Most people are suspicious of salespeople because they know their intentions are mainly to make money on sales. It’s difficult for people to let their guard down and be receptive to most sales techniques. As a result, experienced salespeople are familiar with endless rejections, but it’s time to turn things around.
As a mortgage loan officer, you’ll need great mortgage closing techniques to boost your numbers. With such a large decision as taking on a mortgage, you’ll want to establish both authority and trust.
Take advice from the best sales trainers and apply these seven effective sales closing techniques to your mortgage leads!
1. Establish Urgency
One of the most effective sales closing techniques of all time is establishing urgency. To close more mortgages, you’ll need to make mortgage leads feel like it’s now or never. This technique is especially helpful for interested leads who are taking a long time to decide.
It’s common knowledge in psychology that people are often afraid to commit, but you can ensure that your leads are more fearful of losing out on a deal. In practice, you might be able to offer a special deal or spin an offer on mortgage closing costs in a way that seems like a great deal only available for a short time.
Try phrasing like:
- If we close on this today, I can offer you…
- I can only guarantee a no-closing-cost mortgage if we close right now…
- I’m afraid that if you wait much longer, I won’t be able to offer you…
Fight the fear of commitment with the fear of the unknown. Using this technique, you’ll see exactly which leads are ready to make the deal and which ones will probably never commit.
2. Don’t Give Up After the Fourth Try
Typically, we hear the saying “don’t give up” after our first try. For sales, you’re going to have to be a lot more patient. Only 2% of closings happen after the first meeting!
If you’re only giving a mortgage closing one or two shots, you’re missing out on the majority of your potential sales. Marketing Donut studies show that 80% of all sales are made only on the fifth try or later. At the same time, only 8% of salespeople decide to give that sale a fifth try.
In other words, don’t be afraid of being persistent. It’s your job to try your hardest to close a sale, and often that means that you need to establish trust with leads by continually keeping in touch. That doesn’t mean you should pester them several times, but you should be striking up a conversation and asking if there’s any value you can provide for them.
3. Assume the Deal Will Close
Confidence is key! In sales, you need to bring your leads right along with you. If you aren’t sure about yourself and your product, your lead will lack confidence as well.
Get in the mindset that your sale will absolutely close no matter what. Believe that your mortgage loan offer is the best available and that the lead will love the offer. As you walk them through the process, do so with phrasing that assumes they are ready to close the deal.
Always drive the conversation with phrasing that assumes the deal is done, such as:
- “What time is good for you to sign?”
- “What day would you like to receive your mortgage?”
Projecting an air of confidence and assumption that the deal is settled will challenge your leads to fight back or sign on.
4. Provide Action Items
Typically, people looking for mortgages are not completely certain of the entire process. They’re looking for an expert who will know exactly what steps must be taken to get approved and sign for a loan. Proving action items throughout your interactions with a lead will establish your expertise and help guide them through the process.
Every time you connect with a lead, follow up with a checklist, summary, or links to resources that will help them take the next steps. Loan seekers will appreciate how easy you make it to understand the process. As a result, they’ll be much more likely to continue completing all the steps necessary to close the deal.
5. Ask Bold Questions
When connecting with your mortgage leads, you want to drive the conversation without completely shutting them out. This means that your conversations should be a give-and-take of sales pitches and questions that ask for input.
Using this conversational style, take the opportunity to ask bold questions. These questions should systematically eliminate any concerns or barriers that are in the way of closing the deal. By the end, you should try closing the deal with a strategically phrased question.
For example, try asking, “Is there anything that is stopping you from closing on this deal today?”
In doing so, you’ll either learn what you need to do to close the deal, or you’ll gently pressure the lead into moving forward with your sale.
6. Play to Their Situation
One advantage to being a mortgage loan officer is that people generally need your services. If they want to buy a house, they need the money to do it. Often, these sales happen under high-pressure situations, as buyers could lose out on contracts if they can’t secure a mortgage.
All that’s left is your ability to establish your loan as the best one available. To do this, try showing empathy to an anxious buyer’s situation and offer the solution to their pain: a mortgage. Talk to them about deadlines and find out the specifics of their situation to personalize your pitch.
You’ll both establish a relationship and motivate them to close on the sale quickly.
7. Sell with Logic
Salespeople tend to try more emotional and psychological tactics when closing a sale. While these techniques are great, sometimes you get a lead that is purely motivated by logic and reason. These analytical leads can be tough to crack, so you’ll have to appeal to their reason.
Come prepared with numbers that have already been drawn up. Present a report that your lead can look over and appreciate. Use a pitch with numbers and logic that will lead them to close the sale.
Close More With Mortgage Closing Techniques
Mortgage loan officers can learn a great deal from the leading sales techniques available. Applying these effective mortgage closing techniques will help you establish better relationships with your leads and ultimately close more mortgages.
Merge Media is an agency dedicated to helping mortgage loan officers increase their monthly revenue through tried-and-true tips and tactics. Get in touch with us today to improve your mortgage marketing plan!