Start Dating Your Customer?

Written by Stephen Kinney Thursday, 03 April 2008 17:02

Not Really but, developing a client or mortgage referral relationship is a lot like dating. If you talk too much during the first date, and don’t ask your date about themselves, then you are not likely to get a second date. For sure if you ask them to marry you, you will be out on the curb.

Many reverse mortgage salespeople have trouble getting started on a sales campaign, especially to referral sources. A large part of the problem for many reverse mortgage salespeople is that they have the wrong expectations of success.

Here are some interesting statistics: 

• Only 1% of all sales are made after the first contact with a Client or Referral Source!
• Only 50% of loan officers ever make the second contact!
• Over 80% never make a third contact!
• 81% of all sales are made after the fifth contact!
• Only 8% of loan officers ever make the fifth contact!

The first thing you must realize is this; Stop selling in the early calls and start learning! Resist the urge to get to the proposal right away. The harder you sell when you first contact a client or referral source, the less likely you are to find success. Your prospect might not even want to see you again!

Instead, you need to create a blueprint for a successful sales or referral campaign that is based on as series of encounters over a set period of time, with a minimum contact of at least 2 to 3 times a week.

Like dating, the expectations for the initial calls should be limited and build on past calls. If you don’t call again within a reasonable amount of time the person you are trying to woo may think you lost interest. As the relationship becomes more comfortable, you can ask for more, and expect more, from the person you are courting.
It is important that you give the relationship a fair chance, If over time, however, the relationship does not meet your expectations you should seek a more suitable partner, one who will fulfill your needs. To be sure no one wants to be stuck in a dead end relationship. There are plenty of fish in the sea, so don’t be afraid to try your luck somewhere else.

Here are a few questions to ask yourself to determine the success of a sales call:

• Did I do far more listening than talking?
• Did I learn the important needs and wants and explore them in depth?
• Do I know the problems he or she faces, and will I be able to help in some way?
• What are his/her expectations of me? Did I find out the most important things he or she looks for when working with a mortgage pro?
• Did I create a common ground of personal and professional interests?
• Did I make a personal connection?
• Did I set a follow-up meeting that will add value and take the relationship to the next level?

Like dating, reverse mortgage sales can be hard, there are lots of opportunities for rejection, and both parties might get hurt. However, the more you date, the easier it gets. You’ll learn the things that work, things that don’t, and you get better at it. Sales is the same way, the more you sell the easier it gets, and over time, you enjoy it more and even thrive on it. We all know someone who dates frequently and easily, and you envy him or her. I bet if you ask them why they date so much they will say, “I like the practice”.

About Stephen Kinney: Stephen Kinney is CEO of Stephen Kinney Associates a company that specializes in training and consulting services to the reverse mortgage industry. Stephen has 26 years experience in the mortgage industry and an expert in reverse mortgages.