Frequently Asked Questions
What is Reputation Management?
The reputation of a Mortgage Loan Officer is both what they say about themselves and what others say about them. Managing reputation is nothing new; what’s new is how the internet and social media have changed the way business professionals are being defined and how fast their reputations spread.
Why is online reputation monitoring important?
With over 33 million local reviews on Yelp alone, it’s clear that customers are sharing their opinions online. Eighty percent of consumers say they trust online reviews as much as personal referrals, so whether it’s a testimonial, a detailed article on someone’s blog, or an offhand comment on Twitter, people are now chatting 24/7—and Mortgage Loan Officers need to be paying attention.
Why do online customer reviews matter?
Consumers often search online for the businesses and professionals they want to work with, whether that is to find someone new or reinforce a referral from someone they trust. What they find can make you stand out from competitors or reinforce the referral, making it easier for you to build rapport and develop a positive relationship, or it can make that more difficult or worse, cause you to lose the opportunity. To avoid losing sales, it’s important to continuously generate positive reviews publicly while managing negative reviews, preferably, in a less public manner.
Why is it important to continuously generate new reviews?
There are a couple of different reasons. First, more than 73% of consumers say reviews written more than 3 months ago are less relevant than current reviews. Second, an influential aspect of Google’s search algorithm takes into account the velocity of reviews (how often you receive them) in addition to the overall quantity of reviews received in calculating search rankings. Do you want to be found when a local consumer types “mortgage” into the search bar? Developing a consistent review strategy will certainly help.
Why is it important to respond to both positive and negative reviews?
By responding to online reviews you are thanking and acknowledging your customers for their feedback, just as you would if they were to compliment your business in person. A response to a negative review is for the benefit of anyone seeing that review, not just the reviewer. It shows you are aware of any issues customers may be experiencing, that you care about providing excellent service and creates a perception that you are continuously working to improve the experience for your customers.