Chapter 9: Attracting a Client
1.
What is a “Bait and Switch”?
A bait and switch is an advertisement that misrepresents the consumer’s opportunity to purchase the goods and services at the terms presented.
2.
What does the Canadian Code of Advertising Standards promote?
The Code promotes truth, honesty, fairness, and accuracy in advertising and is comprised of fourteen clauses that set the criteria for acceptable advertising.
3.
What does the Mortgage Brokerages, Lenders and Administrators
Act, 2006 prohibit regarding advertising?
Section 27 states that, “No person or entity shall authorize any advertisement for a mortgage which purports to contain information relating to the cost of borrowing or any other pre-scribed matter unless the advertisement contains such information as may be required by the regulations and is in such form and manner as may be prescribed.”
4.
Discuss the differences between a Mission and a Vision
Statement.
A Mission Statement is a plan for companies and people to accomplish the goals they set. It is designed to shape the company’s or individual’s identity and is typically based on a vision, goal, or ethics. A Vision Statement is something that the business or Mortgage Agent aspires to become. It should illustrate the core belief of the business or Mortgage Agent and effectively communicate that to the reader.
5.
What does a business card provide to the Mortgage Agent?
The purpose of an effective business card is to attract and set in motion the wheels of acquiring potential users of your service. It provides the Mortgage Agent with:
· A direct marketing vehicle
· A person-to-person sales call
· An advertisement
· A lead generator
· A networking tool
· A visual representation of you.
6.
What are the benefits of an audio business card?
Audio business cards are definitely an attention grabber, telling potential clients that the Mortgage Agent is different and serious about his or her business.
7.
Is networking typically more or less expensive than
marketing? Explain your answer.
Networking can be one of the most cost effective means of obtaining new business and is less expensive than marketing, which can be especially important for new sales people.
8.
In what ways can a Mortgage Agent differentiate him or
herself from the competition?
Through focusing on:
· Product Availability
· Service
· Professionalism
· Niche Marketing
9.
Why are testimonials beneficial in the marketing of
intangible products or services?
The use of testimonials can have the effect of reducing the need of a consumer to touch or feel a product. Testimonials from satisfied clients have the effect of personalizing the process. The consumer can relate to another person who has had a beneficial experience and translate that experience to him or her. In essence this provides the consumer with something tangible: another consumer who can be seen or heard.
10.
Discuss three ways that a Mortgage Agent can obtain
referrals.
Do the people you deal with know you need referrals? Many people who know you will think you are so successful that you do not need any referrals. Ensure that they realize you need every one and treat them all with the professionalism they have grown to know and expect from you.
Do your referrers know the quickest and easiest route to get their referral to you?
Provide your referrers with a simple referral form that they can email or fax to you. It only needs some basic information, such as who the client is, their contact information and what they need.
Thank-you letters: ensure that you always send a thank-you letter to your referral source, whether the referral turns into a client or not.
Update your database with the referral information.
Contact the potential customer as soon as possible.
Guarantee confidentiality to all parties.
Send a thank-you gift when the financing is completed.
Invite your referrers to company parties to show your appreciation.
