This is the fifth of six articles in a series on how to market your promise of service differently. If your marketing is going unnoticed by agents, read my articles closely as I'll share explicit ideas on how to stand out and be recognized.
The first article in the series introduced the five promotional opportunities that exist within the loan application process and the three major players to differentiate your promise. Click here to read in its entirety.
The second article completed the first promotional stage - At Loan Application - that included your introduction to the Seller's Agent and how to plant golden seeds with the borrower. Click here to read in its entirety.
The fourth article described the third promotional stage - Prior to Closing, and your final chance to prevent catastrophes before close of escrow and the marketing opportunities with the Seller's and Buyer's Agent. Click here to read in its entirety.
Today's article could possibly be the one that dramatically changes your business. It describes the fourth promotional stage - At Closing. If your business isn't 100% referral driven, read carefully, because you'll discover the most frequently missed opportunity to producing instant referrals.
Stage 4: At Closing
Remember the goal of each loan application? To get it to procreate. If you've implemented the ideas I've suggested, as expressed in the previous articles that lead us to this stage, your communication has significantly improved and the borrower, and both agents are ecstatic. How? Because communication is what builds relationships.
So that leads us to your single greatest chance to instantly produce referrals...at the closing table. If you don't regularly attend your closings, you don't know what you're missing or maybe you do and someone convinced you that attending closings isn't worthwhile.
Quite frankly, I'm not interested in debating whether or not you should attend your closings. What I know is that your best referrals come when the customer is at the highest peak of emotion in the sales process. Guess where is the highest peak of emotion in your sales process? You guessed it...at closing. It's the climax of the process; everything has led to this point. The borrower is overfilled with emotions when they arrive - anticipation and anxiousness, and when the signing is finished, they feel relieved, peace of mind and joy.
After the Final Document is Signed
Once the signing is complete, your first step is to give the borrower a gift. Some states restrict (RESPA) what or how much you can give, so check your local laws beforehand. By giving a gift, a natural law is put into motion - the Law of Reciprocity, which means, "to return in kind."
Here's a sample script you can craft to your liking. After you've given your gift, it's important to use questions to uncover your referral opportunities:
- How are you feeling now that everything is done?
- How do you feel about the service I rendered?
- I'm glad you feel that way, because now I need your help....Most likely you have family members, friends and colleagues who would benefit from my service, but they either aren't aware of it, get bombarded daily by strangers soliciting them or haven't taken the time to consider how they could better their lifestyle. (name of borrower) , would you feel comfortable recommending me to people you know that appreciate the kind of service I offer?
- Good. Let me describe the type of people I'm looking for (describe your perfect type of borrower - investors, first time buyers, affluent, senior citizens, veterans, etc.). Who do you know that fits that description?
- Why do you think they would be a good candidate? When they answer, you'll know if it's a good referral and they become convinced too.
- Great. When would be the next time you'll speak with them? Would they be offended if you requested their permission for me to contact them or would it make better sense if you arranged a meeting for us?
- Put them at ease. I want you to know that anyone you recommend to me will always walk away having learned something that will benefit their family whether they do business with me or not. The longer I'm in this business, the more I realize my mission...to educate families about how easily they can achieve the American dream. And I want you to feel proud that you're the one responsible for initiating that. Does that make sense?
From this point, it's just a matter of working out the details of connecting the candidate and you together. On the other hand, if you prefer, you can directly request the person's phone number so you can call directly. But you'll find if the borrower speaks to the candidate first, they'll pre-sell you, so when you meet the candidate, they're less defensive and halfway sold on doing business with you.
Hopefully you see a renewed purpose in attending your closings.
Watch for next week's article when I finish the series describing the final stage - Post Closing.
Thanks for support,
Jeff Nelson
Salesachievers
Helping loan officers attract more clients
© 2004, 2005 by Jeff Nelson
All rights reserved
