There is a real problem right now with shrinking inventory, high home prices and borrowers getting discouraged when offer after offer is getting rejected.
In this video, Todd Duncan discusses 4 ways the top lenders compete in a limited inventory/multiple offer market!
We begin with a personal story that Todd experienced as a seller recently and why he accepted an offer that wasn’t the highest offer. And, then he shares three success stories from 4 Top 1% Loan Originators on how they are helping buyers and agents win the deal in the bizarre market we are in.
Importance of Offer Letters (and Even Videos!)
When Todd was selling his house, he received multiple offers, and ended up accepting the offer that wasn’t the highest. Firstly, he accepted it because it was low risk as all conditions were waived, but the main influence on his decision was his emotional connection to the prospective buyers.
The buyers were a husband and wife with two children. They sent him not only an offer letter, but an offer video as well. Learning about their family really resonated with him, as he wanted a family to enjoy the home like his family did with his two children.
At the end of the day, he got hundreds of thousands of dollars over the listing price. He could have gotten even more, but he had an emotional connection to this family in particular, and that’s why they won.
Regardless of the market, it’s important to understand the true impact of emotional connection.
Here are three stories of how mortgage lenders Todd is currently coaching are disrupting the market.
Offer Market Disruption Through Explainer Videos
Cory DePass, a lender who has done over $200 million in mortgage transactions in the past year. Cory uses an explainer video to break down the levels of loan approval, and highlight his differentiators such as their underwriter process, earnest money guarantees, and on-time closing guarantees for the seller, including paying a daily fee for every day they are late. (Doesn’t ever happen). He also discusses tips to differentiate their own offers so they win in this current competitive landscape.
This tactic is a great way to make complex information accessible and easy to understand for the viewer. It also positions you as an expert by providing value to your target audience upfront.
Dominating Video Messaging
Tom Sherman and Sharla Ellis are dominating using personal video messaging to update and connect with their clients and prospects.
Tom began relaying information and updates to his clients through personal update videos. (If you didn’t watch the video above, it’s like sending a selfie video instead of a voicemail). As such, he was able to relay complex information in an easy to understand and personal format, providing more value and deepening his connections.
Sharla Ellis also uses personal video updates, and through our coaching, she was able to go six for six on contracts over the weekend as a direct result of her videos. Three days later, she let our coaches know how much fun she was having on video, and that another offer was accepted making her seven for seven in just five days!
The key is having deep conversations and using disruptive technology to create high trust.
Go to Where The Offers are Being Controlled
R. J. Crosby deepens relationships with listing agents on potential offer scenarios and when a purchase contract is finally done. After sending a voicemail to a real estate professional, he received an incredible voicemail back from her saying that she has been in the business for 21 years and had never gotten such an incredible voicemail. Today lenders must cross-sell the LIsting Agent!
Again, it’s all about emotional connection and taking that extra step!
How Can You Win in Today’s Market?
If you want to get to the top of the competitive landscape and win the deals, you have got to implement things that your competition doesn’t.
As one of Todd’s good friends, Tim Broadhurst said,
“The key to winning in today’s market is to play a game the competition doesn’t even know is being played.”
Market conditions come and go, but excellence lasts forever.
If you’re ready to win big like the lender above, we can align you with one of our High-Performance coaches. Schedule your free 30 minute call here to learn what we can do for your business!