Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter

 

redhotloantips fat loss


Loan Officers: The $41,600 Reason Why Your Closing Ratio Matters

Written by: Joe Pahl

If you could improve on one aspect of your business, what would you choose?

Most loan officers would want to make their marketing efforts have better responses. And while marketing is critical to business success, there are other aspects of your business that are overlooked and could have much more immediate results.

This article is going to show you how improving your closing ratio just a little bit can have massive effects on your earnings for the year.

We are going to talk in hypotheticals for a second, so bear with me.

We have two loan officers working in the same office. There businesses are identical in every way. They have the same processors, underwriters, and marketing tools.

The only thing that is different is that Loan Officer A has a slightly better closing percentage than Loan Officer B, and let's see how this will affect their commissions in the long run.

Both loan officers, through their marketing and prospecting efforts, meet face to face with 25 potential customers each week. They both also average about $800 per closing.

Now Loan Officer A is a better closer than Loan Officer B, but only slightly better.

So out of those prospects, Loan Officer A closes 3 of them, and Loan Officer B closes just 2. That one loan difference means that Loan Officer A is 4% better at closing than Loan Officer B.

Did you see what I just told you? Loan Officer A didn't close twice as much, or even 25% better. It was just 4%.

Now 4% doesn't seem like much, right? However, that 4% allowed Loan Officer A to close one more loan that Loan Officer B, and at an average transaction commission of $800, that 4% will cause a difference in gross income of....get this:

Over $40,000! ($41,600 to be exact).

Becoming a better closer is like any other skill that can be studied and mastered through education and practice. Pick any book by Brian Tracy or Todd Duncan, and you are well on your way. Also, take the time to practice scripts and/or roleplay. It's not just knowing what to say, it's also knowing how to say it and it will only sound natural through repetition.

So the next time you are brainstorming ways to improve your business, remember how changing your closing ratio (by just a little bit) can generate incredible financial rewards. Just a 4% change caused a difference in over forty grand in income.

About the author:

Joe Pahl is a marketing consultant and co-creator of the Loan Maker Gold System for Loan Officers ( www.LoanMakerGold.com). To receive his free eCourse "7 Strategies Loan Officers Can Take to Guarantee an Awesome 2006" please sent blank email to [email protected]


Other Related Articles:

40-Year Mortgages: An Alternative to Interest-only Loans?
Interest-only loans are quickly becoming a mainstream loan product. Borrowers who were initially turned-off by the perceived risk associated with an “interest-only” loan are now starting to see the benefits: Lower payments, less money tied up in...read more

Personal loan 101- What You Absolutely Need to Know
Daughter’s marriage or her studies? Son’s Ambition? Want a House makeover? Stop worrying about ‘money’ to fulfill your cherished dreams now… Avail the opportunity of ‘Personal Loans’. Personal Loan is perhaps a man’s best friend in today’s world....read more

Are Unsecured Debt Consolidation Loans Right For You?
When it comes right down to it, there are very few situations in which bankruptcy has to be the answer. Often times, when it comes to debt issues, unsecured debt consolidation loans are much less damaging answer than bankruptcy. What is...read more


Return to Home

468x60

Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map