January 28th, 2018
To succeed as a mortgage broker, you need to be a great sales person. That means you must always bring your “A Game” to any client interaction, and be fully aware of the way you are presenting yourself, your services and the loan products you are recommending. When it comes to meeting with prospects, the aim is to make a lasting first impression that easily converts to a sale. But it isn’t always as easy as it sounds. Here are some common mistakes that put prospects off and often make it impossible to close that all important sale.
Coming across as a phony
When it comes to sales people, there’s friendly and then there’s phony. If your prospect thinks you’re a bit of a phony, they won’t tell you to your face, but they may tell their friends and that could be very bad for your business.
Treating someone you’ve just met like a long-lost friend will come across as overly familiar, and may cause you to be tarnished with the phony brush. When you first meet a client or prospect, try to be friendly, respectful and genuine without being overbearing, and that will help you build your credibility. Go easy on the hand gestures and don’t go overboard when using the prospect’s name, as you may come across as patronising.
Sales people are often so focused on convincing the prospective client they can deliver, that they fail to listen to what they want and to understand their needs. As a mortgage broker, it’s vitally important to understand your client’s financial situation and their goals – and that’s going to be tricky if you’re the one doing all the talking.
If your client feels that you are not listening to them, they will go away and talk to someone else. So how do you avoid monopolising the conversation? Ask questions and give your full attention to listening to the answers. As a rule of thumb, you should be doing 20% of the talking and 80% of the listening. It’s also important to try not to swamp them with too much information at once. Remember, the goal is to establish rapport and form an enduring relationship.
Failing to present well
Humans are visual creatures and we tend to judge a book by its cover. As a sales person, you should always strive to look your best. Not only will you feel more confident, you’ll show respect to your client and set the scene for a successful business relationship.
Before you meet with a client, look in the mirror, check your pearly whites, make sure your outfit is looking sharp and chew a breath mint. They’re not going to tell you if you have bad breath or if you have egg on your tie, and you can be sure something like that will be a major distraction to any serious discussion.
As a sales person, the last thing you want to do is insult a prospect or customer. Being late and answering your phone when you’re with someone are bad habits that are unlikely to go down well. Arrive early, turn off your phone or put it on silent. Be ready to dedicate your undivided attention to the customer and their needs.
Overstaying your welcome
If you’re visiting a client at their office or home, overstaying your welcome will make them think you’re a time waster and may even make them dislike you. People are generally time-poor and have short concentration spans, so it’s best to keep your meetings relatively short. You don’t have to hit the road as soon as you reach the 20-minute mark, but stay tuned to your prospect’s cues, and wrap things up when you feel they’ve had enough.
How can you improve your sales performance?
The problem with having bad sales techniques is that your prospects and clients will never tell you what you are doing wrong. If you’re just starting out in your business, then it’s a good idea to practice your techniques on family, friends and colleagues. If you have experience but your success rate isn’t as great as you’d like it to be, consider video-taping your sales presentation from time to time so you can critique and improve it yourself.
Connective Learning is a fantastic program designed to ensure you have the professional skills you need to succeed as a mortgage broker. Our Professional Development Days and annual Conference feature keynote addresses from some of Australia’s leading sales practitioners and motivational speakers. We also feature peer-to-peer learning opportunities where you can learn selling techniques direct from some of Australia’s most successful brokers. To find out more, talk to your local Connective Broker Support Manager.