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How many times as an AE have you reached out to a potential new originator and you hear them say to you any one of these objections…I don’t need any more lenders…I am not interested…I don’t have the time…?
How many times as an MLO have you heard, when reaching out to a potential referral partner like a real estate professional…I already work with a loan officer or I have an in-house lender…?
(I refer to all of these responses as “sales killers”.)
As a top trainer and coach to AEs, MLOs and real estate professionals throughout the U.S. I have asked all parties “Why do you always respond to solicitations this way?” The answer is almost comical in that I am always told that “it is the easiest way to get rid of them.”
Before I go any further I just want you to realize that you likely do the same thing to other sales professionals. Have you ever entered a store and you were approached by a sales representative who said “May I help you?” Is your typical response “No thank you, I’m just looking”? If you have ever said these words, then you know how easy it is to get rid of a sales person.
First the bad news…if you struggle with overcoming these objections, then it is costing you tremendous opportunity to earn significantly more income. The good news is that because very few AEs and MLOs are able to overcome these challenges, once you know how to do it, you are able to launch your business to an entirely new level in production.
If you know the odds are that you will hear one of the typical sales killers, then preparing in advance for them is the key to overcoming them. The secret to getting past these challenges are to break the pattern of the prospect from running the script. You cannot fold when it happens. Realize that when a prospect starts running any one of the sales killers you have nothing to lose by pushing harder. The prospect is trying to get rid of you which means you are sitting at “zero”. If you do nothing and accept the rejection you are guaranteed to remain at zero. However, if you push forward with a pattern breaker you stand the chance of moving ahead and gaining the opportunity to establish the relationship.
An example of what you can do as an AE to deflect the objection “We have all the lenders we need” or when a real estate agent says they are “already working with another loan officer”, is to respond with “I am so glad you told me that. Did you know that every single broker / real estate agent I work with today said exactly the same thing when I first reached out to them?” (This initial response by you breaks the pattern of ending the call.)
From here you go for the opportunity to speak or meet with them by saying “Mr./ Mrs. Prospect, I solve problems that brokers / agents face every day that my competitors that don’t care to focus on. If you will just give me 7 quick minutes to meet/speak with you, not only do I promise you I won’t waste your time, I know you will be glad you made the time to speak with me. When would a convenient time to meet/speak be possible?” It is very important whenever possible to always go for a face to face meeting. In the absence of being able to meet face to face, go for scheduling a Skype or Face Time appointment. Use the phone as a last resort.
You will be amazed at how many prospects will be willing to schedule with you when you project yourself with great confidence and only ask for 7 minutes. Make sure you master the art of asking great questions that will enable you to deliver a high impact presentation that enables you to get the attention of your prospect, find out their challenges, and solve them. In reality although you only asked for 7 minutes, you will soon see that with the right presentation, your prospect will give you far more time than that.
Join us on one of our upcoming webinars to learn more.