This shake up will generally affect those loan officers who did not prepare properly by focusing on their core businesses. By getting sidetracked with the ease of refinances, their business markets will shift and their momentum will no longer be strong enough to carry them. They will worry and are feel a lot of stress in trying to rebuild. At the same time however, loan officers who kept their focus on the core business will continue to thrive. Their business will remain up, their momentum high and in fact if you were to tell them that the market changed, they would agree but, so have their systems and strategies. As a result, many of them will continue to have record months.
I was talking with one of my clients recently, a high producing branch manager whose personal volume last year exceeded $50 million in closings. He kept his refinances below 30% of his total production and over 80% of those were refinances for past customers. He stayed focused on building, strengthening, and expanding relationships with his key business sources. As a result, his third quarter in 2010 is projected to be very strong closing over $10 million. I have interviewed several clients this year and while they all admit the business is a little easier, they also have done a good job preparing so that they can still succeed in a big way.
So what's all this have to do with Scripts for Success?
EVERYTHING! Preparation is the name of the game.
There is tremendous power in scripting. I suggest that you not sound scripted but rather, by designing scripts that deal with key issues and perfecting them, you will be fluid using them when those situations arise. Let us focus our efforts on the one element of the sales process that seems to concern most loan officers and that is how to effectively manage objections.
In my sales training courses, I spend a large amount of time on why we get objections. I teach loan officers to understand the dynamics of the sales call so that they might better understand the source of objections and then develop a strategy to deal with them. Objections become, for so many loan officers, stumbling blocks when in fact they should be stepping stones. However, one of the major reasons loan officers don't get excited about responding to or dealing with objections is that they don't have a system which includes questions and response scripts which gives them certainty. Consequently, objections brought up by potential Realtors, buyers and prospects, can destroy sales momentum and in fact destroy relationship opportunities.
When I began my career, I was fortunate to have a mentor who said to me that there are going to be several points in the sales and influence process where you will get objections. When those arise, you must know what to say if you want to convert that situation into something positive.
My goal is to teach sales professionals a process that helps them break down resistance and build acceptance with their prospects. Objections will surface, but so often a lot of them can be eliminated if the sales professional changes his focus from making the sale to making a client. By shifting and increasing the elements of time that are spent in true, in-depth information gathering, a salesperson can reduce the probability of receiving objections. While this does not suggest that objections will go away, it does imply that many of them are merely unanswered questions or needs that with proper interviewing and presentation techniques would be reduced.
Why don't salespeople spend enough time in the interviewing or information-gathering stage?
It is because most of them are thinking of making the sale rather than making a lifetime client. If you can think long-term as you are working with prospects you will be likely to reduce the conflict that arises when you don't effectively meet their needs(objections).
Since objections are part of the marketplace, it is of paramount importance that you have a system in place that allows you to effectively manage them. The loan officers who don't will end up working hard-losing loans and customers that could ultimately be profitable, long-term accounts.
Here are some how to's:
- To turn objections into positive action we must let our prospects know that we share their concerns before offering additional information. Most loan officers offer information before understanding the motivation for the objection.
- To get prospects to take action, we must first get them to feel good about the action.
- Managing objections is made easier if you try to understand the objection before you try to solve it.
- The primary reason your prospect objects is you have not yet created enough value, or they fear making a wrong decision. Focus on those two issues and you can master any objection.
- The fastest way to stay in control when an objection surfaces is to ask a question. It is important to note that the objection stated is never the real objection. The real objection can only be found by going beyond the stated objection to the core issue. For example, a customer who says your rates are too high is not objecting to your specific rates but rather, suggesting that they are uncomfortable with the payment. You can now focus on that issue by creating a different "Financing Package" that gets them the kind of payment they feel comfortable with.
One question you might want to experiment with that can help you get to the real objection would be, "Tell me what it is about (state objection) that makes you feel uncomfortable moving forward with a decision?" You have to get comfortable with this question but once you do, it-can really uncover the core objection. Then you must solve the objection. This is where scripting becomes very beneficial and where the difference between success and failure usually occurs.
What I want to encourage you to do is develop a log or journal of every objection you get in this business. Then you should develop 1 or 2 scripts for each one, memorize them by recording them and listening to them over and over again or by role-playing them with a peer, over and over again. Perfect practice make perfect.
It would be a shame to go down the path of attempting to influence someone to do business with you and because of your inability to successfully manage an objection, lose the sale. Go one step beyond where most stop, master objections and you will master sales. Enjoy the process!
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