Loan Officer Sales Training 04/16/24: How to Use Reciprocation as a Loan Officer

Unlock the power of reciprocation in your loan officer journey! In this episode of "Loan Officer Sales Training," we delve into the art of using reciprocation to build stronger relationships, win clients, and close deals effectively.

Join us as we explore proven strategies, real-life examples, and actionable tips to leverage reciprocation in your sales efforts.

Whether you're a seasoned professional or just starting out, this episode will equip you with the tools you need to elevate your game and achieve success as a loan officer. Tune in now and master the art of reciprocity!

For more episodes visit:
https://themortgagecalculator.com/Page/Loan-Officer-Sales-Training-Podcast

About The Mortgage Calculator:

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! 

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of over 350 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more!

Our Mortgage Loan Originators are trained to be loan consultants to guide borrowers throughout the entire loan process. A licensed Loan Officer is only a phone call or zoom meeting away and always available to assist borrowers throughout the loan application process all the way to closing. To apply for a mortgage please visit our Quick Mortgage Quote Page at https://themortgagecalculator.com/Mortgage/QuickQuote

The Mortgage Calculator is a registered DBA of Mortgage Calculator Company LLC. NMLS ID #2377459. Programs and rates are subject to change without notice. Mortgage

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as thousands of Non-QM mortgage loan program variations using alternative income documentation!

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages...

Transcript

0:02

So welcome everyone. My name is Kyle Hiersche. I am the COO of the Mortgage Calculator, and this is our loan officer sales training that we do every weekday at 12 p. m. Eastern, where we go through the front end of the mortgage business. Today we're going to be talking about the power of reciprocation. Excuse me. And something very powerful to use in sales you know, there's all kinds of other trainings out there on this type of stuff. So I'm going to be, you know, applying some of that to mortgages specifically here, but there's all kinds of other trainings and books and videos and all kinds of stuff you can watch about these concepts here, but let's go ahead and get into it here. Let me Change my screen. I'm going to take the chat off the screen for now, but go ahead and drop comments there. Go ahead and drop questions if you have them as well. So the power of reciprocation here. First off, let's talk about what this actually is. So reciprocity represents our innate inclination to respond to gestures of goodwill with equivalent or even magnified positive actions, right? So that's the definition of what we're talking about here, right? I do something for you first, you then naturally feel obligated to do something for me in return. Now notice here this is not merely a sense of obligation or deadness, but rather a mutual recognition that promotes a continuous cycle. Good will so it can just continue right you Do something nice they do something nice and you feel like you need to do something nice and they do, you know And so it just kind of keeps going right? So that's basically the concept we're talking about here today Now the reason why it's a very powerful concept here is because you can apply to sales, right? Because when you're doing sales you know the The reciprocation is a tool that you can use to get to your goal as a salesperson, right? So that is what we're talking about here today, talking about that. It's a, you know, essentially what it's saying here. This is a, a you know a subconscious thing even, right? Like this, we don't even. Need to understand that this is happening or what's going on, but it definitely Is happening all the time and we can use it to our advantage when we're doing sales So give before receiving right by offering valuable information Insights or resources up front You establish trust and create a sense of obligation on the client's part. So what does that mean on our behalf? Well, especially here as loan officers, but especially as loan officers at the mortgage calculator. We offer value all the time. That is the name of the game, right? We are loan consultants. We are there to consult them. We offer our quotes, which are valuable. We put in time and effort to size up their scenario and give them actual rates. We then re quote those scenarios every three days and make sure that we give them updated rates on exactly what's going on, right? We talk to them in depth when we do our borrower interview to get all the different information of things we might need to do. And when we do get back to them with programs, we're getting back to them with multiple programs or multiple quotes and being a consultant to them and providing that value upfront. And when we do that, you know, it's, it's going to come back. And go the extra mile, right? Surprise and delight your clients by exceeding their expectations. That's always, you know, a great way to you know, form that reciprocation, right, is that you went way above and beyond and, you know, these people aren't like paying you out of their pocket or anything. And so if you're just getting paid for your job, like normal and. Then, you know, you go way above and beyond it. It's not like they had to pay you more money or anything. And they technically didn't necessarily pay you any money out of their pocket anyway. And so you know, there's a lot of reciprocity built there, right? They are like, Oh wow, you did such a great job for me. It was so amazing. Because at the end of the day it would have cost them the same to deal with some other loan officer who could have totally botched the deal or not consulted them or not answered the phone like we talk about on the answer the phone trainings, which is so important in this business. And then remember reciprocation doesn't end at closing. That's actually Where a lot of it begins at, right? The reciprocation of I closed this deal for you, right? So, you know, now, can you send me referrals and can you send me more of your own business, right? Because. At the end of the day once we get done with the transaction, especially a complicated one We're not trying to tell the client something negative But we want to when we do talk to them say wow, that was such a tough deal I'm, so glad we were able to get through it. I'm, so glad I was able to help you through the process you know and just kind of set up that that Mental mind state of like, yeah, we got through this together. I'm glad that I could help you out and then, you know, get them feeling like there's that you know, somewhat of an obligation, I guess, to, you know, also, you know, be open to any requests that you may have, which your next request is going to be for referrals and repeat business. All right. So you know, just applying it to us again here. You know, during the initial sales calls, providing valuable info, providing your time to speak to them, these types of things, people are grateful for that, right? And then they feel obligated to look at the quote when you send it, when you send it, right? They feel you know, like they need to you know, pay attention to it, that you took time to do it, that you were nice to them, that you consulted them, you provided them something of value first. And then to jump back to where we just were repeat business, right? The rest of the, the reciprocation for repeat business from the people again, you know, this has to do with not stopping at closing. This has to do with the closing gift that we send them and being involved in that. I think some loan officers aren't involved enough and don't even talk to their client or tell them that the, that the email is coming for them to pick out their package, let alone that the package is coming, let alone that. follow up later and see if they got the package. These are all opportunities to ask for referrals, to create the mindset of reciprocation of, you know, I helped you out you know, and I'm looking for more business from you or more business from people, you know, right? So you know, you can use that type of energy, not just with the client themselves, but say, Hey, you know, we got through a tough one. You know, I know that if you know somebody out there, you'd recommend me to them so that I could help them out too. Right. And so that is how we're going to get referrals as well. But I definitely think a big thing here, especially for loan officers at the mortgage calculator, is that. There should not ever be a gap of communication after the closing so many people they close the deal and they're just like, oh, phew. And then maybe they'll reach out in a couple of weeks. You know, to, to touch base about the gift box, maybe, but this is not something that should be happening, right? We should be thanking them, congratulating them, touching base. Did you get the email to pick out your closing gift? Did you end up getting the closing gift? Is there anything I can do? Is there anyone I can help? Right? So there's there shouldn't be this gap that I think a lot of loan officers leave there to where even if they do follow up later There was clearly a gap of like, okay, they closed i'm done with them You know For now until maybe later, I you know next month I get some time and i'll circle back around or whatever It should definitely not be like that. That should be a Constant And it's a, every single chance you get to talk to your client is a chance to build that reciprocity and a chance to build referrals. You know, so many loan officers I think, you know, want other people to do the calling for them and things like that are like, Oh, I want my processor to call them to do this or whatever it may be. Remember every chance. You get to speak to your client is a chance to build rapport and reciprocity, right? It's a chance to show that you're there for them and that you are a consultant and that you're providing value. And each time you speak to them, they're going to feel more and more obligated to do what's necessary to get the deal done, to listen to your instructions and all that kind of stuff. And then to give you business afterwards of their own and for others, right? The more you have other people contact them, right? If you were just, if they, if you were just saying, Oh, you know, I talked to them once and then I just pass them off to my processor and then they call them a bunch of times to. Try to get documents and try to do all this and that and they're pretty much in touch with them from there Well, guess what then you didn't really provide much of value, right? They don't really feel any obligation to you They more so would feel like that you didn't fulfill your obligation to them Because you're not there talking to them walking them through the process like you're supposed to be As a loan officer consultant, right? So just remember that in general, every chance you get to talk to your client, you should be talking to your client. All we're looking for all day is reasons for talk to client, reason to talk to clients and to follow up with clients that we didn't talk to. What are rates doing? What are the programs doing? What's going on right now that I could use as a reason to contact every single person I'm talking to? Right? So we're always constantly looking for a reason to touch base with people. So any, any reason we can for us as the actual loan officer to get on the phone with the client or to speak to them in some way we want to definitely take advantage of that for sure. So that's it here today. We're short and sweet here. It's a pretty simple concept. The last thing that I would say here is that another concept of using this is also to get referrals from places that you support, right? So the reciprocation of, hey, other small businesses that you support or you know, other entrepreneurs, things like that, you know, the, the, Can you, you know, if you have a friend that owns a store or even if you go to a certain dry cleaner for the past 10 years, ask them if you can put your business cards there. Hey, I've been here for a long time. I support your business. Would you mind supporting mine? Can I put my business cards out here? You know, that's just an example. Of course, there's a million ways to do it. But the point is here is that all the people you've already been putting in the goodwill to that you're supporting them, whether it's a a larger business, smaller business, a person, their services, all the people that you support, you should be hoping for support back. There's nothing wrong with that. pointing that out, for asking for support back, for having a, you know, business cards and a little cardholder stand and going to the places that you support and asking them to put it up, right? So that's another way that you can use that as well. Who we support, we should be more than willing to ask for their support as well, right? And that's reciprocation right there. We, and how we support people is wherever we go and whatever we buy and whatever we do, right? Wherever we spend our money, we're supporting that business, that person, that venture, and or with our time, whatever it may be. So whatever we're supporting, we should hope for support in return, and that is reciprocation. So, we'll wrap it up here early. Thank you everybody for tuning in. Remember 12 p. m. Eastern Time. We do this every weekday where we go through the front end and the sales end of mortgages. So we'll be back tomorrow with a new topic. Thank you everybody for tuning in. We'll see you tomorrow at 12 p. m. Eastern Time for the next episode of the Loan Officer Sales Training with the Mortgage Calculator.