The market is shifting due to the fact that big companies now want a slice from the mortgage industry as well. How can we compete against big firms with big marketing budgets? What is our competitive advantage? And what’s the one thing that can’t be scaled by a big business but can come naturally to us? In this episode, Barry Habib talks about building trust with our clients.

Nobody wants a mortgage. They want a home. -Barry Habib

 

Resources

Take your mortgage business to the next level. Visit nextlevello.com for more information.

Click here to schedule your free no-obligation Next Level Coaching Call: https://nextlevello.com/schedule

 

Three Things We Learned From This Episode

 

1. How we can compensate for a lack of experience (07:10-08:40)

We can compensate for a lack of experience with knowledge. As loan professionals, one of the best ways to build a customer base is to work from an advisor point of view, to always share information that benefits the client even if it’s to our disadvantage.

1. The competitive advantage we have over big businesses  (11:40- 12:36)

If we want to compete with big companies that seek to disrupt the industry, we have to do the things they don’t do: build trust. Above anything else, the client wants someone competent, someone they trust with one of their biggest purchases

 

1. Avoid being a commodity (23:00-24:00)

As loan professionals, we should do our best to avoid being a commodity. When we don’t use branding in our strategy, we’ll be always judged on our rates. But when we’re known for delivering a wonderful customer experience, the rates become less important.

 

The mortgage industry is threatened by big companies who have access to technology and tools that small players don’t. But there’s one advantage we have that technology will never replace: being one-on-one with customers. Big companies don’t have the time to advise their customers on making the best financial decision. They don’t look at their clients’ debt picture in order to make suggestions, and they definitely don’t have phone conversations with their clients either. This is where small players have room to grow. They can build trust with customers by being there for them at all times.

 

Guest Bio-

Barry Habib is the CEO of MBS Highway, a serial entrepreneur, and a media resource for his knowledge of the mortgage and housing market. During his career, he originated over $2 billion in mortgage loan production.

 

In the last 20 years, Barry also became a well-known speaker on financial markets.

 

You can learn more about the numerous businesses he built, his media features, and speaking experience here.