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If you ask a real estate agent, “What’s the difference between mortgage brokers?” you’ll consistently hear the same response, “Nothing,” or “They’re all the same.” Yet, when you look closely, there are lots of differences between them.

There are mortgage bro

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

kers who get 98% of their loans closed on time, and then there are those who get 2% of their loans closed on time. There are mortgage brokers who return phone messages to agents within the hour and then there are those who haven’t returned phone messages to agents

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

rom last month. There are mortgage brokers who solicit referrals for their agents, and then there are those who don’t know how to spell the word, “referral.”

So if there are differences between mortgage brokers, why do agents struggle to notice it? Why, when it

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

’s glaringly obvious, that you’re better than your competitors, agents can’t see it?

Chances are, it’s in your marketing, particularly with what it says. For instance, grab your brochure. Read it. What does it communicate?

Does it tell the reader the l

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ngth of time you’ve been in business?

Does it list the different type of loan programs you offer?

Does it say you’re a proven, experienced professional?

Does it comment about fast & friendly service?

If your brochure says

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

these things, guess what…Agents have heard this before, so much so, your message is being ignored. Plainly speaking, your brochure – ink and all – are getting no attention from agents.

Difference is Everywhere

The brochure’s headline blares, “We make th

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

e difference for you,” or “feel the difference,” or “experience the difference,” and one of a hundred other variations of the same theme. What doesn’t make sense is, what’s actually the difference? Every mortgage broker marketing brochure is bragging about how they

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

re different, which makes everyone appear the same, and leaves agents to figure out what that difference is specifically.

If the difference is your main selling point, then articulate it. For example, if you have a track record of closing loans early, don’t com

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

municate that you offer great service, in fact, don’t even say that you close loans on time. Instead, factually state how you close loans early, i.e. “For 3 straight years and running, we’ve proudly closed 99% of loans 5 days prior to escrow.”

Your Service Point of

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

Difference

Commonly, agents will tell you the typical issues they have with mortgage brokers' service points involve:

Poor Communication During Loan Application Process
Loan Doc’s Not Arriving to Escrow Before Closing Date
Lack

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

f Accountability When Matters Go Upside Down

No Reciprocity of Leads or Referrals

Herein lies your opportunity. Services are similar from one lender to the next, so the more similar the services, the more important the details. Your marketin

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

g should accentuate the trivial, because when services are alike and meaningful differences are difficult to spot, prospects look for trivial matters to make judgment.

Quantify Your Service Points

To uncover the trivial within your differences to stand out

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

rom competitors, begin with quantifying each service point. Quantification makes it easier to document your points of difference, providing the reader, through your brochure, numbers, facts and data.

Let them decide if your factual statement is a compelling dif

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ference. If they know your competitors, they’ll recognize your factual statement as a claim of difference. And if they don’t know your competition, and your factual statement resonates, they may pursue your services first.

Here are some examples:

Close

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

of Escrow
“Can you afford to lose good clients over loans not closing on time? In 2005, our motto has been about consistency - with 99% of loan documents arriving to Title a minimum of 5 days prior to close of escrow date. Your loans don’t just close on time,

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ut they close ahead of time.”

Returning Calls
“Tired of poor communication with mortgage brokers? Our returned call policy brings back the ole days of good customer service. If your message is received between the hours of 9:00 a.m. – 5:00 p.m., your call

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

will be returned within the hour, and messages received after 5:00 p.m., your call will be returned before 10:00 a.m. the following day.”

Reciprocity
“Are you stuck attracting new clients? Agents, who work with us, average 7 sales annually from the referra

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

s produced by our client retention program. Clients receive over 36 pieces of communication from us throughout the year that generates nearly 2.5 referrals from each client.”

Personal Guarantee
“Losing sleep and growing weary from lousy service? We put mon

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ey where our mouth is. Any loan that doesn’t close on time, due in part to our mistake, we’ll credit the buyer $500.00 toward closing costs.”

Be sure to check RESPA laws in your area. Offering some type of personal guarantee can be an incredible way to differen

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

iate since it’s so rarely done.

Hopefully, as you can see from these examples, ideas on how you can tell the difference. So what’s the next step? Begin measuring your service points. And if you can’t quantify anything, don’t fix your brochure – fix your service

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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