Written By: Mark Blundell
Mark Blundell is one of Australia's foremost mortgage speakers and trainers. His track record and ideas have doubled the business of established companies and originators he has worked with. Visit his website at www.SalesAcceleration.com.au. Read his article and learn from the experts in other parts of the mortgage world.
Let's get radical here!
Should you "disqualify" prospects instead of trying to "qualify" them?
Most traditional sales training programs teach us to qualify the prospect. Essentially that means to ask a series of loan related questions of the prospect and determine what product(s) best suits them. Now this approach does have its merits, but it works on the foundation that every walking body that says, "I need a home loan" is a good prospect. This idea ultimately leads to wasting time with people who are not profitable.
Most loan officers think they sell "money". However, I believe that loan officers sell their "time". Much like a lawyer or a CPA, the more time you can allot to seeing more clients, the more money you will make.
Loan officers often ask me the sterling question of "How do I increase my business?"
In this article, we will outline the different categories of clients. The outcome of such an analysis is to focus on attracting more type Z prospects to your business. To do this you need to change your prospecting strategy from one that "qualifies" a prospect to a new strategy where you "disqualify" the prospect. Also, it is important to be aware that generally a type X client will refer you to another type X client, Y's will refer Y's and Z's will refer Z's. So some referrals can create a bigger problem for you.
One of the most important areas of change that must be analysed is the process of prospect selection and prospect time appointment.
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