As published in Scotsman Guide's Residential Edition, May 2005.
Have you ever had a day when you simply thought you were losing your mind? Or even worse, you said something to a client that you wish you could take back? You try to grab the words as they leave your mouth — only to fail and leave embarrassed by your comment.
There are many unbelievable instances when loan officers had a mental meltdown and uttered the wrong thing. Enjoy each of the scenarios. Whatever you do, don’t try them at the office.
“Did I tell you about the last deal I did for the Smith family?”
A loan officer actually uttered this statement to build his credibility in the marketplace. Instead of building his reputation, he destroyed what little credibility he had. He also opened up his company to potential lawsuits with this comment.
The truth is that you should never discuss the details of another borrower’s transaction to a potential client. It does not impress anyone, and most borrowers will be asking themselves, “Will these brokers share my information in their next appointments?”
“Our Web site has all of the answers to your questions.”
I recently conducted a survey of our competition near an office where we were about to place several new loan officers. My team had called several mortgage lenders in the area, but one particular office stood out from the rest — and not in a positive way. We began asking this company’s loan officer specific questions about its product and program. Out of the blue, the officer cut us off and told us the company’s Web site had all the answers to our questions. The loan officer asked that we call back after we visited the site.
Can you imagine how many clients this company has lost by training its new employees to steer people to the Web instead of answering a few simple questions? Sales managers should take the time to listen to what their people are saying on the phone. They also should increase employees’ phone skills with training and structured practice.
“I don’t know much about my company.”
Learn your company’s history. How was it formed? What are some critical points throughout its history? What are its core values?
When a potential client asks questions about your company, it is important to know the answers. It’s possible to ease customers’ anxiety when their salesperson can talk knowingly about the company. This sense of pride in your employer will shine through the transaction and help customers feel confident in their decisions to choose you.
“We don’t do new loans.”
As the market turns south from the biggest refinance boom this country has ever seen, comments such as this will work against you. I would bet a year’s salary that people who have said this would like one more chance to speak with all the people they turned away during the boom.
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