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Do you have a plan for growth in 2016? The mortgage industry has dramatically changed over the past seven or so years. It’s time to separate the winners from the losers! What separates the winners from the losers is how they deal with the changing economy.
We are seeing better results with marketing now than we have seen in the last five years. Not just in response rates, but the results from closed loans and the return-on-investment (ROI) is all higher now than it has been in the last five years. Top mortgage companies are broadening the audience to target borrowers they haven’t targeted in years, this increases response rates. The companies with salespeople that go through the sales process described herein are closing at higher rates and holding more value. They’re making more per loan because they are building relationships with their customers, getting more referrals, and customers are coming back to their original loan officers.
Here are the top selling techniques (in order) to keep your pipeline full:
1. Approach introduction
This is the opening step where you introduce yourself; explain what you do and how it could benefit your prospect. You will also make sure they want the products and services you offer. Start building a relationship with the prospect and the information gathering begins. First impressions are essential to sales success. It sets the tone for the conversation and begins the relationship.
This is an extremely important step of the sales process and cannot be skipped. This step allows you to hear the prospects needs and wants. It will also let you know if anyone else needs to be present for the sale to take place.
3. Agreement based on the need–follow up on Step 2
In this step, you first repeat back to them what you heard in Step 2 (their wants and needs). Then, you present to them your product, or the best product for their situation and how it accomplishes their goals, fulfills their wants/needs. And lastly, find out if there is anyone else needed to move forward with the sale.
4. Sell the company
Often forgotten about, this step is crucial in overcoming objections later. This is where you build confidence in the company. People don’t buy from people or companies they don’t trust. So don’t skip it! You’ve been building trust in yourself up to this point. Now it’s time to build trust in your company.
5. Fill the need-the presentation-the pitch
Focus on the benefits rather than the features. This is also referred to as feature-benefit selling. Give them a feature of the product and then give them the benefit based on what you discovered in Step 2.
6. Close the sale–follow up–ask for referrals
One of the main reason sales fail is because the sales person doesn’t ask for the sale.
In short, go back to traditional sales practices and you will have higher close rates and get higher response rates from your marketing campaigns because the campaigns won’t need to be so specifically targeted for just one loan product anymore.
Based in Medford, Ore., TagQuest Inc. is a full-service marketing firm developed throughout the ever-changing mortgage industry. Utilizing industry knowledge, marketing expertise, and technology we implement any or all aspects of your marketing and/or advertising campaigns. With a proven track record, more than 10 years in business, and decades of experience TagQuest knows what it takes to produce unprecedented results in today’s fast-paced mortgage environment. For more information, call (888) 717-8980 or visit www.tagquest.com.
This article originally appeared in the January 2016 edition of National Mortgage Professional Magazine.