How Do You Differentiate Yourself When Customers Are Shopping on Price?

I am hearing from the mortgage brokers that I talk to that customers seem to be interested only in how low your interest rates are. If you don’t offer the lowest interest rates, what are you saying to those price shoppers to get them to consider you instead?

Have you created a script and a marketing piece that tells your potential customer how you are different but better than the broker/lender that offers the lowest interest rate? Is it phrased in terms of benefits to the borrower? Do these “tire kickers” ask you about quality? Have you told them about your qualifications (thanks to the new licensing laws you have plenty to tell them on this subject) and the fact that you are more knowledgeable and trustworthy than the loan officers hired by the banks helps your customer?

Sometimes you can compete on price. But when you can’t, you need to able to answer the question (even when they are not asking that question yet but seem to be on the fence) “Why should I go with you and not the other guy?”

Contact Robin Gronsky at Robin@Mortgagelicensesolutions.com if you want to explore expanding into new states or need help with your licensing applications (company or loan originator). I’ll keep what you tell me confidential but I cannot give you any specific legal advice until you become a client of the firm. This is done by written agreement only.