?> Why Can't Your Clients Have Their Cake and Eat It Too?
Top of Mind Networks

Why Can't Your Clients Have Their Cake and Eat It Too?

Photo Source:  Flickr

Photo Source: Flickr (Lucky Penny Cakes)

Before I became a Mortgage CRM guy, I was just another borrower.  I remember distinctly a conversation I had with the loan officer I was using to finance a home in 2002.

Like many consumers, I’d been screwed in the past by an unscrupulous mortgage professional.  Hey, unfortunately, it happens.

I’d been referred to this guy by our builder.  He certainly seemed to know his stuff – but still, I wasn’t 100% comfortable with the process.  Rates were highly volatile and I wasn’t sure if I should be floating or locking.  My loan officer didn’t seem to have much of an opinion on the subject, which created even more uncertainty.  I’ll admit it, I called him about 3x over a 10-day period to try and elicit his advice.  During one of our conversations he told me something that still resonates to this day:

“Mark, there are three things I have to offer:  price, service and ______ .  Pick the two you want most and I can give you those, but you’re not going to get all three.”

I wish I could accurately remember what the third thing was but it’s not critical to my overall point.  This seemed somewhat reasonable at the time, although it never felt good.  This guy was busy and I was higher maintenance than most of his other clients.

When we stay in a 5-star resort, we know we’re getting top quality, but we’re also paying top dollar.  When we stay at Motel 6, we know we’re getting the bare bones, but that’s what we’re paying for.

But where’s the law that states we can’t give our clients an elite product at low prices?

Just because we could charge a lot more for Surefire doesn’t mean it’s the right choice for our business.  It’s a philosophical decision my partners and I made in the very beginning:  make it easy for people to say yes – and exceed their expectations.

The guy who financed that home for me ultimately got the deal and delivered what he told me he’d deliver.

1)  Was I satisfied?

Sure, I was satisfied.  Would I become a raving fan?  That’s the important question.

2)  Did he get the next deal?

Actually no, he didn’t.  We refinanced from a 30 year to a 15 year mortgage a couple years later and I started all over again.  It isn’t like we don’t have enough mortgage companies here in Atlanta.  In case you’re wondering – no, he didn’t deepen the relationship after we’d closed.  He didn’t follow up.

The Point:

Your job is not just to win the deal.  Well, not if you’re trying to find the holy grail – a residual-based business.  Your job is to exceed all expectations as often as humanly possible – not just say that you’re going to do it.  I’m not saying that you need to be the cheapest.  But I am saying that there comes a point down the road where the client will need another mortgage – and whether or not you get the call largely depends on whether you’re simply meeting expectations or letting your client have their cake and eat it too.

November 25, 2009 by · Leave a Comment

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About Mark

Mark is President of Top of Mind Networks, specializing in turn-key CRM solutions for mortgage professionals.

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