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The other day, I witnessed what I would call one of the most pathetic attempts at a sales call I have witnessed in quite some time. I was visiting a new home community and waiting for my appointment to meet the sales rep.
Although this builder has their own mortgage and title company, the sales rep had contacted me because of my experience and reputation working with Boomerang Buyers.
As I sat there waiting for her to finish her meeting with the person in the room with her, I could not help overhearing their conversation. The person speaking was clearly a loan officer. He was well-dressed and seemed to be handing her paper after paper out of his folder.
After about 15 minutes, he left with his head slightly bent as if he had just gotten kicked in the stomach. As sad as this sounds, I felt amused and sad for him all at the same time.
What did he miss?
I give him credit for trying to break in to a new home development knowing that the company has its own in-house mortgage. Now only are they obviously the preferred lender, but the builder gives buyers a $10,000 incentive when you use their mortgage company and title company.
This loan officer made a critical mistake and it’s important for you to go back to all of your marketing and promotional pieces and realize one important piece of information. This is so crucial to your success that I would suggest taking out a pen and paper and writing this down right now before reading the rest of this article.
You must know the station every human is tuned into
We are all selfish beings and are tuned into W-I-I-F-M. These letters stand for “What’s In It For Me.”
This loan officer was literally vomiting all of the reasons this builder rep should do business with him. He told her about all of the programs he offered. He told her how competitive his rates were and what a high level of service he was able to offer.
What did he miss?
He never stopped for a second to even ask her anything about herself. He did not ask her about the project itself. He truly never stopped talking.
The first lesson of course is to ask and listen. Resist the urge to speak as difficult as that may sound. In my LOUnfairEdge.com program, I discuss the persuasion and manipulation (they are not dirty words) in great detail. But the key is listening 90 percent and speaking only 10 percent.
It’s very hard to sell someone a service when you don’t even know what they need or if they even have a need. In this case, this builder rep already had an in-house solution that was the preferred choice.
If you are able to listen and asking probing questions, you can discover a need before you start spitting out all of the reasons they should give you a try.
How did my meeting go?
I left the meeting with a big smile on my face. To begin with, this agent requested the meeting with me which automatically put the power on my side of the table.
She had heard about me from some of her peers. She had seen me on TV and had attended one of my classes on working with Boomerang Buyers at the board of Realtors.
I didn’t have to tell her I was an expert, she already knew that since I had positioned myself correctly. But what was truly different was that I asked about her.
I wanted to know how long she had been in new home sales. I wanted to know how the project was going in terms of traffic and offers. I asked her if she needed any assistance, and if so, what did she need.
She told me exactly how to sell to her
This project is in a middle-class area of town, and is slightly above the average sales price for the area. Her in-house lender does not offer first-time buyer bond programs and apparently are very strict with their underwriting and have many overlays.
The other loan officer has no idea of her needs
During the rest of my time with her, and only after learning her needs, I was able to walk out of her office with three prospects to call. We agreed, at her request, that I stop by at least one day a week just to check in with her.
The bottom line is that she wants to sell homes and I want to close loans. This is a win-win and satisfies the “What’s In It For Me.” But it doesn’t end with this meeting. The buyers you will meet are all tuned into the same station, “WIIFM.” No one wakes up in the morning and decides they want a mortgage.
Listen to your buyers … ask them questions. What’s important to them? Is it the monthly payment or the amount of cash they need at closing? What are their goals?
You can’t sell anyone anything until you know that person’s WIIFM.
Brian Sacks is a nationally-renowned mortgage expert who has career closing of more than 5,924 transactions for more than $1 billion. He has trained, consulted and coached tens of thousands of loan officers and company owners over the past 31 years on how to close more loans, make more money, and still have a life. Brian is the host of "Top Originator Secrets," which can be seen weekly on Mortgage News Network and on his blog. You can get more information and grab your free report on "How to Get Agents Chasing You" at TopOriginatorSecrets.com.
This article originally appeared in the August 2016 print edition of National Mortgage Professional Magazine.