The Experience Economy
By John Bell
Citizens Trust Mortgage, Maitland, FL
The commitment to creating a culture of “the experience economy” has been my biggest success and is still my biggest focus for the future. People will shop for the lowest price for groceries, cars, clothes, stocks, bonds and just about any and all commodities and then take the savings created and spend it all at the end of the year on a unique experience, such as a vacation.
Creating this unique experience has been the key to escaping what Dan Sullivan, of the Strategic Coach, calls the "great commodity trap." Unique process loan advisors are constantly busy, very profitable, generate very nice fee income, and rarely have conversations about rate and fees because the unique process creates such clarity, vision and focus that the customer is swept away with the experience.
Naming the process creates a sense of clarity and synergy that transforms the loan application process into a fun and enlightening experience and gives the mortgage advisor a sense of confidence unseen in the industry.
My unique process is called EAAS or "The Equity Advantage Advisory System." It shows the client the net effective rate based on their taxable income, their future assumed appreciation of real estate and liquidity, as well as an array of other items. The graphics are very appealing and each step is named as well.
The first step, which every client is taken through, is called the "Assessment Accelerator." This first step takes the client through a co-creation exercise creating a factor that recommends which loan is best for them given their liquidity, debt ratio, down payment, age, years until retirement, frequency that they exchange home loans etc.
The score then creates a metric that the client sees as well as an Assessment Accelerator Factor from one to fourteen, fourteen being the best. The client then sees how we arrive at determining which loan programs should be viewed and reviewed.
The Equity Advantage Assessment System has six additional stages that the client will go through based on the answers arrived at in Stage I.
I highly suggest avoiding the great commodity trap by creating, naming and becoming a unique process advisor.