Real Estate Financing...

I've heard analogies, loose and otherwise of salespeople.  Always liked the one about how a bad sales person is like a bad toupee; unnatural, easy to spot, and usually more of a blemish than a compliment.  Though, I don't know how many good toupees really exist anyways, so I will bald like I gray......naturally & inevitably.  As far as sales, I will try to evolve and learn as if I were to sell forever.

To me a good salesperson is like most of us, has two ears and one mouth, only what makes them good is they use them accordingly.  They not only listen to their clients, they are attentive and understanding and also in identifying their client's needs and matching them up with the best product and solution accordingly.  Through this process, it seems to me vital that the demeanor be sincere and the concern, genuine.  Hey, just remember, that client has a mouth and may use accordingly as well.  If they like you & your service...you may just get what is the core of a strong residual lead system.....referrals.

That initial contact is typically the dreaded "rate" question.  First off, a sense of trust and connection must be established and this rarely seems to be cemented down with a simple rate quote or pre-approval letter.  If you are quoting anything higher than let's say, 6%, you may feel like you just passed gas in church during prayer.  And you may be treated as such from that client.  Look though in the wallets of those same people and you see credit card rates of 18%, mortgage rates that shockingly aren't as low as they thought they were, and it makes you stop and wonder.  Why might that be?  It's about focusing on a consumer's needs.

By doing that, you overcome the rate issue.    Ask the probing questions; why do they want a loan, have they applied at the bank or other mortgage companies and if they had why didn't they take the loan or why were they turned down?  Those answers will give you a feel of the best lending options for that client.  As far as numbers, focus on payment instead of rate.  Afterall, payment and the stability of that payment years from now is the bottom line, rate is important but also overrated, you may be paying a 6% rate but what about the PMI they are paying.  Borrowers are amazed when you give them a higher rate but lower payment.  When they see an educated mortgage advisor on the other end, that is a relationship, and those turn into sales more times than not.  Give them options, but not too many to confuse the client.   Afterall, most people only go through the mortgage process a handful of times in their own lifetime and the parameters are ever changing as is.  If someone calls you and says, "What's your rate?"  As you are 'pulling up your rates' ask them ideally what they want this loan to do for them and say while we are on the subject of rates, how would you like to pay off your mortgage before your kids start college or maybe before you retire?  Then shut up, remember you have two of those ears.  Let them run their mouth.