Closing a deal with a client for mortgage

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in this video I want to walk you through a systematic sales process that we help our clients with to help them close inbound lease that we generate for them now real quick if you don't know who I am my name is mcbilly I am co-founder of good vibe Squad we are an award-winning growth partner for mortgage loan Originators uh We've helped over 700 loan Originators all around the country and we have uh help close over two billion dollars directly from our system and I'll actually walk you through what this looks like so let's go ahead and I write it now for customer acquisition here at good vibe Squad there's really Five Pillars that we look at so the first thing is the lead generation where we need to make sure that we're consistently generating consistent inbound leads so that you know you have a consistent uh stream of opportunities coming for you and then number two is the lead nurture whenever whatever leads that we generate we want to make sure that we're actually nurturing these leads so that we're setting the right expectations we're building Rapport even front end we're delivering value to them so that even before they schedule an appointment with you there's already built-in trust uh within that process and then number three which we will be focusing for this particular video is having a systematic sales process and then number four is once we close them we need to make sure that we want to have an amazing customer experience so that we're delivering wow moments to your customers ultimately after that we want to have number five is strategic Partners we want to take those pre-approvals we want to take them and get more realtor Partners right so that's really what that looks like and so if you uh if you want to watch this whole training here uh make sure you watch the other video where actually break down the full uh customer acquisition uh growth model for us but for this video I'm going to focus specifically for the sales process so let's go ahead and Dive Right In so let's first talk about the sales process and the important thing to really take note here is you as a mortgage loan originator you were not in the business of real estate you are not in the business of mortgages you're not in a business of uh you know insert keyword here there's really two types of businesses that you weren't really in and that is you are in the trust business and you are in the money business and so the sooner you can really internalize this the sooner that you could be really effective in having a good sales processor and so what we found is you want to kind of break your calls into a console call where the console call the goal of this call is really to really understand the goal and clarify the goal of your prospect and this is where you really build rapport you build trust and uh you know giving them advice making sure that uh there's a building Rapport here and the goal of this call is really to gain permission to move forward and start an application and then number two is the benefits call where this is where you actually get into the nitty-gritty and uh you know really look at you know what the numbers look like you know how can they really benefit uh from this you know huge transaction you know most first-time home buyers is going to be the biggest transactions that they've ever had in their whole life and so this is where you're really talking about the benefits you're talking about you know the the actual uh numbers here and so uh they can ultimately feel comfortable with that first call and now they have you have the permission to actually help them on that second call now at the end of the day the goal of any sales conversation is ultimately to get to the truth as soon as possible Right the sooner you can get to the truth the better and so the important thing here is there's two types and truths there is the perceived truth which most of your prospects are telling themselves these are the stories that they tell themselves uh when they're thinking uh you know um is you know now is not a good time to buy a house because rates are high Let Me Wait right um these are like the truths that are in their head and then there's also the objective truth of like what is the actual reality because for example if they are currently renting you know you would think that oh you know now is not a good time to buy because of the rates that are really high but the objective truth is you and I both know if they are renting there is a very very high chance I wouldn't say 100 but like I would say 99 chance if they are renting their it is in their best financial interest to actually own a home versus just paying the landlord rent because they could grow Equity they could grow uh long term like they will make so much more with actually owning a house uh with you know gaining that Equity versus actually paying rent right and so we need to make sure that we separate those two and then ultimately here are the actual uh the the journey that you have to take your prospects through and so there's really the there's three types of sale that you have to get your borrowers to go through okay and so there's some and these are sequential mind you so the first thing is number one is the external sale okay so external sale meaning what are the external conditions that they need to First say yes to meaning for example the current rate right like these are external factors that your borrowers are constantly in their head assessing whether they want they should buy right now okay so is it the current rate right so current rate for example like how much inventory there is you know what the home prices look like you know different locations so these are external conditions they're affecting their decision making right uh in order for them to assess hey is now a good time to buy a house right like using the external factors now with that in mind after that process and so you know this takes into many shapes and forms right so for example uh the the rate right now uh most people would say like oh you know rates are high you know let me rather wait well again let's go back to the truth right the truth is it's all relative because if they say that hey the rates are super high right now we'll if you think about that actual definition it's really relative like if you go back you know like years ago well rates back then was like eight nine percent ten percent 12 percent 16 even right and so well is it really high or it depends right like what is what is the actual relative truth here and then the other thing too is depending on what that rate looks like well it really depends on their goal right we I'm sure you you've heard of the term and the the the easiest way to kind of explain it to your Borrowers is there is you know they can marry the house right marry the house and then date the rate now that sounds uh that may sound very cliche because you know I'm sure you've heard of it a lot but this is a very uh effective way to really uh almost um taught in their language right this is something that they could easily understand in their head as you're kind of explaining these processes right and uh now once they really understand that there is an actual cost to waiting right costs to waiting and making sure that they truly understand that is it really in their best financial interest even with a certain external conditions to buy right now well now if they say yes to this well now we go to the internal sale right if it makes sense to actually buy right now well now I have to ask myself as the borrower can I afford to buy out right is it in my my financial best interest to actually buy the house so yeah internal circumstances you know is it like can I actually afford to buy right now affordability what does my timeline look like is it in my best financial interest to actually buy a house right now you know if I'm in a lease for example and again this is where the the the actual uh uh objective Truth versus the uh the perceived truth comes in right this is where you have to become a mortgage advisor okay this is how uh we really coach our clients because you need to be an advisor because again we don't know most people they're like Oh I thought I needed 20 down Oh I thought that um you know uh sometimes like even if they're in a lease percent example it could be they could be in a lease but depending on what that looks like um and if they find the actual the the house that they want keep in mind right now because things have kind of slowed down it's actually good news for your clients right because for your clients for your borrowers they can actually get into a house it is far easier to uh to get their offers accepted right now because of the fact that there's less competition right so these are the things that most of your borrowers they're not thinking of and so this is massive massively powerful in order as you become that mortgage advisor and actually advise them this is where they're gonna oh wow I didn't think about that so now is a good time to buy and I can actually afford right depending what that looks like well now if they say yes to this Okay so I I wanted my house because it makes sense and I can't actually afford to buy the house well now the last part that you need to help your borrowers go through is what I call the wine you sale okay I know that I should buy a house in our current conditions I can't afford to buy the house and so why should I do it with you right and so this is really where that trust comes in this is where you building that Rapport that trust and the main thing here about the trust is really to make sure that they your borrowers understand not just like no here but like they could feel it that you care more about them than you lining up your own commission your own pocket right because people can tell right if you have that commission breath you know if you're desperate for sale and you're just like trying to make the sale well they will know and this is where being and more advisor really comes in because they can't tell like oh wow this person actually cares about me more than their uh their well-being and so that will go a long way and of course this comes in you know you need to make sure that your expertise comes in you know you need to know the guidelines make sure you aren't educated uh on that front but you also want to make sure that you were not talking you know really uh uh like the there's certain words that are um like industry gibberish because for your customer for your borrowers they'd rather you you need to like dumb down your words right this is why for example depending on what your political uh alliances are um and I'm trying to be political but the reason why Donald Trump won the election is if you look at this you could even do an actual research on this is uh if you looked at all of Donald Trump's speeches all of his speech he was only using grade four level language okay versus with Hillary Clinton and Hillary is like really really smart she's like using college level words right and so this one uh with Donald Trump like he dumped everything down so that it's easily understandable right and it's very relatable like you could actually understand them you know I don't feel like you're making me feel like stupid you know if I don't understand words and so this is where that expertise comes in and obviously you need to make sure that you also have a competitive rate and uh if you can have incentives there that allows you to really separate yourselves and more importantly this is where your reviews and social proof really comes in now um you know if you want to learn more about this I have a separate training video on this that talks about you know building social proof and uh your organic social media channels but the most important last piece that I want to say for this is the best way the best time to actually set the social proof you know give the reviews is before you're speaking with your prospect okay so this is where the bead nurture really comes in is because they should be able to see that already even before they speak with you right and so there you have it those are the three types of sales that you're going to be able to that you should walk through your borrowers and and I promise you if they see that hey now is a good time to buy uh externally through external circumstances and I can't afford to buy and I want I can trust you because you actually care more about my well-being looking at my uh uh you know putting me first more than your commission more than your pocket I promise you you're going to make so much more sales and you're going to convert close more loans close more of your uh prospects uh and so I hope this uh has been very beneficial for you so there you have it uh if you found a ton of value out of this video go ahead and like this video uh right here and if you have more questions go ahead and put them in the comments you know I redose I answer them and if you want to learn more on how to grow your mortgage business through marketing through branding through lead generation and following our five colors of customer acquisition go ahead and check out this video there I have it I will see you in the next one