Connections - Part II. Refinance Clients

Welcome to part II of my series:  CONNECT YOUR WAY TO MORE APPLICATIONS.  In part I we discussed prospects moving into your area and the power of connecting with them.  Today, we will delve into refinance opportunities.

Part II - Refinance Clients.  Even if the client did their last loan with you, do not assume they aren't shopping around or being bombarded with offers from other lenders.  You hopefully have the upper hand, but getting the loan into your pipeline is not guaranteed.  Here are a few tips to make sure you end up being the chosen one:

1.  How's your database mailings been?  If you haven't been great at staying in touch,  you may want to do a quick push to your entire database.  Three pieces in six weeks.  I've done it before and it works.  See this report on database marketing for more ideas.

2.  Make phone calls.  Everyone in your database should get a call at least once a hear.  Include the following in your script: 
A. Opening (reconnect)
B. Ask about current mortgage 
C. See if they have questions on rates   
D. "By the way, do you know of anyone looking for a mortgage?"   
E. Close with "Please let me know if there is anything I can do to help you.

3.  Networking to find new prospects.  Everyone around you either owns a home or knows someone that does.  Becoming more visible and involved will increase your sphere of influence and the potential pool of refinance clients.  If you have more time than applications, then now is the time to network!

4.  Be upbeat and positive. Stay informed so you can discuss interest rates, the market, loan programs.  There is always a way to be positive, don't fall into the "ain't it awful" club.  Ask people if they have questions.  Be a resource.

5.  Ask for referrals.  Your appraiser, title contacts, insurance agent.  Mention how low rates are or something else to start a conversation... and ALWAYS end with this phrase (or some version of it)  "By the way, do you know of anyone that is looking for a mortgage?"

6.  Once you have someone interested in a refinance, look for ways to connect with that person.  Validate their reasons for doing the refinance.  Many times, consumers want to feel secure that they are making the right choice.  If they are refinancing to remodel or other need, offer recommendations from your database.  Let them know if you have gone through similar things and empathize with the process.

Set yourself apart from the competition by being not only friendly, knowledgeable and competent; but by being focused on helping them in any way with their transaction.