Every mortgage professional is feeling the squeeze from market disruption and our commodification. What are some of the ways we can show our value and importance in the transaction? How do we bring the human element to all the tech that’s coming into the industry? Why is our partnership with real estate professionals so critical right now? On this episode, 20-year industry veteran Lisa Wells talks about staying relevant in a changing industry and shares on her business evolution.

The way real estate and mortgage professionals combat and challenge the disruptors is by doing it together. -Lisa Wells

 

Resources

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Three Things We Learned From This Episode

1. Why we must educate clients (02:41 - 04:22)
   Our industry hasn’t done a great job of educating clients. There are so many ways to structure a mortgage and many ways to help the client. The problem is that people don’t have the background knowledge— and opportunities are being missed.
   
2. How to avoid becoming a commodity (04:25 - 05:12)
   We complain often about the market reducing us to a commodity, but that’s because we’re not educating people. We’ve got to take the time to show our knowledge. Otherwise, people don’t think of our service beyond giving quotes, and that affects the value placed on what we do.
   
3. Big companies vs. small companies (08:17 - 09:14)
   Big companies aren’t necessarily into self-reliant people because they expect to be paid more for the business they generate. Small businesses are focused on learning how to do the business the right way so that the client experience is better, even if that involves more self-reliance.

We’re currently experiencing margin compression and getting challenged by online lenders and tech disruptions that seem to be out to eliminate us. The way for us to stay relevant is to show our value by educating clients and actually giving them the best service. We have to showcase our expertise and use tech to enhance what we do. Right now, the best partners we have are real estate agents, as they are in the same boat as us. Real estate agents can no longer look at loan officers as a “necessary evil”, and we can’t look at them that way either. They are necessary as business partners that can help us fight disruption.

 

Guest Bio-

Lisa is the Branch Manager & Loan Officer at Lisa Wells Team- Cross Country Mortgage. Go to https://www.lisawellsloans.com/ for more information or connect with Lisa on LinkedIn https://www.linkedin.com/in/lisawells1/.