Three Ways You’re Losing Clients And Don’t Realize It

Losing a client may make you feel confused, shocked or even betrayed. It’s hard to look at the positive side when you lose business, but here it is: Losing a client can also give you the opportunity to reflect on your business practices and see what you can change or improve.

Turn this loss into a future win by identifying the reason your client left in the first place. Start by asking yourself these questions.

Are You Putting Your Client First?

When you’re trying to hit your numbers, you may end up trying to do what’s in your best interest, not your client’s. And you may even do it without realizing it.

When your focus shifts from your client’s needs to your own, you may come off as pushy, trying to fit the client into a product that isn’t right for them or that they genuinely don’t want. In a rush to close the deal, you may skip over the initial steps of building a relationship with your client, an essential part of their experience.

Solution: Ask open-ended questions and encourage them to ask questions, too. Be flexible. This will help you get a full understanding of the client’s needs and help you create a pitch that focuses on those needs. Listen to what the client has to say, but not just on the surface. Listen between the lines. Uncover the real issue. For example, if a client says that something is too expensive, it often isn’t the actual cost, but the value that the client is associating with that cost. 

Are You Being Transparent?

During mortgage transactions, you’ll ask for a lot of private, personal information and clients may be hesitant to provide the documents and other data you need to move their loan forward. They need to know they can trust you. Not only will being transparent throughout the process help build trust between you and the client, but it will also encourage them to provide the required information. If you aren’t transparent, not only will they not want to give you pertinent information, but they may also leave to work with someone they do trust.

Solution: Explain the why. Even if the customer doesn’t ask for the reason you need certain documents, provide a simple, quick explanation to ease concerns they may be hiding. And be honest, even when there’s trouble. This sounds simple enough, but many times it can be tempting to not share issues that may arise and cause delays because you don’t want to anger your client or freak them out. Instead, if those issues are addressed upfront, the client will know what to expect and have a better overall experience.

Are You Staying In Touch?

Any big financial task, like purchasing a home or refinancing, can be stressful. Clients may have questions or need some reassurance throughout the process. If you’re not answering their calls or communicating with your clients on a regular basis, they won’t feel cared for and may feel like just another number. If they feel like they’re being ignored or brushed off, they’ll find another person who will take the time to work with them and ensure their needs are met.

Once your client closes their loan, the relationship shouldn’t end. They may want to purchase another home or refinance in the future. That’s why it’s imperative you stay in touch with past clients, too, and stay top of mind.

Solution: Call or email your clients throughout the process to check in and see if they have any questions. Respond to calls or emails within 24 hours – or sooner, if the client has an issue or is under certain time constraints. Check out this article for more tips to winning over your clients.

Create newsletters for current and past clients with information that is relevant to their situation. For example, a newsletter for current clients may have information about the home buying process, whereas a newsletter for past clients may include information on homeownership or list the benefits of a refinance.

Social media is another great way to stay in touch and engage with clients and you can do it without breaking your budget. Encourage your clients to follow you, then make sure you’re posting interesting and relevant content and answering questions and replying to comments clients leave on your posts.

Losing Clients And Not Sure Why?

If you’ve asked these questions, taken a hard look at your business and it’s still not making sense, give your Account Executive a call. They can work with you to spot possible reasons and offer tips on ways to attract more clients, build trust and find the right loan product for their specific needs. Our various partner resources and training can also help. Log in to the portal to see what else is available to help you grow your business.

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