In the ever-competitive landscape of sales, it’s easy to fall into a trap of fixating on mortgage rates.
While offering competitive mortgage rates is undeniably important, relying solely on the rate can be a slippery slope. As a sales leader for over three decades, I’ve learned that the real key to outshining your competition lies in the relationships you build and the value you provide.
Before listing some eye-opening facts about the importance of personal connections in sales, I’ll start with some inspiration from the founder of a fast food empire with $22 billion in annual revenue and 3,236 locations — all of which are closed on Sundays.
Of course, I’m referring to Chick-fil-A founder S. Truett Cathy (1921–2014), who credited repeat business as the key ingredient in his recipe for success: “My business grew on my understanding that customers are always looking for somebody who is dependable and polite and will take care of them.”
Returning customers are also key for sales professionals in mortgage finance: The mortgage advisory firm Stratmor Group asked 82,000 recent homebuyers in 2024 how they found their lenders. Half of the respondents acted on a recommendation from someone they know — such as a Realtor® or friend — and 37% chose a lender they already have a relationship with.
Online lead generation can also be important, but Stratmor’s survey showing 87% of homebuyers used personal connections to select a mortgage lender is a clear reminder of the power of those bonds.
From my experience, it can take years to establish these connections, through in-person meetings and also by staying in touch with emails, texting and connecting whenever there’s an opportunity.
Moving from Average to Top Tier
Because making a major purchase is almost always stressful, it’s important to make them feel at ease with a great deal of patience and empathy. First and foremost, prioritize your understanding of each client’s needs. Take the time to listen actively and tailor your solutions accordingly. This fosters trust and also positions you as a knowledgeable partner rather than just an order taker.
Beyond the Mortgage Rate
When clients feel understood, they are more likely to choose you when all things “rate” are equal or even when your company’s mortgage rate is slightly higher. They’re also likely to remember when you propose solutions for their unique needs or help solve an ongoing source of stress.
World Class Service
Additionally, focus on exceptional service. A seamless experience — from initial contact to post-sale support — can differentiate you in a crowded market. One of the things that sales professionals have in common is they make sure their entire team is ready to handle inquiries and requests promptly and effectively. Happy clients are not only repeat customers but also advocates who will refer you to others.
Develop Your Housing Market Expertise
The complexity of the current housing market requires that you leverage technology and data analytics for insights into market trends, in order to deliver tailored solutions to every client. This can help you anticipate each person’s needs and adjust your strategies proactively, keeping you one step ahead of the competition.
One reliable resource staying up to date with the housing market is Arch MI’s weekly HaMMRSM Digest — written by our expert economics team. This easy-to-read update provides the latest data on home sales and key business indicators, giving mortgage loan officers actionable insights to navigate a changing housing landscape. You should also check our Quarterly Housing Update, a live webinar presenting our economics experts’ in-depth analysis of the housing market and overall economy.
Other resources include our Insights blog, housing industry expert interviews on PolicyCast and Capital Commentary’s coverage of issues shaping housing policy across the country.
While rates matter, they should not be the sole focus of your sales strategy. By prioritizing partnerships, investing in your own expertise, delivering outstanding service and embracing technology, you can outshine your competition and cultivate lasting success in the sales arena. Remember, it’s about creating value that resonates beyond numbers.
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