Successful mortgage brokers operate in a unique sales environment in which the traditional selling process still applies, but at the end of the sale, the broker takes no payment from the client, and in fact, actually saves them money. You’d think that’d make signing new clients a breeze, but it isn’t so easy, and a strong sales processes and refined selling skills are an absolute must for a successful brokerage team. This article outlines five simple, but highly effective techniques that brokers can apply to their mortgage sales processes to close more new clients and spend less time pursuing each.
1) Never Forget That Relationships Are Everything
Mortgage shopping is a huge event, especially for new homeowners who haven’t done it before. As a broker, it can be easy to think of the process as a one-off event, leading to transactional service with no expectation of dealing with the client again in the future, but that’s a huge mistake. Even though it could be decades before a client comes back to you for help with another mortgage, it’s important to approach every client with the goal of fostering a healthy long-term relationship. Not only will it get you to repeat business – however infrequent – it’ll get you word-of-mouth referrals, the lifeblood of your business. And don’t forget about renewals, either!
2) Embrace Cold Calling
There’s no getting around it – cold calling is painful. But it’s also effective, and many of the most successful mortgage brokers use cold calling extensively to generate new business. On the upside, you don’t necessarily have to do the calling yourself. Once you have a great script developed, cold calling is all about sticking to it, so you can easily hire out the work relatively inexpensively if you cringe at the idea of hearing potentially hundreds of rejections every day.
3) Focus on Benefits Over Service Descriptions
One common mistake many salespeople make in all fields is selling “features” over benefits. In a service industry like mortgage brokerage, the analog would be focusing on what you can do for the client rather than why they should want that service or how it will benefit them. The prospect knows you’re going to negotiate with the bank for them, but do they know why that benefits them? Do they understand that you work for them and not for the bank, and as such only have the incentive to get them the best deal possible? It’s important to communicate why more so than just the what.
4) Don’t Be Afraid to Ask
Closing a new client can be difficult enough as it is, but some brokers make it far more difficult than it has to be because they aren’t comfortable asking for the client to sign on. Trial closes are an immensely important part of the sales prices in all industries, and trial closes are all about simply asking for the sale. If the customer says no, then you know there are more objections to overcome. But if they say yes, you’ve just saved yourself a lot of time that would’ve otherwise be wasted trying to sell to a customer who was already sold on you.
5) Utilize Customer Resource Management Technology
There are a lot of mortgage brokers out there, so it’s important to stand out. The most successful brokers know that the best way to do that is by offering unparalleled, personalized service. Making sure the client feels like the only client is the key to building a successful relationship and generating all-important referrals. Customer resource management software makes it easier than ever to deliver an elevated level of service by automating and streamlining all aspects of your customer interactions. A good CRM platform like CRMDialer makes it easy to record and manage all relevant customer data from each and every interaction, and to access that information in a matter of a few clicks. That enables your team to offer more personalized service than ever before and to ensure each client is receiving the best possible experience in obtaining their new mortgage.
For more information about how CRMDialer can help your brokerage put customer resource management technology to work, click here to set up a free demonstration or contact our team today!