An excerpt from Volume 1 of ‘Be The Better Broker‘
Each year my office sees upwards of 200 referrals, more than 300 for 2015. The vast majority of these clients are people I have never met, and likely never will… in person at least. My repeat clients, and often the referral sources themselves, are also people that I have not met in person. Some of these telephone-based relationships are many years old. (Perhaps they refer me because they have never met me in person.)
I’ve never met them because I process 99.9% of mortgage applications by telephone. Specifically, one phone, my cell phone, which is with me 24 hours a day. When I’m in the office I wear a wireless headset so my hands are free to take notes and input applications as we speak with one another. When I am out of the office, the phone remains always on. I tend to respond to client calls as required by the clients.
To me, this tool that so many take for granted is the most powerful device a Mortgage Broker can use. No driving around in horrible traffic and horrible weather, no looking for a parking place, no lost time waiting for late clients, no spinning your wheels with 439 Beacon scores an hour away from your office. And no delay in taking an application. In particular, no delay for the client: make the client’s life simpler and you make your own simpler as well.
My goal is to get a completed application by the end of their very first call to me.
As well as offering a fast and efficient way of working, the phone is a referral-generating machine. Or it can be. Too many Brokers suffer from call reluctance. “How do I get clients without having to cold-call?” is probably the most-asked question from beginning Brokers.
Cold-calling is something any Broker has to do, to some extent, at the start of their career — until they have a roster of happy referring clients — but call reluctance can be a career-killing phobia.
Why don’t people want to call strangers?
- They might be mean.
- They might be smarter and ask questions I cannot answer.
- I will feel small and insignificant if rejected.
Maybe, but more likely…
- I do not have my thoughts organised clearly.
- I do not have my scripts rehearsed.
- I do not have a clear call agenda.
The key to superior cold-calling is knowing what to say in any situation to any potential client, and that is something that comes from experience. So much like jumping into a cold lake, at first it is uncomfortable and generally no fun at all. Soon enough though you grow accustomed to it.
Arguably worse than call reluctance is answering reluctance! Why would a Broker let any call go to voicemail? Think about this: that new number on your call display — that unknown number ringing through – is a potential client. And they cold called you. They are brave! They have made time to speak with you. Reward them with a fast answer, not with voicemail.
The telephone is a Brokers greatest ally, an indispensable tool.
Following are the five vital phone habits that make all the difference to a Broker’s success.
Habit 1: Answer the phone. Every time.
Voicemail is not a crutch!
Voicemail is you saying to the client, “Take off eh!”
The only call that goes to voicemail is a call coming in while you are on the other line with a client.
Habit 2: Call back immediately.
Every minute you delay is a $100.00 bill lit on fire. (Not really but plant that image in your mind)
Actively missing a call? Have pre-set text responses. This is still a touch.
Missed a call? Call back instantly! The Realtor gave the client three numbers. The client is already dialing the next number.
What are you waiting for?
Habit 3: Control the call.
Your objective is to convert first-time callers into completed applications in the system by the end of that very first phone call.
Whether the call is incoming or outgoing, it’s important to have a plan. Create templates for various types of calls. These will help you stay on point and assure that you don’t forget something important
In the next post I will expand on this idea with scripts that accomplish various objectives. They cover the initial fact-finding questions as well as answers to the most-asked questions on potential clients’ minds. Clients might not come out and actually ask these questions, but the Broker needs to answer them anyway.
Habit 4: Create contact cards.
Create a detailed card for…
Every number that you ever call or calls you: clients, lenders, BDM’s, underwriters, prospects, law firms, friends, family, wrong numbers…
Everyone!
Track everything. Enter the referral source’s name in the notes section of the contact card.
Create an Excel sheet to track not only the client data and origins of clients, but the origins of referral sources.
You cannot keep track of that which you do not track.
There are always surprises in the data!
Habit 5: Follow through.
While I am having an initial conversation with a potential client, I am already quietly building their application. By the end of the initial chat I have about 50% of the mortgage application completed. A few more questions and it is 99% complete, allowing me to send my (non-binding) client agreement and documents list email to the client.
We have given the client what they want most… Instant Gratification.
We have given them:
- Their maximum mortgage approval
- The math around payment amounts (i.e., $400.00 per month per $100,000)
- Locked-in rates
- A complete list of any and all documents required to complete an approval
Once that call ends there is still more follow-through for you:
- Hit send on the (client agreement) email to the client.
- Complete their application—100% of the fields.
- Create the client contact card in Outlook.
- Add the client to your email list.
- Thank the referral source (email, call, and/or a thank-you gift).
- Contact the client’s Realtor, send them your contact card and build one for them in advance.
- Send your contact card to the client via email and text.
In the course of one phone call, you have now: gathered enough information to initiate an application, sent the potential client an impressive answer to their questions, created a detailed new contact card, and wowed the client with your immediate, detailed attention.
Next Post: the detailed phone scripts.
Thank you
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