgage Expert
Dominion Lending Centre
If you enjoyed this post you will love his Blog – hallettmortgage.ca/blog