One of the best ways to differentiate yourself and gain repeat business is to build trust by being there for your customers when they need you most, and then doing what you say you’re going to do.įor example, buyers who have very little or no down payment will always remember the lender that helped them into their first-time home with a down payment assistance program.
Since any mortgage lender can launch an ad campaign or generate buzz on social media, borrowers today know that there are plenty of alternatives when it comes to home financing. I’m proud to share our customer retention rate at Freedom Mortgage is far greater than the industry average-because our customers know they can count on us. Retention rates seem to drop over time as well, from 24% in the first two years to 15% after five years. In fact, according to Black Knight’s January 2021 Mortgage Monitor, the industry-wide retention rate for mortgage refinances had fallen to 18%, down from nearly 50% in 2011. But as our economy has become more global and digital, consumers are now keenly aware of their options. Traditionally, brand loyalty used to mean something in the business world. But by following a few very basic principles, any lender can earn a customer’s lifelong business. That’s not so easy, especially when most people may only finance a home once or twice in a lifetime. The ultimate goal, however, is building customers for life. Mortgage lenders must consistently deliver value to their customers to stay competitive or else they risk losing market share. There are many ways to run an enterprise, but at the end of the day, every business must be about the customer.Įverything a lender does must be fundamentally tied to the customer’s needs, whether it’s about making the loan process more efficient and convenient or providing innovative loan products with unique terms or underwriting requirements. When you achieve great success as a lender, everyone wants to know your secret-but there really isn’t one. MBA's Diversity and Inclusion Initiative.Conferences & Education Expand subnavigation.News, Research & Resources Expand subnavigation.CFPB 2.0: Advancing Consumer Protection.State Legislative and Regulatory Resource Center.Advocacy and Policy Expand subnavigation.You're the expert. Your podcast will prove it. Website: Rewire, Inc.: Transformed ThinkingĮmail: notes by Podcastologist: Justine TallaĪudio production by Turnkey Podcast Productions. The Bully Pulpit, by Doris Keanrs Goodwin Make others around you better.” - Stanley Middleman
#STANLEY MIDDLEMAN HOW TO#
“You can’t be convinced that you’re good at performing a task unless you can teach someone else how to perform the task that you do.
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