So I was on a group page on Facebook and an LO was telling a story of how a prospect said he was being quoted some super low rate at another mortgage company.
This LO was looking for scripts to reel the borrower back in because the LO was seeing this as a disaster in the making.
I had a question and a thought.
Question: “How’s it going with the other 39 people that you have pre-approved this month?”
Thought: “This is too late in the process for a script to work, we need to address this on our first conversation with them.” (I’ll give you a script for this in just a minute)
First let’s cover the question.
I have found that as a general rule, for every 4 leads, I have one closing. (my team and I have closed 10’s of thousands of loans…. literally).
How that works is approximately half of the referred leads we get are “approvable” and we close about 50% of those. So if we get 100 referred leads, 50 of them are approvable, and we close 25 of those.
The other half of those either…
1. End up not buying or refinancing
2. End up shopping us
We understand that matrix and instead of focusing on trying to change an industry wide matrix (that is very likely not to be changed on any large scale)…
…. we focus on getting more referred leads…
You see, shoppers are going to shop.
So instead of spending a ton of time chasing those shoppers, which is like herding cats, we focus on Getting More High Quality REFERRED LEADS.
How do we do that?
We have 4 different strategies that we strategically implement that does just that.
Zero cold calling, and not a bunch of magical fairy dust widgets that promise the moon and deliver only a “money sucking noise out of your wallet”.
We can show you the 4 strategies here on a quick zoom meeting…. For free ☺
Now, we do have a script that we use on the shoppers, but we use it BEFORE THEY START SHOPPING US.
It’s called the “If I can <insert in blank> will you commit to me being your lender on this purchase / refinance?”
It sounds like this…
“Ok Bob and Sue, so based on our conversation and preliminary information, it looks like your monthly payment is going to be <insert in number> with a down payment of <insert in number>, and funds to bring to closing will be <insert in number>.
So if I can have <insert in number> as your monthly payment with you bringing <insert in number> to the closing table, will you commit to me to be your lender so that I can commit myself and my team to start working on it so that we can close on time?”
Once somebody verbally commits, it’s against human nature to go against that.
And if somebody says that they won’t give that commitment, well then, you have identified this person as a shopper and it will likely not be a good use of your time.
I get it, there are some scripts and spreadsheets, things like mortgage coach, and other great products that do help. We use all those things too, but if somebody won’t commit on that initial call, then we know what to expect… and are not disappointed when they do what we know they are likely to do. Shoppers are going to shop…
The true key to all of this is, GET MORE REFERRED LEADS!!
It’s way more likely that you’ll close more loans when that is your focus.
How do you do that?
We’ll show you how to get more referred leads here on a quick zoom call.
Once you have more high quality referred leads, no 1 individual deal going sideways won’t ruffle your feathers as there are soooo many of “them” and only 1 of you ☺
To your success and coolness,
PS. This is the link where we’ll show you how to get referred leads without buying leads or paying for online ads.