The United States tallied $11.18 trillion in mortgage debt for the first quarter of the year. This proves that amidst a shuffling economy, the real estate industry seems to be doing fine. What does this mean for mortgage professionals such as yourself?

Simple, now is the best time to increase your mortgage sales report. How? Read on for practical mortgage sales tips to keep you afloat in your ocean of competitors.

1. Develop a Niche

It’s common for a mortgage professional to refrain from picking a niche mortgage. In his mind, they’re losing business opportunities when they only focus on one type of mortgage.

Contrarily, narrowing your focus can bring you greater opportunities. For one, focusing on a niche allows you to master and specialize in that loan product.

Do you know how patients tend to believe specialists more than general practitioners? The same logic applies, clients give more credit to those who have a deeper knowledge of the matter.

Another competitive edge that niches bring dwells on the marketing aspect. There are a lot of hyenas on the field, some with an even greater background than you. Hence, you have to differentiate yourself from your competitors through your specialization.

Do you have a knack for helping homeowners convert their homes into profitable entities? Do you have experience with helping first-time home buyers with their home loans? Whatever it is, such a specialty makes you unique so sell yourself using such.

2. Keep Building Relationships

Regardless of the industry, today’s marketing centers on the relationship between providers and clients. It isn't advisable to limit one's social circle to potential homebuyers.

Remember, it’s easier to find a client from people who know you and trust your services. With their referral, you don’t have to bear the hardship of chasing down new leads alone.

In some cases, referrals from companies mean you’ll need to offer them some kind of compensation. Yet considering that you’ll end up earning more thanks to their referral, this is a fair trade.

Another benefit of referral is confidence in your service. When a real estate agent recommends your services to a client, the client will think that you’re reliable. This is primarily because they trust the agency and this trust extends to you.

In building relationships, make sure to add a pinch of personal effect. This might mean sharing tidbits of your personal life whenever the conversation necessitates.

By doing so, people will see you more as a friend than a business partner. Hence, they’ll open up to you which makes a solid foundation for nurturing relationships.

3. Communication is Vital in Mortgage Sale

As we discussed above, master your communication skills. Nowadays, people want to feel as if they’re part of the company and not merely customers.

One of the best ways to meet this demand is to use more “You” when phrasing. While saying “we” have that sense of family-like attitude. However, using “you” when talking to a potential customer makes them feel like the hero of the story.

When they hear “you”, they’ll feel that they’re sidelines in the story but are the hero. This makes them feel the urgency to take action as the problem-solvers of the story.

Moreover, when you say “we”, you’re implying that there’s already a relationship between the two parties. This can sound uncomfortable as customers might get the impression they have no choice. This lack of control will make them feel trapped and can lead them to completely remove you from their list.

Also, don’t limit your communication channel to traditional face-to-face interactions. In today’s digital age, social media platforms should be a priority. Let’s discuss more on this in the section below.

4. Increase Your Online Presence

Did you know that seven out of ten Americans use social media to share information with others? Before you start doubting, know that yes, young adults are the earliest adopters of the platform. However, usage by older adults is increasing.

This means that if you want to target specific age groups, social media platforms are the medium to use. It’s a highly effective medium of marketing considering the high audience engagement.

Not to mention, more and more users are turning to social media when looking for info due to the convenience it offers. For mortgage professionals, this makes it a great way to increase brand awareness.

Increased advertising results in increased leads. This, in turn, improves your client base and eventually, profit.

5. Transparency is Vital in the Financial Industry

Equally important, make sure to walk your leads through the finer detail of the loan process. More than you know, today’s clients appreciate honesty more than good discount deals.

As such, balance so that you can share what you know with them instead of bombarding them with sales talk. Transparency will enlighten your potential lead on the different types of mortgages and help them decide which is best for them.

6. It’s Important to Follow Up on Clients

Perhaps one of the most important mortgage sales tips is to always stay in touch with your leads. Even when they decide not to get a loan, keeps appearing on their radar. Yet, do so with respect so you don’t push them.

Give them occasional gentle reminders on holidays or when special promos come up. Make them feel appreciated and discretely invite them to contact you when they’re ready.

7. Automize for Efficiency

One of the identifying behaviors of today's customers is that they want to get an effective solution as soon as possible. While instant gratification is impossible in the industry, the fast and effective result isn't. Hence, you want to make sure that your service can respond as quickly as possible to their needs.

The best way to manifest this quality is by automating your services via technology. Have technologies take care of menial tasks such as data entry. Doing so will relieve you of more time that you can use to complete more important tasks.

Core Mortgage Sales Tips: Get Smart with Smart Lender

Among the mortgage sales tips provided, never forget about automation. There are a lot of technological advancements available such as Smart Lender. This single information platform allows users to gather sales information in one click.

From property profile, balance estimates, rate, remaining terms, and payment. Smart Lender has everything that professional mortgage lenders need to run their businesses. Talk to our experts today to learn more about our services.