Mortgage loans
Sales Assessment Results
36
Needs Improvement
10 questions
Maximum score: 100
Completed in
It's clear that you're struggling, and the average score of 3.6 reflects that. It's time to face the music: your responses often lack depth, clarity, and a genuine engagement with the prospect's needs. You’ve shown some positives, like acknowledging concerns and expressing empathy, but that’s just the start. You need to dig deeper into the specifics of each situation, provide concrete comparisons, and demonstrate how your offerings directly address the pain points your prospects are facing.
One consistent pattern is a failure to ask probing questions that would help you understand the prospect’s unique circumstances better. Instead of just providing generic reassurances or stating facts, you need to actively listen and tailor your responses to each prospect's specific situation. The lack of detailed, solution-oriented approaches in your answers is a major red flag.
To improve, I suggest you dive into Solution Selling and Explore the AIDA Model. Both techniques emphasize the importance of understanding customer needs deeply and guiding them through the sales process with tailored solutions. This focus will help you connect the dots better between your offerings and the prospect's needs.
Remember, selling is about building a connection and trust. Your coaching moment? Every conversation is an opportunity to dig deeper and understand your prospect's world. Don’t shy away from those details; embrace them. You're not just selling a mortgage; you're providing a solution to real problems. Get in the game, and let's turn this around.
Question Breakdown
1.
2
/ 10Question:
"We're already looking at lower rates from other lenders, can you explain why yours is better?"
Answer:
It is great that you are comparing rates and looking for the best deal. Rates are not a big deal breaker for us because we are very competitive, but what we strive on the most is ensuring we offer you the best experience and piece of mind. This is one of the biggest milestones of your life.
Feedback:
Your response fails to directly address the specific concern about competitive rates, which is crucial in the mortgage industry. While you mention offering a great experience and peace of mind, you don't provide concrete evidence or a comparison to the competition. Additionally, there is no inquiry about the prospect's needs or preferences, which would have demonstrated curiosity and active listening. Focus on exploring the value of your offerings compared to the lower rates mentioned by the prospect and how those offerings can benefit them in a more comprehensive way.
2.
4
/ 10Question:
"This seems like a big time commitment; how will this impact our current projects?"
Answer:
I see how important it is that the mortgage doesn’t impact your current projects. What projects do you have going on? A mortgages do not have any prepayment penalties so if you are wanting to payoff sooner than your term you are more than welcome to. So as far as commitment this is an investment so you do have to be committed.
Feedback:
Your response begins positively by acknowledging the prospect's concern about the time commitment, which is a good approach. However, it lacks clarity and depth in connecting the mortgage process with their current projects. Instead of only asking about their projects, you should explore how the mortgage process can be streamlined to minimize impact. Additionally, while mentioning that mortgages do not have prepayment penalties is useful, it doesn’t address the core concern regarding the time commitment or provide reassurance on how you can assist in managing their current workload during the mortgage process. A solution-focused approach would have been more effective here, emphasizing efficiency and support throughout the process.
3.
5
/ 10Question:
"I’m worried about hidden fees associated with closing costs that could blow our budget."
Answer:
I understand your concern about any hidden fees. We will provide you a breakdown of all applicable fees and we can ensure that we meet your budget by providing the best options on loan types.
Feedback:
Your response acknowledges the prospect's concern about hidden fees, which is a good start. However, it lacks depth in terms of exploration and reassurance. While you mention providing a breakdown of fees, you could enhance your response by discussing specific types of fees that are typically associated with closing costs, and how your offerings are structured to minimize these concerns. Additionally, you should ask further questions to understand the prospect's budget constraints better and express how your transparency can build trust in the process. This would demonstrate a more solution-focused approach and enhance the collaborative aspect of your conversation.
4.
6
/ 10Question:
"How does your service level compare to what our current lender offers?"
Answer:
What does your current lender offer that you like? What is important to you when obtaining a mortgage? Our service here is one of the best. When you’re obtaining a mortgage most people want to know that their best interest is at hand and that they are getting the best deal. We always do what’s best for you and make the process easy and stress free. We ensure we are always in communication and be clear about your and our expectations.
Feedback:
Your response starts positively by asking about the current lender's offerings, which shows curiosity and a desire to understand the prospect's needs. However, it lacks a direct comparison of your service level against the competition. While you mention that your service is one of the best and emphasize communication, you need to back that up with specific examples or metrics that differentiate your service. This would enhance the credibility of your claims and provide a clearer picture of the value you bring. Additionally, reinforcing how your offerings align with the prospect's priorities would strengthen your case. Overall, a more detailed exploration of your unique selling points would better address the prospect's question.
5.
5
/ 10Question:
"Stakeholders are already hesitant about changing, how can you help ease their concerns?"
Answer:
I understand the concerns, change is not easy. By changing we can help streamline your process and improve your time spent on the transaction. We have designated people to help take tidious work off your hands and we are here to save you money.
Feedback:
Your response begins to acknowledge the prospect's concerns about change, which is a good approach. However, it lacks a deeper exploration of their specific hesitations. Instead of just stating that you can streamline the process and save them money, you should emphasize the specific benefits of the transition and how you will support them throughout the change. Providing examples of past successful transitions or testimonials could bolster your credibility. Additionally, asking open-ended questions to draw out their specific concerns would demonstrate active listening and allow you to address their fears more effectively. Overall, a more detailed and empathetic response would enhance your effectiveness in easing their concerns.
6.
5
/ 10Question:
"We’ve had issues with implementation in the past; how will you ensure a smooth transition?"
Answer:
I understand how bad past experiences could put a bad taste in your mouth, but here we will ensure and smooth transition by having a designating team to handle all of the operations and transition and hold open communication with you throughout and we will ensure we see it through till the end
Feedback:
Your response begins with empathy, which is a good way to acknowledge the prospect's past negative experiences. However, it lacks clarity and specificity in explaining how you will ensure a smooth transition. Phrases like 'designating team' need clearer articulation, perhaps mentioning their expertise or experience. Also, while you mention open communication, providing examples or a structured plan for the transition could enhance reassurance. Asking the prospect about their specific concerns or challenges they faced during past implementations would demonstrate curiosity and a customer-centric approach. Overall, while you show understanding, a more detailed and structured response would better address their concerns and build confidence in your capabilities.
7.
0
/ 10Question:
"With multiple vendors being considered, how can you guarantee your solution will be approved by the committee?"
Answer:
Na
Feedback:
Your response is inadequate and fails to address the prospect's objection regarding the approval of your solution by the committee. A 'Na' does not provide any information, reassurance, or engagement with the prospect's concern. In sales, especially in the mortgage industry, it's essential to acknowledge objections and provide a thoughtful, solution-oriented response. Consider discussing how your services align with the committee's goals, share any past successes, or highlight unique value propositions that set you apart from competitors. A more engaging and relevant answer would be necessary to build credibility and confidence with the prospect.
8.
4
/ 10Question:
"What happens if there's a compliance issue after we implement your loan solution?"
Answer:
We ensure upfront we have no compliance issues so we don’t run into any problems during the process
Feedback:
Your response attempts to address the concern about compliance issues, but it lacks depth and clarity. Simply stating that you ensure there are no compliance issues is not enough to instill confidence. You should elaborate on how you identify and mitigate potential compliance risks, perhaps by mentioning your compliance protocols, ongoing monitoring, or support resources available post-implementation. Additionally, inviting the prospect to share specific compliance concerns they have could demonstrate curiosity and active listening, fostering a more collaborative conversation. Overall, a more detailed and solution-oriented approach would better reassure the prospect regarding compliance issues.
9.
5
/ 10Question:
"How will this loan affect our long-term financial strategy, particularly in a volatile market?"
Answer:
That is a great question and concern and I’m glad you ask. Real estate is a long term asset therefore it meets your long term financial strategy even with a volatile market
Feedback:
Your response acknowledges the prospect's question and expresses appreciation, which is a positive start. However, the answer lacks depth and detail regarding how the loan specifically aligns with their long-term financial strategy in a volatile market. While you mention that real estate is a long-term asset, it would be beneficial to explore specific ways the loan can support their financial goals, such as building equity, potential tax benefits, or diversifying their investment portfolio. Additionally, you could ask follow-up questions to understand their unique financial strategy better and address any specific concerns they may have. A more comprehensive and tailored approach would enhance your effectiveness in articulating the value of the loan in relation to their financial strategy.
10.
0
/ 10Question:
"Can you clarify how your technology integrates with our existing systems without causing workflow disruptions?"
Answer:
This is not a mortgage question so it wouldn’t cause any disruptions
Feedback:
Your response is dismissive and inadequate, failing to address the prospect's specific concern about technology integration and potential workflow disruptions. Simply stating that it is not a mortgage question does not provide any information or reassurance. In sales, especially in the mortgage industry, it's crucial to engage with the prospect's concerns and offer thoughtful, solution-oriented responses. You should have explained how your technology is designed to integrate smoothly with existing systems, perhaps mentioning support resources or a structured implementation plan. A more engaging and relevant answer is necessary to build credibility and confidence with the prospect.