|
By Rob
Real Estate & Mortgage Broker... Creator of the Sink or Swim Loan Closing System
During my public
speaking and private coaching sessions, I cover many unconventional
strategies that have helped me become a top producer in the mortgage
industry. I’ve always been one to think out of the box, and my mind is
always focused on how I can improve myself as a loan officer and become
more successful.
Anyone who has been a
reader of this newsletter--even for a short time--can see that the
person who succeeds best, is the one who does things differently. I
urge you to do the same. Don’t fall prey to the negativity in your
office. Negativity is all around you.
Yes, I know rates are
“up”, but he who gives up at the first sign of defeat, doesn’t get the
loan at all. You must constantly follow-up with the prospect. And,
even if now isn’t the right time for them to move forward…perhaps in a
month or so, it will be! The mortgage market is extremely volatile, so
don’t give up on those old leads.
One thing I learned
early on, is how your vocabulary can dictate your success. How you
choose to phrase things can have a dramatic impact on your bottom line.
And, if more business is what you want—then never, ever, use this word:
“APPLICATION”.
In the customer’s mind,
the phrase “application” denotes a formal commitment, and a long,
involved, lengthy process. Customers don’t want to be tied into
something, until they are ready to make a buying decision. And they
can’t make a buying decision, until they have a price. Up to that
point, they just want answers. Point blank: They want to know what rate
you can give them.
The best way to take a
1003 application is to NOT take one. That’s right, don’t do it.
Do what I do, simply
take out one of my Pre-Qualification worksheets (or use one of your own)
and say to the customer, “Do you have a few minutes, so I can see how
low a rate I can get you?”. And then begin filling it out. Jump around
the worksheet if you like. The important thing is to keep the
conversation going, and not have and “dead air”.
Do you see the power in
this sentence, “how LOW a rate I can get you”. It changes the whole
conversation, and put it in your customer’s best interest. In one
sentence, you have transformed yourself from an “order taker” to a
“trusted advisor”. And customers hear a direct benefit for giving you
additional information. It’s also non-intrusive and asks their
permission for just a few minutes of their time. Who doesn’t have “just
a few minutes” to see “how low a rate they can get”? Don’t you?
Once I test the waters
with my pre-qual worksheet, I simply steer the conversation to the 1003
application and begin filling it out. And the best part is, the
customer doesn’t even know I’m doing it! I just do it!
Because I’ve created
great rapport with the customer already and asked questions that other
loan officers forgot, things flow naturally and smoothly. Very quickly,
I get what I need in order to price the loan out with the lender, and
the customer gets what he needs--a set price.
So, next time, before
you mumble the word “application”, and scare the customer away, remember
my phrase:
“Do you have a few
minutes, so I can see how low a rate I can get you?”
-- END
--
Click
here to read just some of the success stories from users of the Sink or Swim Loan Closing System ®...
Click here to see a printout from a recent commissions report with my biggest
month ever!
Download
the entire system now and start earning more money immediately.
Click here...
|
