Mortgage
Sales Assessment Results by Bradley Flanagan
60
Developing Closer
10 questions
Maximum score: 100
Completed in
Let's not sugarcoat it: your performance needs some serious work. With an average score of 6, you're sitting in the middle but there's a lot of untapped potential waiting to be unleashed. Your strongest asset is your acknowledgment of customer concerns, which shows you're capable of building rapport. However, this is where the good news ends and the tough love begins. You often skirt around direct answers and miss opportunities to provide specific solutions that would instill confidence in your prospects. Your responses sometimes lack clarity and depth, especially when addressing key details like payment structures and support options. It’s time to step up your game.
To elevate your skills, dig into consultative selling and the AIDA model. You need to master the art of understanding and addressing specific customer needs while guiding them through the buying journey effectively. You’re not just selling a mortgage; you’re building trust, and that requires transparency and a genuine, solution-oriented approach.
Remember, a great sales experience is not just about the product; it’s about how well you can connect the dots for your clients. Take this as your coaching moment: every interaction with a prospect is an opportunity to showcase your value. Don’t just answer questions—engage, explore, and empower them with knowledge that leads them to the decision you want them to make. Get in there and make it happen!
Question Breakdown
1.
2
/ 10Question:
"I'm not sure about the monthly payments; can you help me understand how this fits into my budget?"
Answer:
I am going to help you with more than just the home payment, I am going to help you understand strategies that will help you accomplish all your financial goals right now and in the future.
Feedback:
Your response lacks a direct answer to the prospect's concern about monthly payments, which is a crucial aspect of the mortgage process. While you mention providing broader financial strategies, you should first address their specific question about budgeting for the mortgage. Consider using a consultative approach by asking about their current financial situation and demonstrating how the proposed monthly payments align with their overall financial goals. Additionally, providing clear calculations or examples could enhance understanding and build trust.
Focus more on being solution-oriented for the specific objection raised.
2.
6
/ 10Question:
"What kind of support do you offer if I run into issues with the mortgage process later on?"
Answer:
not only do I oversee and keep you informed, I also have a team that will make sure you have answers to any concerns you have. You can call or text me on my direct number anytime and have full access to my team.
Feedback:
Your response partially addresses the concern about support, emphasizing your availability and that of your team. However, it lacks specific details about the types of support offered and how these can alleviate potential issues during the mortgage process. Consider detailing what kind of issues your team can help with, such as payment concerns, documentation, or communication with the lender. Additionally, providing examples of successful support scenarios could enhance trust and assurance for the prospect. Focus on creating a compelling narrative around the support offered to demonstrate value and build confidence.
3.
7
/ 10Question:
"I’ve heard about better rates from other lenders; can you explain the value I’d be getting here?"
Answer:
I appreciate the transparency. The rate is important. It is important that the advertising you are seeing is applicable to your situation and that all the fees included in that quote are being disclosed and considered. I will show you where the fine print is and make sure that I am not only giving you a competitive rate, but also providing you with service you deserve. Being available when you need, and providing solutions that maximize short and long term benefits for you and your family.
Feedback:
Your response acknowledges the importance of rates, which is a good start. However, you need to go further in demonstrating how your offering provides unique value compared to competitors. Highlight specific benefits or features that differentiate your mortgage product, and consider using metrics or examples to illustrate potential long-term savings or advantages. Additionally, addressing any potential hidden fees directly would enhance transparency and trust. Aim to connect the value of your service beyond just rates, incorporating aspects like support, reliability, and personalized solutions that other lenders may not provide.
4.
6
/ 10Question:
"I’m worried about the paperwork and how long the approval process will take; can I trust this will be seamless?"
Answer:
valid concern. the paperwork can seem overwhelming, the good news is that I have reviewed 1000s of applications, so I can quickly navigate the documents you provide and will give you detailed feedback within 24 hours of receiving your paperwork. The reason for the paperwork is so that we can give you reliable information, since the home buying process is a significant milestone, I want you to feel confident and comfortable with the financial side of the transaction so you can focus on the home and the lifestyle goals that you have in the next move. you can trust that it will be seamless because of our experience and we are detail oriented. We promise you will be updated all along the way.
Feedback:
Your response acknowledges the prospect's concern about paperwork and the approval process, which is a good start. However, the phrasing is somewhat informal and could be more professional. While you mention your experience with applications, providing specific examples of how your process has led to quick approvals in the past could enhance credibility. Additionally, reinforcing the steps you take to ensure a seamless experience and addressing potential anxieties about delays or complications would help build trust. Consider using a more structured approach to outline the timeline and what the prospect can expect throughout the process. Overall, aim for a more polished tone and clearer communication of your value proposition in handling paperwork effectively.
5.
5
/ 10Question:
"Is there any flexibility with the payment terms if my financial situation changes after I sign?"
Answer:
the initial disclosure signatures are not binding, so yes, if you would like to make changes to how your loan is setup, we can do so in order to meet your payment needs.
Feedback:
Your response briefly addresses the prospect's concern about flexibility in payment terms, but it lacks depth and clarity. While you mention that initial disclosures are not binding, you should elaborate on what changes can be made and the process involved. Offering specific examples or scenarios can help reassure the prospect that you understand their needs and have solutions ready. Additionally, consider discussing any potential implications of making changes to the loan setup, such as fees or impacts on interest rates. A more consultative approach that invites further discussion on their specific situation would enhance your response.
6.
7
/ 10Question:
"I believe my current lender offers a better customer experience; how would you address that?"
Answer:
I can tell that the experience is really important to you. I love that because I am in this business to serve and for the relationships created through the process. I am focused on understanding what your goals are not only short, but long term. I am sure that many lenders offer a great experience during the process, however after the loan closes they go away. I consider you a client for life. I am going to make sure that you have a great experience not only during the transaction but far beyond. I will also make sure that you have the best terms possible because most lenders do not have access to the vast number of programs that we have. I want to provide you with options so that you can decide which will help you best accomplish all your financial and lifestyle needs. I also have a team dedicated to your support, that way we never miss a phone call, we get you real time updates as soon as they are available and make sure you always know what is coming next.
Feedback:
Your response effectively acknowledges the importance of customer experience to the prospect, which is a strong starting point. You convey a commitment to long-term relationships and a client-focused approach, which can be compelling. However, you could enhance your response by providing specific examples of how your customer experience stands out compared to competitors—perhaps mentioning unique services, personalized follow-ups, or success stories from past clients. Additionally, while you touch on the range of programs available, clarifying how these options directly benefit the prospect in their specific situation would strengthen your argument. Overall, aim for a more structured presentation of how your service provides value throughout the entire process, not just during the transaction.
7.
7
/ 10Question:
"What’s the catch with your interest rates? Are there hidden fees I should be concerned about?"
Answer:
I appreciate you asking. There are definitely a lot of competitors that have a catch when it comes to terms offered. I do not have a "catch". I have obsessed about the process and the operation and invested in ways to make my process very efficient like creating proprietary systems so that I can avoid the hefty subscription cost of a third party. This forward thinking allows me to pass my savings on to you as my customer. I make sure to show you all of the numbers so that you understand all your options and make sure that you have the most affordable solution. Many clients have praised us for our transparency and commitment to meeting your needs while saving you money.
Feedback:
Your response does a good job of addressing the prospect's concern about hidden fees by emphasizing transparency and your commitment to providing clear information. However, it could be strengthened by outlining the specific terms of your interest rates, as well as any potential fees that might be applicable. Providing examples of what other clients have experienced could further enhance trust. Additionally, consider briefly mentioning how your rates compare to the industry standard or highlighting unique features that differentiate your offering. A more structured approach that explicitly outlines the key points would improve clarity and reassurance for the prospect.
8.
7
/ 10Question:
"How do you handle changes in market conditions that could affect my mortgage terms in the future?"
Answer:
I stay informed by investing in systems and maintain relationships on a national level so that I am one of the first to know what is happening and how the market is expected to move. The only area that market conditions will impact are your interest rate. I will make sure that your loan is locked, however ensure that you have the ability to float down if market conditions move in your favor so that we are protected from the downside, but we can still take advantage of the upside.
Feedback:
Your response demonstrates a proactive approach to monitoring market conditions, which is important for building trust with the prospect. You effectively communicate that you leverage systems and relationships to stay informed, indicating a commitment to providing timely information. However, to enhance your response, consider explaining how these market changes specifically impact different mortgage terms, beyond just interest rates. Providing examples of how you have successfully navigated similar situations for past clients could also reinforce your credibility. Additionally, clarifying how the 'float down' option works, including any conditions or fees associated with it, would add value to your explanation. Overall, aim to provide a more comprehensive view of how you manage these changes to reassure the prospect.
9.
6
/ 10Question:
"This seems like a big change; how do I know this will be worth the effort compared to sticking with what I have?"
Answer:
I am glad that you share, it shows that you are taking this serious and giving it the attention it deserves. In my experience, change is good. I have not only helped 1000s of people with the process, but I follow the same principals myself. You said that your goal was to have more money left over every month, and as you can see by the analysis I provided, you are improving your current condition by 30%. Your payment is also more effective, so every month you make a payment you are reducing your interest expense and increasing your equity. If you stick with what you currently have, the numbers show it would take you 10 more years to pay off your home and will have less money that you would if we move forward. All you have to do is sign here.
Feedback:
Your response begins on a positive note by acknowledging the prospect's concerns, which is great for rapport-building. However, the focus quickly shifts to promoting change without deeply engaging with the prospect's hesitations. While you provide a quantitative analysis showing potential benefits, the explanation could be clearer and more structured. Instead of jumping to a conclusion about signing, consider inviting the prospect to discuss their specific concerns further or ask questions about the analysis. Addressing the emotional aspect of change and how it aligns with their values or goals would enhance the effectiveness of your response. Overall, aim for more exploration of the prospect's perspective and a collaborative approach to decision-making, rather than a direct push towards the close.
10.
7
/ 10Question:
"Can you clarify what happens if I decide to sell my home before the mortgage is paid off?"
Answer:
absolutely. there is no prepayment penalty, so all we need to do is order your payoff, and the title company will handle making sure that it is paid through the sale. you will not be responsible for sending the payment, or incur any fees for paying off early. You will get the difference between the sale price and the amount owed. you may also get an escrow refund check in the mail so make sure that you complete the forwarding address form when provided. Don't worry, since that is likely a while from now, I will still be around to guide your through the process. Are there any other questions I can help clarify?
Feedback:
Your response effectively addresses the prospect's concern about selling their home before the mortgage is paid off by clarifying that there are no prepayment penalties and outlining the process for paying off the mortgage through the sale. However, the tone could be more polished and professional in presentation. Additionally, while you mention the potential for an escrow refund check, providing a brief explanation of what that is and how it benefits the customer could enhance understanding. It's also good that you reassure the prospect of your continued support, but it might help to emphasize how you can assist them in the future sale process. Overall, aim for clearer and more structured communication to reassure the prospect.