Know Your Competition (And They’ll Know You)
Knowing your competition is a vital part of being a successful broker. If you know who’s doing business in your area, you know who you’re up against when finding clients or retaining clients.
Let’s break down some ways you can use your awareness of your competition to grow your business.
Know Their Strengths And Weaknesses
You need to know your competition’s strengths and weaknesses. Are they dominant on social media or does their website look like it’s stuck in 1995? Are their photos professional or do they look sloppy?
Recognize key points where they falter and differentiate yourself. This could mean upping your presence online, but it could also mean maintaining better relationships with your past clients.
Any area where you can outdo your competition is an area you should take advantage of. If you work with a group of mortgage brokers, learn their individual strengths and weaknesses as well, that way you can cover any blind spots.
Focus Your Brand
To stand out as a top broker in your area, be specific. Position yourself as an expert on certain property types, local lending requirements and the best loan options for your clients.
Remember that quality and consistency go hand in hand. Think of your image as your brand. Work your personality into your image. Remember that as a QLMS partner, you’re given the tools you need to differentiate yourself. Visit the Marketing Hub to create free, customized flyers, direct mail and social tiles. Add your business logo or photo. At work, encourage your team members to wear “team colors” that express who you are while keeping it consistent and professional.
If your competition has a solid brand identity in one area, you could pivot your brand to be something different. Identify and focus on an underserved demographic to outmaneuver your competition.
Know Your Business
Your competition may not operate like you. With markets becoming more competitive, step up your game. Make the loan process smooth and easy for your clients and they’ll refer you to their friends and family.
Build trust with your clients through transparency. By looking out for them, you’re doing your job well and building your reputation. The same goes for the way you treat your competition.
Treating your competitors professionally is essential to growing your business. Avoid speaking negatively about your competition to your clients. It’s also a good idea to refer clients to your competitors when you know they could better serve that client. You’ll grow trust with the clients you refer and it’s likely the favor will be returned.
The Bottom Line
Knowing your competition gives you a better handle on your business. You can react to their moves, predict them and position yourself ahead. Become an expert in the field, build your reputation and be professional to stay lengths ahead of your competitors. They’ll know your name from all the happy clients who closed on their loans quickly and with certainty.