Empower your mortgage business with customer prospecting for mortgage

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hey everyone this is mark Blundell in today's video I want to talk to you about that sales call that you actually have with your mortgage customer you know a lot of my mentoring and a lot of my coaching is around the way in which the loan officer or the mortgage professional interacts with the customer and you've got to be aware that there's a lot of psychology going on certainly in the mortgage customers mind when you're talking to them for the first time when you're talking to them the first for the first time they're thinking you know do I trust this person do I like this person does this person know what they're talking about does this person is this person actually going to be able to help me achieve my goal or a better question is that goes on in the mortgage customers mind is does this person actually understand my goal or are they just in it for them so in this video what I want to take you through is a practical process of how to structure your sales call so that you could be confident that you are achieving your best objectives which to communicate back to the mortgage customer that you indeed are the person of choice who can add value to their life with respect to what it is that they're trying to achieve so I want to try and break down this call into a series of steps for you so that to help you and maybe look at what you're doing right now and to determine if there's areas of improvement because the last thing you want to do when you've gone to all the trouble of generating this lead whether you've bought the lead generator the lead yourself on social media got a lead from a realtor or another referral so the last thing you want to do is to not do your best to make sure that you take this person out of the market and get them invested into your sales process so the first part that I'm going to talk about is the opening part and of course this is the part that's all about the small check now the small chat only needs to go for a very short period of time where you might be saying hey Fred where are you calling from today or a you have work at the moment or you're at home or or how are you going or what are you up to right now one or two very short questions just to get the conversation started is really really important now the second part of the phone call or the zoom meeting or Skype meeting or even your face-to-face meeting that you have with your mortgage customer has to be to state the agenda and take the lead so I'm going to write that down so that's point number one point number two is to state the agenda now by then I mean and take the lead now by that what I mean is you can't just have a conversation with the mortgage customer that just is free-flowing ultimately you want to think about this phone call or the zoom call and think about well where do I want to take it where's the end point that I want to arrive at with this conversation I'm going to have with my mortgage customer now a lot of the time people think that well that's too hard to predetermine because I don't know what they want or I don't know you know if I'm even able to get a loan for them that's not the point what must happen here is you must have a structure that leads your customer to the point if in fact they do qualify for what it is that you're offering to them it's got to lead to the point where they say so this is the end spot but you're only four okay what's my next steps so before you start you've got to be able to visualize what the end result is and the end goal for you as the loan officer or mortgage professional is to take that customer's conversation to a point where they go okay what's my next steps so it's important that you state the agenda of the core at the very beginning of the call and let the customer know what they can expect through the course of this call and the way in which that you do that or the best way to do that is to do something like this okay Mary look the way which I conduct these calls is like this I don't profess that I can help everybody and indeed I know I can't so what I like to do is if it's okay with you is to ask you a series of questions about what it is that you're trying to achieve what your situation looks like right now and what your situation looks like once you've accomplished your goals so I want to ask you a series of questions in relation to that now if there's something in that your answers that I think I can help you with then I will let you know what I could do to help and then at the end of this court what I'd like you to do is let me know whether that's something you'd like to proceed with or not is that okay with you so that is a simple way of setting the agenda and taking the lead in your call rather than that the customer take the lead in your call remember you are the professional you're the person that they're coming to for advice and direction and no one likes to follow somebody who doesn't know where they're going so one of the most important parts of the phone call is to be able to ascertain that you indeed are they in the in the customers mind that you indeed are the professional you know how to handle this call you do this every day of the week and you want to start giving them confidence that you know where you're going with your conversation so the next part about of the phone call is this part here is to figure out where they are at figure out where they Patt so that's point number three and by that I mean you've got to ask a few questions about their circumstances you know so I normally start a conversation by saying okay fantastic once I've said yes they're happy with the way which you're going to take the lead in this conversation the next part you want to say to them is in one sentence can you summarize what the problem is that you think I can help you with so that's the next step of your conversation so in one sentence can you summarize what it is that you think I can help you with now they're going to give you some sort of an answer so if it's debt consolidation they're going to go I want to find out if I can reduce the interest on paying on my credit cards or if they're buying a new home they're gonna say something like we're contemplating buying your home or we've been to some open inspections and seen a home we like and we want to see if we can qualify for the loan okay so normally that would be a question that you're going to ask your customer anyway but here is where most conversations fall apart between the mortgage professional and the mortgage customer most mortgage professionals take the answer to that question and then move on in the conversation what I'm going to suggest you do and this will make a huge impact to the success or otherwise of the conversations you have with your mortgage customer what I'm going to ask you to do is to ask another question so let's just say they say yeah we're looking at a purchasing another home you might go okay so instead of going well what's the value of the home what I want you to ask is a question like okay so how long have you been looking for a new hopeful and they're gonna tell you then ask another question so can I just ask what's going on in you your life or the family's life that's prompted you to want to look for a new home and then you're going to ask a question like so can you tell me what's wrong with the listing position you're in so in other words the conversation might flow like so you tell me a little bit more about the house you're looking for well we're looking to buy big home why do you want a bigger home well our family's growing the place that we're in at the moment is quite small we all feel quite cramped okay where are you living at the moment I wish what have you got at the moment our we've just got a small 3-bedroom home and what are you looking to try to attain well we're looking for a 4-bedroom home we want an extra bedroom you know for the family and for the kids can I ask why is that extra bedroom important to you and that they're going to tell you the real reason for the call they're making for you the point I'm trying to emphasize is you want to get down at least three layers in relation to the first answer to the question that you asked them about their present position so ask keep asking why and why is that and why is it so the third point is to figure out where your customer is right now and then to ask three times the question of why so why is it important to get into a bigger home or why is it that the place you're living in right now isn't satisfactory the the reason for doing this is that you have to psychologically connect with the customer in other words you've got to make sure that this customer gets a feeling inside that you indeed have a vested interest in them not a vested interest in you getting alone to closing you want to emphasize and communicate in some way shape or fashion to that person you're speaking to who remember is still a stranger who remember is still thinking to themself is this person the right person for me can they help that can they help me you have to get deeper into their answers to be able to find out the true motivation for them making that call to you now the next part is to understand the situation so understanding the current situation and it's in this part of the call that you're finding out what they're or the reality of what their vision is in their mind for whatever it is that they want to achieve now this is going to work for you whether you're talking to first-time homebuyers or debt consolidation refi whatever it is understand what is their current position you know what is the problem that they're facing in relation to their current housing situation or their current mortgage situation that has motivated them to take this action and this is one of the most important things to find out understand where your current or whether customers current situation is that and you get there by saying you know and so what would be the number one problem that you're trying to solve in relation to purchasing in your home or what is the number one problem with the current mortgage that you have or what is the number one problem in relation to you know wanting to consolidate debt because what you've got to understand is that the process of selling a mortgage isn't about giving someone a new mortgage it's about solving the problems of people what you must understand is the mortgage simply is that the mortgage simply is the solution to somebody's problem okay now if you don't know what the problem is you can't address the problem and you can't present your solution in context with what their problem is so it's important to find out you know a little bit more about their current situation how long have you been looking for a home how long has this been on your mind how long have you been in the current place how long have you been frustrated about this situation so this is the very very important part of the focal now the next part of the phone call is to I did by the cause of the pain now here's an important realization any mortgage customer that you deal with regardless of what their end outcome is or what their goal is is try to accomplish something and it's motivated by one of two reasons the first is the reason of wanting to avoid pain okay so that is probably one of the primary reasons why somebody seeks someone like you out to take out a new mortgage so to avoid pain or to gain a desire that's the second motivation primarily most of them you will find or most of the the main driver behind people speaking to you in any instance is to avoid the pain of their current situation now if you don't know what the cause of their pain is you're not going to be able to contextualize the solution to the problem that you're going to present them so it's important that you identify the cause of the pain you know tell me about your current situation tell me about what life looks like as it is right now so questions around that tell me a little bit about the home you're in right now tell me a little bit about the shortcomings of that home tell me a little bit about what it feels like to be a renter right now what's frustrating you those sorts of questions give you the data and allow you to gather the data of what how it is that you're going to package your solution because remember the mortgage is simply a solution to somebody's problem so that's the next part to identify their pain now the next part is to dig a little bit deeper into the causation of the pain you know and and and talking to them about and starting to get a bit of a grasp but there where it is that they want to go so quite number six we're just space year but we will make this will it so point number six is to gather more data there you can see that by running a telephone call or a zoom call in this way even before we've started to talk about loans mortgages rates products features and all of those sorts of stuff those sorts of things we're investing in understanding the customer and can I tell you that when your customer feels like you have a vested interest in what it is that they're trying to achieve and what it is that is their problem that they're trying to solve you intuitively and intrinsically will be communicating to the customer one of the first things that you want to that yes indeed you are the person that they should be engaging to help solve their problem so ask them more about their situation so you might say so tell me more about how having a four bedroom home would change your life or tell me more about how going from being a renter to a homeowner would change your life asking questions like that gathering more data about this situation will help you when it comes time to offering your solution the next part about this is to identify or to reestablish or to Rika Munich a back to the customer what it is that your you have understood about this situation and to find out what stopping them doing it on their own so seven is asking the question of what's stopping you and so you're going to reestablish or reconfirm back into the customers mind okay so you've been in this 3-bedroom home for five years now I understand you want to have some more children so you want to grow your family and what's stopping you from getting that home right now okay so I know that sounds like a simple question or what's stopping you from consolidating your debt right now or what's stopping you from buying their first investment property right now now what you're listening for are three magical statements and you've got to look for those three statements back from that mortgage customer before you move forward and the three statements you're looking for are number one they will express to you that they have an inability to do it on their own number two they will express to you that whatever it is that they want to achieve they want to achieve it faster and number three they will tell you that they want to follow somebody or they want to acquire the help of somebody who has a proven track record in being able to take people like them from their present position to their desired position so that's the next step of your call now the next part of your call is to gain a commitment okay so number eight is gain a commitment now in this cult part of the call once again your reestablishing their circumstance what their pain points out what their problem is and then asking a question of so can you tell me right at the moment how is renting affecting your life or how is being in that 3 bedroom home affecting your life or how is having all of this hydras dead affecting your life so this is really important to ask this question again we're burying ourselves deeper and deeper into the psyche of what your customer is thinking because if you don't know what they're thinking you can't give them the answer that they want to find out with respect to their problem ok so I asked them you know is this affecting other areas of your life yes you know it's really cramped in our home or yes it really bothers us that you know the landlord wants to conduct an inspection or it really annoys us that we can't paint the walls of our home the color that we want ok so then the next question you need to ask is so can I ask you when are you wanting to fix this problem so that's the next question you need to ask so can I ask when are you wanting to fix this problem now if they will give you their own timeline and nine times out of ten when you ask that question that they will say right now ok so that's what you're looking to hear from the customer so can I ask when you want to fix this and they're going to tell you now the next question you need to ask and this is really important now you might be sitting there listening to this video and go these are interesting questions I'm starting to feel a bit squirmish asking my customer these questions can I tell you that when you apply this process to your phone call to your zoom call you will convert I promise you at least 50 to 60 percent better than your currently can now if you're not using this structure so the next question is that you're going to say to your customers you're going to say something like look I know you're wanting to fix this right now but can I ask you how committed are you to wanting to make this happen that's the next question now they'll tell you and this is where they really give away their vulnerability most of the time unless you're dealing with a tire kicker or a great shopper they will give you the keys to they go ahead with the answer to this question so the question once again is okay so I know you're wanting to fix this situation now how committed are you to making this happen and then just let them talk now the important part of any conversation you have with a customer whether it's on the phone or via zoom or Skype or whatever way you choose to communicate is to understand this you were born with one mouth and two ears and it's important that you use them in proportion remember that you're born with one mouth two ears use them in proportion and by that I mean it's important you ask the question and you allow the customer to give you the answer stay silent you don't need to add the bits like I can imagine how hard that is or yeah I understand how you feel or I've been in that situation myself or a lot of my clients say this that the other let your customer own the airtime and allow them to speak so when you ask them that question of how committed are you to making this happen you've just got to shut up and say nothing and listen to the answer because the responses to these questions I can tell you are integral to you taking this customer out of the market and them choosing to work with you then the next part of this presentation or phone call that you're making or Xoom call that you're making with the customer is to acknowledged so acknowledge the gap the gap and seek permission my frame they're telling me I'm gonna Pullman coming up but that's it let's get going so you go acknowledge the gap and seeking the permission so that's where you say okay Mary okay John I can definitely help you with what it is that you're trying to achieve would you like me to tell you about that or would you like to tell me about what I do that's the better question okay John okay Mary I can help definitely help you with that would you like me to tell you about what I do and they'll of course say yeah the next part of this and this is part 10 is to and I'm going to put part 10 here because we're running out of real estate on this board so part 10 is to state your expertise I suppose 0s depending on where you're watching it from so tell somebody or tell this person what you are an expert at and it starts like this well Mary my area of expertise is helping people right like you who want to upsize the size of their home to attain the right mortgage for them by thoroughly understanding what it is that they're trying to achieve and linking them with the lender that's most likely to give them a yes at the best possible rate that's one sentence that you should rehearse off and you should be able to say with your eyes shut let me give that to you to you again well my area of expertise is helping blank to achieve blank by blank okay and then you want to say I typically work with you know people with growing families and I help them to secure the best mortgage for them in the shortest possible time with the least amount of resistance write that one down in the shortest possible time with the least amount of resistance now when you state what you're an expert at whether it's in debt consolidation cash out refinancing buying an investment property first-time homebuyers whatever it is okay it's important that you present it in a way that speaks directly to the problem that the customer has told you that they have a cake now when you do that your answer will sound perfect to him or her so remember when you state your expertise state it in a fashion that communicates or talks to the problem that the customer is identified that they're trying to achieve and when they hear that your answer will sound fit when you deliver it now can I tell you that this little part of the delivery is something that you want to script out and practice again I keep saying to the the people I mentor the loan officers that are mentoring now these are people who are you know incredibly successful loan officers and mortgage brokers who are some earning five hundred thousand and a million dollars a year I'm reaching them on today's way of communicating with the marketplace you would understand that our methods of communicating have changed significantly over the last 20 years I mean you think about the SMS messages you send to somebody the abbreviations that you use you know the oMG or the ATM all of those acronyms didn't exist 20 years ago our patterns of speech have changed our patterns of thought in relation to speech have changed and it's important that you don't use a sales presentation on the phone or in a zoomkour that is our cake you want to make it current so it's important that you probably script out this bit to tell somebody you know what you're an expert at all right you must communicate to them that you are an expert at solving the problem okay now when you have done it so let me give you an example Maier of expertise is helping people who are on guild incomes who have multiple credit cards and other loans my area of expertise is to help them to consolidate those high interest loans and debt and incorporate them into their mortgage so that they have one single low interest repayment to make every month now that's the example that I'll give I've given you in relation to debt consolidation okay so so that they have their being repeat the last little bit here so that they can consolidate their debt in into one single low interest repayment every month now the next part of the script is the hardest part okay watch what I do so my area of expertise is to help our people who have high Jewish credit cards and loans and help them consolidate those hydrous loads into their mortgage so they end up having one simple low-interest loan to pay every month they save themselves thousands of dollars of interest and that is my area of expertise now you're probably sitting there and going why am I being silent because that is what I need you to do at this point in time zip say nothing even if this silence goes on for 30 seconds for a minute or for two minutes resist the temptation to say anything more because the person who speaks next right losers so if you're the person who speaks next you're going to lose this battle okay and if the customer is the first one to speak next they're going to submit to working with you okay so remember and it's a tough one to practice and it's an even tougher one to master stop my area of expertise is to help people consolidate their high interest loans into one single low interest repayment and that's what I do now want you just to listen for the response because you will be amazed at how by going silent the next thing you hear is going to be from your customer okay then so what are our next steps which once again was the primary objective when we started the call or in the first place so can you see now that without talking about rates without talking about borrowing capacity without talking about you know down payments or any of those sorts of things what we've done in structuring our phone call this way is demonstrated to our customer number one this is a unique selling proposition this person this is what they're thinking in their head this person is interested in me okay and that is why I suggest that you use these 10 steps to structure every single conversation that you have with your mortgage customer now if you want to know more about how I can help you as a loan officer or as a mortgage professional accelerate your earnings accelerate your commission accelerate how much money you earn per hour I want you to like this video go to my website mortgage sales mastery calm day you send me an email mark at mortgage sales mastery calm dot a you get in contact with me and what I like to do is if you're serious and passionate about growing your business taking it to the next level going well beyond $100,000 but taking it to three four and five hundred thousand dollars there is so much more that I can teach you that is going to improve your skill set and make you fundamentally the kingmaker in your local area in relation to what it is that you're trying to achieve so hunt me out if you like this video click like and I look forward to catching up with you again soon