Too often, I see originators selling to every prospect in the same way. It might be that these originators were taught a sales method a long time ago and haven’t updated their skills or have simply become complacent in their selling techniques. Whatever the reason, originators who use a “one-size-fits-all” approach are making a fatal mistake. Buyers come to the table with different personalities and varying degrees of knowledge. Originators who fail to adjust their selling techniques accordingly will have a difficult time succeeding in today’s marketplace.
Whether a customer is further along in their buying journey and more knowledgeable than someone else is really the job of the originator to determine. While originators may have dealt with hundreds of customers looking to refinance or purchase a home, assuming that every customer is the same is a recipe for disaster. While experienced originators may contend “I have heard this story a thousand times,” top producers don’t fall into this rut.
In my experience, top producers treat each customer as unique and interesting in his or her own right. Top producers want to hear their customer’s personal story. One of the most successful originators I ever met once told me, “I am fascinated by people’s stories and journeys and I never find it old hat—that is why I love selling.” These words say everything about why this originator is one of the best of the best in the industry.
In Drew Eric Whitman’s great book, Brain Scripts for Sales Success, he discusses the five stages of buying behavior:<br><br>
- Pre-contemplation: People in this stage are ignorant of the product’s existence and are unaware they need it.
- Contemplation: In this stage, prospects are aware of the product and are thinking about using it but haven’t pulled the trigger.
- Preparation: The prospect is thinking about buying from you but needs more information about the benefits and advantages.
- Action: This is the stage of “I want to do business with you and let’s get started.”
- Maintenance: This is the stage where buyers will recommend you to their friends.
So, originators must recognize whether prospects are new to the mortgage process or experienced homebuyers. Each requires a different sales approach. Are your originators tailoring their selling skills to meet the unique needs of their prospects?