Scotsman Guide > Commercial > October 2013 > Article

 Enter your e-mail address and password below.


Forgot your password? New User? Register Now.
   ARTICLE   |   From Scotsman Guide Commercial Edition   |   October 2013

Making the Right Call in Communication

Close more deals with these seven tips to mastering the art of speaking with clients

Although e-mail has replaced phone and face-to-face conversations in almost every industry, the absence of personal communication that creates rapport and trust is missed most in the mortgage industry.

E-mails may be effective for speed and productivity, but successful commercial mortgage brokers likely would tell you that picking up the phone and speaking with prospective or existing clients is invaluable. Furthermore, this sort of investment will pay dividends throughout your career.

Personal communication also transmits your expertise and knowledge to clients more effectively than what several e-mails may do — regardless of their content or listing of your various designations. This kind of communication is an art, and few professionals recognize its significant value in today’s marketplace.

Many mortgage professionals who are fascinated with the speed of technology may preclude themselves from addressing clients on a personal level — something that everyone in sales should master. Some mortgage brokers may have developed people skills naturally as they grew up and went into their professional lives. But many may need the help of mentors to master the art of speaking with others with casual aplomb as well as closing skills.

In the mortgage business, professionals can lose deals simply because they lack the personal-communication skills necessary to closing deals. Here are a few tips that can help you develop your skills and get to closing.

1. Underpromise

When you provide clients with quotes, always offer a range of rates that is based on the worst-case scenario. Quote the highest rate, pending the receipt of the loan package. By doing so, you get three benefits:

  1. You will be sure of having a serious borrower if you receive the requested package.
  2. You will get all necessary details, and you can trump any other quotes that the client received without providing a loan package.
  3. Your clients will have the correct rate and terms based on facts.

Clients will appreciate brokers who show this sort of due diligence and integrity.

2. Offer a cookie

When you go to borrowers with various stringent guideline demands, hand them a cookie — a virtual one, of course. If you’re asking your clients to provide two years of tax returns, an unexpected environmental report costing $5,000 and an updated appraisal for $3,000, explain first to your borrowers how your product is the best fit for their needs and the rate is lower than expected. Your clients likely will be relieved to be getting good terms and unfazed by the additional costs.

3. Simplify

Clients are not interested in deciphering the jargon of the commercial mortgage industry. They simply want to know what the terms are and where to sign. Sometimes offering too many details on an initial quote makes the offer unattractive and confusing.

After sending a letter of intent, take a few minutes to call your clients and offer explanations. You may be surprised at how many loans you will close by taking this approach. Clients often are grateful to receive special service and extra explanation. Let them know that you are a trusted adviser — one who recognizes how financing a property can be a daunting experience.

4. Don’t say a word

One of the biggest mistakes you can make when working on presenting a transaction is to say too much. Simply present the terms on the letter of intent and stop.

As much as you will want to say something to push the sale, don’t say a word. If you let your clients speak first, you certainly will have a closing. If you speak first, you apear to be overselling the deal, and clients are likely to back off. Thinking there may be a better deal out there, clients likely will chooseto continue shopping instead of taking the offer on the table.

5. Read the signs

You know you have a deal when your borrowers start asking questions like:

  • How long does it take to get the appraisal back?
  • Do I have to be on site for the environmental inspection?
  • Can we lock the rate now even though we won’t close for acouple of months?

When your borrowers are asking these types of closing questions, they are ready to proceed. Don’t miss the opportunity.

6. Talk now

When you see that your borrowers are comfortable with you and your presentation, now you can speak. Ask borrowers detailed questions like when they can meet the appraiser at the property or if they have a preferred local title company. Go through the file with them and make sure everything is accurate. Being thorough and up to speed on their loan is likely to win their approval.

7. Do it right

Many salespeople think that closing and getting paid for a sale define success in sales. Although it is important to be a good closer, it is far more important to be sure that clients are getting what best suits them and their property. You can’t lose if you genuinely care about your clients and put their needs first. By doing so, you will be sure to get the check and more important, to get clients for life.

• • •

The skills required to communicate effectively with clients can’t be learned overnight. These seven steps, however, can help you along the way. Your focus on communicating effectively with clients and putting their needs first should pay off handsomely.

Bubble 0 Comments

By submitting this comment, you agree to comply with our Terms of Use.

The text exceeds the maximum number of characters allowed.

Are you sure you want to permanently delete this blog comment? This action cannot be reversed.

You must enable your community profile to use this feature.

Cancel Enable profile

You have flagged this post for inappropriate content.

Please explain below. Thank you.

Cancel Submit

Fins A Lender Post a Loan
Residential Find a Lender Commercial Find a Lender
Scotsman Guide Digital Magazine

Related Articles



© 2019 Scotsman Guide Media. All Rights Reserved.  Terms of Use  |  Privacy Policy