Streamline your sales advisory process for mortgage

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[Music] sales process now in selling mortgages and protection and it's up to you what kind of sales process you adopt and i totally get that it's entirely up to you what you want to do so let's put it here sales process here or advisory process many of you got your own sales process now i'm talking about protection be able to sell protection well i've seen dozens hundreds of different types of sales processes that mortgage advisors operate for now many of them online offline face to face or on zoom whatever it is but they all vary ingly and there's a pattern that you need to embrace the first thing you need to be doing is you need to be doing sort of pre and then post stuff as well so let's let's list my sort of suggested sales process see what you think first of all when you're looking to fix the appointment with the customer or the client at the early stage so you're you know on the phone or whatever it is to try and fix appointments it's here that you want to do a couple of things really you need to get the client to fill in some kind of portal so let's just put the fixed appointment there for you get get them to do some of the hard work get them to fill in facts if you like under a portal it's a great way of them committing to you doing business with you because if they're going to give a lot of information for 15 minutes on a form online form then they're going to commit some time to you as well and you might want to get your fee scheduled out to at this point as well it's up to you where you charge fees or not for your work a lot of good brokers will charge something like 500 pounds up front just to get some commitment as well refundable on completion maybe if you want to do that way with you know commissions that you're earning and proc fees or whatever and that helps to build some sort of commitment along the way now once you get down to the actual fact finding itself or the actual sales process you're going to have a number of meetings probably and there's a good way of having it so you could have a first meeting here it is put the first meeting in there for you that's meeting number one i will have a second meeting over here meeting number two and you might even want to consider having a third meeting as well so i'm going to sneak that one down there for you as well now it's entirely up to you how you split these because if you're online you can't do them all at once now you have to be pretty um flexible you might you might want to split these even more and we'll talk about in a second or two but in the first meeting that of course is when you um you do your positioning you set out your stall you know you want to talk about how you work your regulatory piece all that kind of stuff disclosure of things comes into as well you start building rapport and trust setting out your stall telling them how you work trying to get them on your side getting that connection going as well you don't want to talk about your planning or the way you operate your methodology if you like um a lot of advisors like to talk about their foundation if you like their methodology at this point how you like to work nothing wrong with that yeah methodology and some good advisors use like the sort of pyramid effect and they you know when you're looking at planning you've got some security and you've got growth i i work to make you feel you're secure in your mortgage etc different methodologies and how you work so you can talk about that in your fact finding as well at that point you want to start doing a proper fact find itself we've talked about fact find the fact find is the bones of the whole thing really here you start to look at different mortgage needs they have to make sure you consider any mortgage needs they have make sure you probe on those mortgage needs to get the right information in order to be able to you know create suitability report that's important bear in mind if you've got the client through the portal for factual information that's great because we have talked about this many times before the fact find itself is made out of two parts you've got sort of hard facts and you've got soft facts these are very different so there's your fact find and and they often get split up the hard facts come from the portal maybe the soft information is down to the mortgage needs that you have once you explore the mortgage needs remember to take a look at your protection needs as well the the problems of dying and there you can talk about your lifeline and the protection needs we use cigar to help you get a bit of a process along the way at this point bit of a closure you might want to get some medical questions sorted out get some medical questionnaires going in order to get the protection side of things up and running there's nothing wrong with that because that itself will start to build commitment get a little bit of commitment going remember to close they could close all those good things so that's kind of your first meeting um now some advisors do that over a couple of meetings on zoom the fact find itself can be split you could do a lifeline for example and one and then the needs in another one nothing wrong with that whatsoever if you want to do 20-minute slots rather than a great big sort of hour-long sessions entirely up to you how you split it now the second meeting is all about the advice that you're going to give them this is when you you outline the the solution that you've got for them as well and here you you're talking about fitting in with the budget as well so you want to make sure that the device itself fits in with the budget and by the way a lot of advisors talk about budgets early on as well it's sweden the budget um maybe during the conversation as things progress they'll get a budget maybe at the end they'll get a good budget for the overall mortgage package they'd like to talk about a mortgage package for everything really rather than just for the mortgage and protection bolt-ons are no good it's all about the one as well um here of course you want to make sure that you present your protection package as well so not just the mortgage device but the protection package will need to be presented at this stage as well and you'll want to be selling the illness and the life assurance as well if you wish to do that and you definitely want to sort of close the client at this point as well now if they found a property great if they haven't found a property then they get on with finding a property and that's where the difficulty comes in because what a lot of good advisers like to do then is in the protection actually close on the ipp because you can you can get them to buy an ipp without even finding a house can't you don't need to have a mortgage to 5pp but if they found a property then of course you'll be wanting to wrap things all up all at once so that's the second meeting now the third meeting does depend on what's been going on you don't have to have a third meeting of course but it may well be that the third meeting requires that you do the kfi and the mortgage if they haven't found a property they found a property now so you present everything with this this then becomes sort of an overview of what you've got planned for them but of course if they found the property you want to be doing the presentation closing at that point as well um this is your chance then to do the life and kick critical illness and other health insurance as well then of course you want to close on that so there's kind of a brief overview of the kind of meeting structure that you have it all depends whether they found a property or not they haven't found a property this is kind of like the precursor to them looking for properties get them locked in as much as possible second meeting is an idea of the advice that you've got planned for them them to close on the ipp as well if they haven't found the property they have found a property you want to close on the whole thing a couple things in there you probably notice you might not have seen before and all the way through you need to be closing or like or test closing test the water do the vector closes make sure the customers comfortable to stay with you in this stage as well they haven't found a property test close them so when you find a property i can take take it um take it safely assuming that you're going to come back to me and organize things aren't there you're not going to go anywhere else get the test closing going sign them up for ibp sign them up for the medical questionnaire at this point as well get them into it big time that will certainly help um here make sure that you present the mortgage alongside the life it's one package it's a great big package it's not one item so it's not like bolt-ons it's it's the mortgage package that's another concept that many advisers talked about as well called what you like really but it's one item it's it's all affordability you're in the budget itself don't start um leaving it to later don't start leaving it till they found the property or mortgage has been offered or the exchange of contracts whatever before you start selling the life assurance and of course you have different systems some clients i work with the advisor does the fact finding for the need if you like and then they got offices that do all the quotes and then wrap it all up that works okay as well but as long as you do the fact finding as one and don't leave it out as an add-on at the end of it that's a good structure for a sales process mortgage sales process obviously you've got the review as well later on down the line when the fixed rate comes to an end fees up to you good advisors will charge an upfront fee and maybe as i said to you that gets refunded on completion when you get your prop fee and your commissions from all your insurances that's totally fine some will charge the fee anyway but more and more brokers now are not charging fees you've got to be aware of competition but of course you're dealing with a complex specialist mortgage that requires quite a lot of effort and work on your part to place the case then of course the fee is certainly justified remember to value your value if you don't value if you think clients aren't going to are they so be proud of any fee that you charge so there's an overview for you on the uh [Music] [Music] backpack