Sales in Mortgage

Jun 16, 2024

Lesson 9: Sales in Mortgage

Mindset

  • Add Value: Treat every customer as a lifelong client.
    • Ask: How much value can I bring today?
    • Apply this approach to every call, meeting, and engagement.

The Seven Tips for Better Sales

1. Call Quota

  • Set a daily goal for the number of calls.
  • Example: If you aim for 100 calls a day, determine how many you can close.
  • Key Point: You can't close without talking to people.

2. Yes Goal

  • Establish a target for daily yeses.
  • Example: If 100 calls get you 1 yes, that's your starting point.
  • Key Point: Pick up the phone and dial to get borrowers to apply.

3. No's Aren’t No's

  • Treat no's as not yets.
  • Example: Out of 50 calls, you get 1 yes and 49 not yets.
  • Key Point: Understand why they aren't ready and add value to help them get ready.
    • Reasons might include: lease duration, recent layoff, or IRS tax bill.
    • Offer solutions: breaking a lease, financial advice, etc.

4. Building Rapport

  • Every call is a chance to build rapport, even with those who say not yet.
  • Goal: Make customers know, like, and trust you.
  • Key Point: Understand their motivations, such as fears about money or misinformation.
    • Address concerns and give guidance.

5. Sell Benefits, Not Rates

  • Focus: Understand what the customer is shopping for.
  • Ask about goals: type of home, money down, payment affordability.
  • Emphasize benefits of homeownership:
    • Tax benefits, building equity, long-term investment, etc.
  • For refinance: Focus on savings benefits and how it helps their goals.

6. Delivery and Tone

  • Tone: Your tone conveys confidence and excitement.
  • Impact: An excited and confident tone reassures customers.
  • Example: High closing costs explained positively can still close the deal.

7. Keep Calls Short

  • Attention Span: Keep calls concise to hold attention.
  • Short calls prevent overwhelming the client with information.
  • Personal experience: Calls under 10 mins lead to higher efficacy.

Summary

  1. Know your daily call quota.
  2. Focus on getting daily yeses.
  3. No's are not yets—understand and address why.
  4. Build rapport and trust.
  5. Sell benefits, not rates—understand client goals first.
  6. Use a confident and positive tone.
  7. Keep calls short and to the point.