NMP - September 2016 - 70

How to Win More Business as an AE By Ron Vaimberg oday, the wholesale/correspon dent account executive faces as much competition as they ever have. In fact, with fewer lending programs available to bring to the marketplace, standing out from the crowd as an AE is harder than ever before. One of the first things crucial for today's AE to understand is the mindset of your existing clients, as well as prospective clients, before you event attempt to develop or enhance relationships. In the day's prior to the great meltdown, brokers and loan officers were willing to meet with and speak with almost any AE T SEPTEMBER 2016 n National Mortgage Professional Magazine n NationalMortgageProfessional.com 70 because they were always looking for the "next product" that could allow them to get a loan approved that would have been declined in the past. In fact, if you were an AE during that time period, your company was likely launching new and more aggressive underwriting programs constantly. This was not just a sub-prime/Alt-A phenomenon, as even Fannie Mae and Freddie Mac were constantly changing their underwriting criteria and qualifying ratios to be more aggressive. Today, the choices for loan programs are very limited, and a lender's appetite for pushing underwriting to the extreme is much less. For this reason, many brokers and loan officers are of the mindset that most lenders are pretty much the same and will place their comparison between companies on two main factors: Price and turn-times. Now let's be real just for a moment ... as an AE, you know that you will not win business by walking into any broker's office and telling them "Your service stinks," "Your turns times are horrible," or "You are priced out of the market." The traditional thinking of winning business is that you that you have to "one up" the competition. That means somehow or someway you need to offer something that is better than what your competitors currently offer. Although this is true to a point, the key resides in how you position yourself and your company. I will get to exactly how to do that in a few moments. Right now, I need to continue with the natural progression of understanding mindset first, and then moving on how to leverage your understanding of your prospect's mindset. Because brokers are busy with volume and don't really perceive the difference between you and others, you need to be unique in your approach and also leverage every opportunity you have starting with your existing relationships. I am a big believer in taking advantage of what I call "Opportunity Assets." These are existing opportunities for business growth that you are not taking full advantage of. For this reason, when I am working with an AE one-on-one through personalized coaching, or presenting to an entire AE sales team, I always focus first on the fastest and easiest way to grow their production using resources that already exist. Many AEs have existing relationships that already send them business. You have may have a great relationship with a broker, and you likely also are connected with LOs in the office, as well as processors. What is often the mistake that is made is that you keep visiting or making contact with your clients in hopes that you will create more presence of mind just by checking in. This does not usually work very well in creating a significant increase in business from the client. The reason is because they have already mentally placed you into a category and they send the amount of business that correlates with their mindset of how they see you or your company. Please understand that this is not simply about product, it is about how they perceive you and your company from pricing to turn-times to communication. Instead of conducting your normal check-in with your broker client to see how they are doing and to explore what files you may be able to assist them with, try this approach. Ask a very focused question in person whenever possible. Reach out to your client, and request a face-to-face meeting. If you are an inside AE, then contact your client to schedule a specific time to speak with them. The mere indication that you want to meet or speak with them at a specific time implies that there is greater importance to the reason you are contacting them. Once you are given the opportunity for the sit-down, then is the time to do two things. First, you want to thank them for their business. This is different than thanking them for a loan they send. Rarely, if ever, do AEs thank their brokers for the relationship. It is far more common to thank them for deals. This may sound ridiculously simple, however I urge you to try it. You will be shocked by the reaction of your broker or loan officer. The second part of your presentation is to ask them this specific question: What do I, along with my company, need to do to serve you at a higher level? Please note that I did not tell you to ask them how you can http://www.NationalMortgageProfessional.com http://www.NAPMW.org

Table of Contents for the Digital Edition of NMP - September 2016

Table of Contents
NMP - September 2016 - Cover1
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NMP - September 2016 - 1
NMP - September 2016 - Table of Contents
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