Chapter 67 − Taking the Mortgage Application—Where?
Few will share their money freely; yet most will grant far more time than is wise to things which are far from wise.
Many people will firmly clench a $20.00 bill in their pocket as they pass by a person with their hand out, yet most of us will give freely 20 minutes, an hour, or dozens of hours with hardly any requirement for clarity of outcome. In other words, most of us waste time foolishly, and time (being finite) is far more precious than money – yet we cling to money with meaningless fervor wile frittering time away.
If you have this equation backwards, you’re not alone.
Ring, ring: “Hi, we were told to call re mortgage financing; so ah… what’s your best rate?”
Ideally, this incoming call ends 15 to 45 minutes later with either a new contact in your database and a scheduled follow up, or a complete mortgage plan and application loaded into the system ready to submit to a lender. Most agents, especially rookies, will opt for a series of meetings spread over a few days, this is mainly related to a lack of confidence, skill & experience. (if you said ouch, you know it’s true)
For the pro’s, things move fast. Because through experience in this business we learn that speed kills, more specifically a lack of speed kills deals. As you hone your opening call skills you’ll filter people into at least 4 buckets.
Bucket #1
The do’ers.
You will build the application and mortgage-plan on the opening call – just get it done! The call ends with the file built and ready to submit (pending a signed LOE & CB) yet with no specific rate-commitment made.
Instead the clients understand they’re in skilled hands, and trust they’ll get the best rate as it applies to the product, policies, of the lender that best fits their specific scenario. Yes trust can be built this quickly, yes by phone, and even more easily over zoom. I’ve done it hundreds of times, and so will you… if you want to learn.
Yes, you can master the art of converting first-time callers into instant and long-lasting clients. This approach is pure efficiency, the pro’s know it. Effective use of energy is everything in Brokering.
Know when you have the momentum and the client buy in and carpe diem!
Bucket #2
next week…