I was asked to write about how to deal with quick objections when trying to earn business from a real estate agent. In thinking about the subject and speaking with my top performing Brokers, I suppose the answer to this question lies much in how you perceive the objection. Do you perceive an objection as an opportunity? Or do you give up and admit defeat with the first objection?
Every Originator should learn to LOVE objections.
Real Estate agents objections should instantly get every Mortgage Professional excited and ready to respond. Why? Objections mean you have someone who has interest, but needs more information to make a new decision. Your job is to illustrate the NEED and provide a SOLUTION. Objections mean you are making progress with them, not going backward.
Conversely, think about when somebody was trying to sell you something you had NO interest in.
Did you even object? Did you ask questions? Did you say things like,
“I’m comfortable with my current provider” or “How are you better or different than your competition?”
Of course not.
You sat there until the person was done talking. Then you made up an appointment you were late for and burned rubber out of there, due to the fact you didn’t have any interest in the product or service in the first place.
You were never shown the NEED or provided a SOLUTION. Therefore, in my very humble opinion, NO objections from a potential referral source is not a good thing, it’s a BAD thing.
So, you got in front of the prospect, on the phone or in person, and you were given a dismissive objection, now what?
Prior to presenting you should:
- Be prepared. Do your homework. Find out as much about them and their current lender prior to contacting them.
- Know your competition. What do they do well? Not so well? Why do agents typically like working with them? What are the common complaints about working with them?
Once the objection is given:
For this example, let’s use the standard “I’m comfortable with my current Lender/Broker”
- Empathize. “I understand how you feel and I really respect that. This is a relationship business. Many of my real estate agents work with multiple Lenders and have developed long term relationships with them. I’m not interested in disrupting those relationships. I’m interested in forming our own mutually beneficial relationship. In fact, I do not want all of your business, I specialize in:______”
- Identify the need. This is where being prepared and knowing your competition as well as knowing your own strengths comes into play. Never bash your competition, instead illustrate what sets you apart from them. What is your advantage over your competition, why are you better at your stated area of specialization and why do they NEED you?
For example, if you know their current Lender or Broker is known for having the best price, but their communication is known to be poor and they take longer than 30 days to close, emphasize speed and customer service. “I do not want all of your business Mr./Ms. Agent. I specialize in providing VIP Service to your VIP Clients. I do this by closing loans in under 30 days and communicating every step of the process. Most of my referral partners like working with me or send me business because they know I will meet their contract deadlines and give their borrower a great experience.”
- Provide a solution or better way. “Many of my Real Estate Agents have even INCREASED their business by writing 30 day contracts as opposed to 45 days, even with TRID, which they know they can meet when they work with me. I averaged 24 days submission to close last month and on all 100 loans I closed in 2015.”
Many less experienced Originators hate hearing objections. They think that an objection means they will NEVER earn business from the prospect. Nothing could be further from the truth. When an agent says “No”, that simply means they want to “know” more about you and what you are offering.
It’s your job as a Mortgage Professional to provide Real Estate Agents with this information. You must “help” your prospects decide if your “SOLUTION” will fulfill the “NEED” you illustrated and provide them a better alternative. Again, be prepared. Know your competition. Know your strengths and weaknesses. Have rebuttals to the most common objections ready, BEFORE ever contacting your potential new referral source. Do this, and you will earn their respect and set yourself apart from the Originators who quit at even the slightest hint of an objection.
For more information on building relationships with Real Estate Agents, check out our Slam Dunk Success Plan
located under Best Practices on EASE!