Loan officers, we encourage you to take a few minutes today to look at the origination side of your business. We often get so caught up in the day-to-day tasks that we can’t recognize the things that aren’t quite working for us. In today’s Sales Series episode, Doug Cadaret breaks down your business into three categories – Attraction, Conversion, and Retention – and explores how fine-tuning the skills you may lack can lead to a more successful business.

Attraction often boils down to one thing: not having enough conversations. Doug recommends that every loan officer should have at least thirteen conversations per day with people who can give a referral to your business. In our industry, that can be anyone, but you have to be able to ASK for their business.

The next component Doug touches on is Conversion. How many of the thirteen conversations you have every day lead to referrals? As a loan officer, we recommend you aim for about a 35% conversion rate following your daily phone calls. You may have a conversion problem if you aren’t turning enough referrals into clients.

However, the most common area loan officers struggle with in today’s market is Retention. Amidst competitive market rates and other larger companies trying to sell to our clients, many of us struggle with keeping our clients focused on the home buying process and actually securing a mortgage with us.

If you struggle in any of these categories, we encourage you to develop an I.C.E. strategy, which Doug further explains in this video. This strategy does not require you to fix everything all at once but rather to find one thing in each of the previously mentioned categories that YOU can change to improve your business. “We just need to make a 1% change in our business every day, and after 100 days, we’re going to be in a completely different place than we are today.” – Doug Cadaret.

For more useful tools, tips, and strategies, watch our other Sales Series videos.

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