Adding Emotion into the Sales Process

Over the last several years those in the mortgage industry have enjoyed the low-rate environment, but times, they are a’changing. And industry veterans have seen this cycle before. Rates are on the upward trajectory and LO’s that have survived, even thrived, on discussions around rate and simply playing the numbers game may have some harsh truths to face.

Keys to success in this market is centering the sales process on creating an emotional connection with borrowers and continually serving as that trusted advisor on every call, every time.

Stop Selling Mortgages

You’re not really selling mortgages anymore. You’re selling the dream of a home. You’re offering a debt reduction plan that will bolster security. You’re giving borrowers the tools they need to be a savvy money manager, the king of their financial castle.

Information is power and when LOs are trained to be that resource for the unique needs of every borrower, you’re taking a remarkable step forward and a critical one for finding success in 2022 and beyond.

Real World Scenarios

• A borrower who has credit card debt can be shown how to take control back and use the equity in their home to have more flexibility in their budget, improve their credit rating, and achieve their goals.
• A first-time buyer of a home can be a particularly anxious borrower; showing empathy and building trust through the process as well as showing them the benefits of homeownership is playing the long game and they’ll turn to you when it’s time to renovate or upgrade.

You can’t focus on rate anymore, plain and simple. Arm yourself with information and have questions at the ready to help truly understand the motivations driving each unique borrower.

Measuring Success

Manufacturing an experience sounds like a logical way to connect with clients, help provide valuable solutions, and close more loans, but what does that really look like?

Picture it. The phone rings and you have just a moment to create that spark—to ask the right question or make the best statement that keeps the conversation going. Are you ready? You should be prepared with:

• Excellent call scripts that are proven to work and establish a connection
• Lists of critical questions that will help you get to the primary motivation or the emotional priority of the borrower
• Talk tracks that help you speak to a variety of solutions that meet borrower needs—go beyond mortgage options, prepare to discuss ways you can help them achieve goals

Managing Your Team

Given the success in this arena in recent history, many young and hungry salespeople have entered the industry. The rising rate market in which we now find ourselves will likely prompt LOs to change companies, believing that any bumps in the road will be smoothed out in doing so. But, those who have been here for a minute know that this is probably not the solution for them. What, as a manager, can you do to ensure your solvency and help rising stars meet these challenges head on?

Reward a rigorous adherence to a proven sales process, not simply the outcomes. Naturally, closed loan volume is an easy performance indicator to point to when defining success. However, this market is sure to shake things up and as the dust settles, those LOs that commit to the process and work the system will see more consistent results and build their book of business that will lead to a thriving career no matter what the market does.

Adopt best practices and deploy the best tools of the trade. Ongoing training will matter more in the coming months than ever before. Monitoring incoming and outgoing calls, measuring the quality of the conversations and promoting continuous improvement will pay dividends. Scrutinize your analysis of lead handling at every stage of the borrower journey.

Monster Lead Group is a powerful combination of data scientists, mortgage industry thought leaders, and revolutionary direct mail experts. We uncover high quality leads and send direct mail, but we don’t stop there. Our mail campaigns are refined and tested in real time to ensure our clients’ phones are ringing. And once the call is answered, Monster provides inbound call coaching to increase conversions.