As a mortgage professional, your success depends on your ability to hold meaningful conversations that build rapport and trust. These conversations are the gateway to building relationships, understanding your prospective referral partner’s needs to drive them to a “yes” to work with you.
Transforming these conversations into conversions is a nuanced art, one that demands more than just industry knowledge. This interaction requires the right strategies and an understanding of how to communicate your value in a compelling way.
There are numerous strategies for effective conversations to win business. Among them, one stands out for its simplicity and effectiveness: the “If, If, When” technique. This strategy can prove to be a game-changer for mortgage professional who master this approach.
Demonstrate value
When you sit down with a potential referral partner, your primary goal is to be so clear in your three strong value propositions that you provide for your partners that they can clearly see the value in working with you. Your value proposition is a concise statement of what the referral partner would receive if they work with you.
The best way to achieve this goal is to start by leading the referral partner into a conversation that identifies what’s important to them in the relationship with their mortgage lender and actively illustrating the value you provide. The “If, If, When” strategy helps you do just that by breaking down the conversation into clear, manageable segments.
The first part of this goes something along the lines of, “If you work with my team, you’ll get this (benefit for them).” Start by highlighting a specific benefit that the referral partner will gain from working with you and your team. This initial “If” sets the stage, piquing their interest and demonstrating immediate value.
As an example, “If we have the opportunity to work with you, (Realtor name), one of the benefits our other Realtor partners love about our team is our 10-Point Milestone Communication Plan. Our Realtor partners love it because they never had to call us to check the status of the loan. We proactively call the listing agent, selling agent and client on all 10 milestones of the loan process, so they always know the status of the loan and that we are on track to close on time.”
Emphasize advantages
The second “If” in this strategy shines a light on the next value proposition the Realtor will experience in working with your team. This reinforces the value proposition and deepens their understanding of what sets your services apart. It’s crucial that this benefit resonates deeply with their needs or desires.
As an example, “If we have the opportunity to work together, (Realtor name), our top-producing referral partners love that we submit 80% of our loans for formal loan approval right out of the gate, so your clients can compete against all cash offers. And we communicate with the listing agent when you make the offer, to make sure the listing agent knows they have formal loan approval and are as good as cash.”
“Here, you paint a vivid picture of the ultimate outcome they can expect —
one that aligns perfectly with their goals and aspirations.”
Finally, transition to, “When you work with me, you’ll see (biggest outcome for them).” This is the assumptive close technique. This subtle shift assumes the close and projects confidence in the partnership. Here, you paint a vivid picture of the ultimate outcome they can expect — one that aligns perfectly with their goals and aspirations.
Here’s how this part of the strategy works: “When we have the opportunity to work together (Realtor name), our referral partners love our client follow-up campaign. We follow up annually to see how they are doing with their home and their mortgage. We identify any major life changes, update them on the market and offer to help them with any financing or real estate needs they may have. Then we will update you, so you are always in the know with your past clients.”
Refine delivery
One of the significant advantages of the “If, If, When” strategy is its ability to transform a sales pitch into a value-driven compelling conversation. Instead of making the listener defensive, you guide them through a series of benefits that culminate in a compelling vision of success. This method helps them see the bigger picture, making it easier for them to connect the dots between their needs and what you offer.
Like any skill, mastering the “If, If, When” technique requires practice. Start incorporating it into your conversations and pay attention to the responses you get. Over time, you’ll refine your approach, making it more natural and effective. The more you use this framework, the more you’ll notice a shift in your interactions — you’ll begin converting more conversations into closed deals and long-term partnerships.
“Transforming these conversations into conversions is a nuanced art,
one that demands more than just industry knowledge.”
In the competitive landscape of the mortgage industry, the ability to hold effective conversations that influence is invaluable. The “If, If, When” strategy offers a straightforward yet powerful way to connect with potential referral partners on a deeper level. By focusing on the benefits and outcomes that matter most to them, you can turn conversations into conversions, driving your business forward and achieving your goals. As you integrate this strategy into your practice, remember that the key to success lies in consistent application and a genuine desire to understand and meet the needs of those you serve. Here’s to transforming your conversations and realizing massive results in your mortgage business.
