“The lowest rate may not be what it appears… people just want to feel good.” – Kit Bate
If you’ve ever felt frustrated, disrespected, or discounted by clients who only care about the lowest rate, this post is all about how and why to convert rate shoppers, and will hopefully reset your mindset. Losing deals to competitors by just a few basis points is one of the most draining experiences in the mortgage business.
But what if you could eliminate rate shopping before it even starts?
In this episode, I sit down with world-class loan officer Kit Bate, a $50M producer who built his business on service, consistency, and unshakable integrity. Kit’s process proves that you can stand firm in your worth, command higher margins, and achieve time freedom (he works Monday–Thursday!) by converting price seekers into value seekers.
What Does “Convert Rate Shoppers” Mean, Anyhow?
For many, rate shoppers are seen as a permanent, frustrating fixture of the industry—a group that must be catered to, discounted for, or avoided entirely.
Kit and I agree: this is the wrong mindset.
To convert rate shoppers means shifting the client’s focus from price (a temporary metric) to value (a permanent asset). Clients often ask for the lowest rate not because they are inherently cheap, but because they are uneducated and have been told that rate is the only factor defining a “good” loan officer.
Kit’s goal is to replace that fear of missing out on a lower rate with confidence in his process. Once the client understands the difference between a deceptive advertisement and true financial strategy, the conversation is over. You are no longer a commodity; you are their financial guide.
Kit’s 3 Big Steps to Convert Rate Shoppers
Kit’s explosive growth and high margins are the result of a system built on his simple mantra, which serves as the framework for his entire value proposition when it comes to converting rate shoppers.
1. The Framework: Communicate. Educate. Elevate.
This is the pitch Kit uses in every buyer consultation and pre-approval meeting. It shifts the entire conversation away from transactional pricing and onto comprehensive service.
Communicate
The most common complaint from clients and Realtors is poor communication. Kit leads by promising he will not ghost them. He shares simple loan officer tips for proactive follow-up, building instant trust. When a client hears from you frequently and consistently, they are much less inclined to shop.
Educate
Kit never waits for a client to ask about a competitor’s rate. He proactively addresses the issue upfront, saying, “You’re going to see billboards and receive calls that sound better than what I’m sharing. Just know that is usually the marketing norm for lenders who don’t know your specific situation.” He then takes the time to review their credit report line-by-line. This education demonstrates expertise and shifts the client’s emotion from skepticism to trust.
Elevate
The Elevate step means focusing on the big picture. Kit sells clients on a potentially higher rate if the breakeven on a low-rate buydown would take six years. He helps them see their first home as a stepping stone to investment properties. This is a level of service that competitors—who are stuck trying to match a rate—cannot possibly replicate.
2. The Engine: Building Visibility and Credibility Through Teaching
Consistency in teaching is the engine that generates a steady flow of high-quality leads, making it easier to convert rate shoppers because they arrive pre-sold on Kit’s expertise.
The Client Strategy: Consistent Classes to Fuel Conversions
Kit teaches a First-Time Buyer class and a Rental Properties 101 class every single month, alternating between the two.
- The Mindset: “Zero [attendees] is a win.” The value is not in who shows up, but in the dozens of conversations he and his team have about the class, teeing up one-on-one appointments.
- The Follow-Up: This system gives him an easy excuse to re-engage past clients and stale leads: “Who do you know that’s renting? I’d love to invite them to my next class.”
The Realtor Strategy: Teaching Classes to Generate Referrals
Kit conducts monthly Realtor Lunch and Learns, many of which are certified as CE classes.
- Credibility & Visibility: He shows up, provides content (focused on business systems, database management, etc.), and lets his credibility do the selling.
- Capacity & Creation: His value proposition to Realtors is simple: “I’m the loan officer who will help you build capacity and create more business.” This focus on their growth, not his, generates a vast referral network (500+ agents in his email database).
3. The Foundation: Consistency, Confidence, and Capacity
Kit’s freedom to take Fridays off and travel with his family is built on a rock-solid personal and professional foundation—an example of the four pillars of success.
The Width of Relationships: Why a Wide Net Creates Peace
Kit closes business with nearly 40 different Realtors and maintains an active database of hundreds.
- Peace Over Pressure: This width ensures he is never codependent or at risk if a “whale” client quits or shifts to a less sustainable internet model. This provides the confidence needed to firmly reject discount requests.
- Confidence Over Fear: Kit was able to walk away from a top Realtor who wanted him to co-fund an internet lead scheme because his business was too wide to be held hostage.
Defining Success: Time Freedom and the Service Mindset
Kit grew up with nothing, and his motivation is not to acquire “stuff,” but to acquire time and resources to do good. He is a massive proponent of sales coaching for loan officers, using the education to elevate his own capacity. His true wealth is time spent with his family and using his resources to travel and expose his kids to the world (like doing humanitarian work in the Philippines).
It’s Time to Convert, Rainmakers
You have the power to stop competing on price. Kit Bate’s $50M business is not an accident, it’s the result of consistency and courage.
Every Rainmaker has the ability to convert rate shoppers by making one simple decision: Stop selling rate, start selling value.
If you are tired of being treated like a commodity, your next step is to choose education over fear. Implement the Communicate. Educate. Elevate. framework, commit to teaching just two classes a month, and watch as your confidence—and your margins—soar.
Are you ready to make it rain? Contact us.
