What the Restaurant Business Teaches About the Mortgage Business

Restaurants live or die by their reviews. Whether that’s a splashy spread in the newspaper, inviting influencers and bloggers to join them for a meal or simply through digital channels like Yelp and on Google. A bad review can stop a potential diner their quest for a great meal at a restaurant while a positive review can reassure their decision and often even provide advice about where to sit and what to order.

So too it is with the mortgage experience. While it is critically important to be found through reviews, the experience is the first piece to get right. Let’s use the restaurant set up as an analogy.

  1. People need to find you. Whether through recommendations from friends or family or through their agent, having good word-of-mouth advertising is going to be important.
  2. Reservations need to be easy. Applying for their loan should be simple and done right from their phone.
  3. Have the best host to greet them. They should never feel alone. Your marketing should greet them promptly and show them the exact steps needed.
  4. The server should be on point.The mortgage professional needs to be the guide to the whole experience. A server makes or breaks the entire thing. Walk them through the menu slowly and thoroughly. Make sure they know that you are going to focus on their needs and answer any questions that they have, even when there are other people waiting for your attention.
  5. Back of the house needs to know what the front of the house is doing.The kitchen needs to be ready for whatever comes their way. From special orders to dietary restrictions, making the perfect meal is critical. Your LOA and your ops team should work in harmony. Expectations of timelines should be met and introductions to the Chef should be made to ensure the best meal.
  6. The manager should stop by the table.Never, never take your eye off the ball. Even when your team is doing an exceptional job, be there to check in.
  7. Check in, check in, check in.Ask how everything is. Anticipate their needs before they ask. Give them space while making sure they are happy.
  8. Explain the check.Always review with them the numbers so they fully comprehend what the total is and have the opportunity to ask questions.
  9. THANK THEM.Over and over again. Make them feel that they are truly appreciated and that you were honored to be part of their lives.
  10. Get 5 Stars.Know when and where to ask them to leave reviews so that the next time someone is looking, they find you.

Some of the best loan officers in the industry started out as very savvy servers in their youth. The ability to manage multiple tables, many orders and chaos makes for an outstanding mortgage professional. Intent can help make your daily routine much easier with simplified strategies to grow your business.