Sales Tips for Mortgage Brokers? First, let's look at what not to do. The shifty used car salesman (and back in the day, it always was a MAN) is an American legend, icon, and bogeyman. The level of chicanery and duplicity is the stuff of many wild folk tales. Now, it's likely that every culture has its version of the American Used Car Salesman, so the concept isn't hard to grasp, but it is the exact opposite of what today's real estate salespeople want to avoid.
For the most part, today's homebuyers are well-versed with the current economy, the housing market, interest rates, and their creditworthiness. They expect full disclosure and transparency from their brokers and agents. They, for the most part, are tech-savvy and know how to find answers to their questions. They might know about Mortgage Automation. They might even know about Artificial Intelligence and its use in Contract Loan Processing.
But they don't know everything. And it's your (and your agents') job to educate them. And you have the tools. Mortgage Tools. Mortgage Broker Tools. Things like Mortgage Loan Automation make the entire process quicker, smoother, and more efficient.
How to use those tools? Like any successful relationship, there needs to be transparency on both sides. You be honest with the homebuyer, and they must be honest with you. This may sound like a 'given' quality, but there are still parties on both sides that don't put all their cards on the table. Hopefully, this transparency will lead to an offer and acceptance of the best option for the purchase.
Review Your Strategy And Tactics
Sales Tips For Mortgage Brokers. Your agents need to know that even though there is a natural flow to the sales process, it doesn't happen without a plan. What's the plan? And how do they get to the goal?
- Start with your leads - How do you get them? How good are they? What percentage leads to a deal? If you're unhappy with the answers to these questions, work to improve them.
- Know your clients - What do they want? What can they afford? What are their priorities? They probably need your input on this, so share freely, and you'll be rewarded.
- Make the next step face-to-face - However, if you do a face-to-face meeting – in person or via zoom, make contact more personal any way you can.
- Everyone knows what the deal is - No surprises for the clients. No last-minute changes. Transparency, remember? To not do this is to risk everything: your reputation, your income, and your future.
- Stay focused - Don't leave everything hanging while you deal with a specific problem. Don't get distracted and veer from your goal. Sometimes speedbumps turn into roadblocks.
- Speed the process - Using an ever-increasing array of online tools can solve one of the most significant obstacles in the home buying process: The length of time needed to get all the required paperwork together. Sharing documents online, constant communication, and quick response to queries are some critical elements of both speeding the process and building your business.
Don't Lose Touch With Your Customers
Let's assume you've been working with a young/middle age/older couple. What do they need to do, and what do they need to know?
- Make sure they know your skills - A significant way to increase your client's comfort is to make them understand you know what you're doing. Say it and demonstrate it.
- Don't forget you're also a sales professional - And what does a professional do first? Establish trust with the client. Make sure they understand you will only act in their best interest.
- Be a straight shooter - Always, always, always tell your clients the whole truth and nothing but the truth, even if it's bad news, even if you've screwed up.
- A key element? Speed - There are always situations where things need to be done yesterday. Don't delay. "the early bird gets the…" well, you know the rest.
- If you want something, ask for it - There's also an old saying: "you won't know if you don't ask." Yes, you're a professional, and you know the ropes. But each situation is different, and ask when you come across something you don't know.
- Know when and where - While you work all the time, maybe your clients' schedule is tight. Know their limits and be considerate of their time. Don't alienate them with unreasonable demands on their time.
- Usually, there are no quick responses - This could be, and you should be prepared for a marathon, not a sprint.
- Plan ahead - Be ready for the next step. Or the following two steps. Remember that you don't want any speedbumps.
- Follow up. Always - Good or bad, make sure there's some discussion between you and your client after each viewing or meeting. In-person, if possible.
- Know your market - Really know it. Like inside and out know it. Be prepared for the curve ball. You're showing clients single family, and then they decide they want a condo? It will happen.
- Referrals are important - This is where a lot of your future business will come from, don't ignore this source!
Don't Let Them Wear You Down.
Closing the deal may take a long time, and there may be many hurdles to clear. People do strange/funny things that you can't let distract you. Stay focused. Laugh a little. Your attitude will influence those around you, so keep it upbeat. Now, get out there and win!