Beware of These 5 Sales Myths that Can Shrink Your Mortgage Pipeline

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Sales myths to avoid and grow your mortgage pipeline

If you want to grow your mortgage pipeline, it’s important that you work efficiently to discover your borrower’s specific needs. Competition in the mortgage industry is rising. So, you can’t fall for common sales myths that have the potential to slow you down.

Sales myths to avoid and grow your mortgage pipeline

How Can You Convert Leads and Grow Your Mortgage Pipeline?

The top producing loan officers are active listeners. Doing so allows them to discover their borrower’s needs. By understanding client motivations, loan officers are able to ask the right questions and control the conversation. So, the best loan officers work efficiently and know how to effectively communicate.

Keep reading to learn how to avoid the five biggest sales myths. Then, you can avoid opt-outs, help your borrowers solve their financial needs, and expand your mortgage pipeline.

Myth #1: Only Ask Open-Ended Questions

One of the most common sales tips you learn is to ask open-ended questions. After all, the goal is to get as much information as possible without giving your prospect an easy out. Loan officers often make the mistake of only asking open-ended questions. 

The truth is, different sales situations will require different types of questions. You don’t want to limit yourself by only asking open-ended questions. Instead, focus on learning your prospects’ needs instead of what type of question to ask.

Myth #2: Don’t Use Scripts

A big misconception among loan officers is that scripts make you sound like a robot and you need to be more authentic. Yes, you need to be authentic. But, scripts don’t make you sound like a robot, lack of preparation does. So, you need to know or be able to identify your prospect’s needs in order to guide them through your sales cycle.

Also, top-producing loan officers grow their mortgage pipeline by being consistent and structured in their client-facing conversations. They see what works, and then adjust their approach accordingly. Preparing a loan officer script allows you to guide the conversation in any direction you want. 

Keep in mind, you don’t have to recite your script word for word. As you know, conversations don’t always go as planned. So, use your script as a guide and pivot when necessary. 

loan officer script

Myth #3: The Customer is Always Right

Everyone that’s dealt with clients has heard the phrase “the customer is always right.” It was meant to encourage keeping your clients happy and prioritizing their needs. 

This myth has caused loan officers to think they need to always tell the borrower what they want to hear. So, this can lead to unrealistic expectations and unhappy clients. If a task is going to take longer than they want, communicate that with them. It won’t be what they want to hear, but ensure them it will get done as soon as possible. 

The truth is, not every borrower will be a good fit for your business. You need to be able to walk away and move on to more suitable prospects when specific borrowers don’t work for you. Not only will this save you time by targeting better prospects, but you’ll also avoid unnecessary headaches. 

Myth #4: You Should Always be Closing

“You should always be closing” used to be the mindset for nearly every sales team. With the rise of technology and competition steadily increasing, this thought process has shifted toward building relationships. So, it’s important to listen and understand what your client wants. Don’t go straight to your pitch and miss the point. Otherwise, you’ll miss out on many opportunities. 

So, don’t fall victim to this outdated mindset if you want to grow your mortgage pipeline. You need to build and nurture your relationships to discover your client’s needs. Then, the sales will come. After all, getting a loan is a huge decision, and getting them to close takes time.

Myth #5: Multitasking Makes You More Efficient

As a loan officer, you’re always going to have a lot on your plate. With the heavy workload and pressure to close more loans, loan officers think that multitasking is essential for sales productivity. 

Although it may seem like you’re more productive when you multitask, studies show otherwise. In fact, it can be detrimental to your performance. When we multitask, our brain is constantly switching gears between tasks. This causes you to be more likely to make a mistake, and you become less efficient

So, block off parts of your day so you can dedicate time to your most important tasks. A strategy we recommend is implementing power hours into your schedule. Power hours are a focused hour or two dedicated to doing solely one task. For example, create a call list of warm leads and set aside some time to where you do nothing but dial.

How Can Jungo Help You Grow Your Mortgage Pipeline?

With Jungo, you can work more efficiently by making your CRM a one-stop shop. You can manage your sales pipeline, integrate your LOS, and automate your marketing all in one place. It will relieve you of repetitive tasks, segment your database, and put yourself in a better position when you connect with your leads.

Jungo also comes pre-built with marketing campaigns for every type of lead in your database. There are nurture campaigns to convert leads, post-close campaigns to delight current clients, and campaigns to target realtors to increase your referrals. Instead of worrying about optimizing your marketing strategy, you can focus on high-priority tasks.

Bottom Line

There are a lot of sales myths floating around, and falling for these misconceptions can stunt your business growth. So, focus on providing value for your borrowers, optimize your work schedule, and let technology assist you. Then, watch your mortgage pipeline thrive.