Mortgages
Sales Assessment Results
65
Developing Closer
10 questions
Maximum score: 100
Completed in
You've made some commendable strides in your sales approach, particularly in acknowledging prospects' concerns. However, with an average score of 6.5, it's clear that there's significant room for improvement. Your strongest techniques lie in building rapport and trust, as evidenced by your effective acknowledgment of customer concerns. Yet, there's a consistent pattern of missing depth in your responses. While you start strong by recognizing client issues, you often fall short in exploring the implications and providing reassuring, tailored solutions. This pattern suggests a need for more probing questions to uncover specific customer needs and a deeper engagement with their concerns.
To elevate your game, I recommend honing your skills in the SPIN Selling technique. Focus on crafting questions that dig into the Situation, Problem, Implication, and Need-Payoff for your clients. Additionally, practicing the Consultative Selling approach will help you position yourself as a trusted advisor rather than just a salesperson.
Remember, your job isn't just to respond; it's to engage and guide prospects through their journey. A memorable takeaway: Every concern is a doorway to deeper insights. When you open those doors with thoughtful questions and tailored solutions, you not only build trust but also drive sales. Step up your game—let's turn those good starts into great closes.
Question Breakdown
1.
3
/ 10Question:
"I’m worried about the monthly payments; they could really stretch my budget too thin."
Answer:
I appreciate you're worried about your budget, most people consider that a priority as they dont want to stretch themselves too thin. We can look at amending the terms to mean a payment a little nore suitable for you. How much were you comfortable with ?
Feedback:
Your response acknowledges the prospect's concern about their budget, which is a good start. However, it lacks depth in exploring the implications of their worry and does not provide a clear solution or reassurance. You should focus on asking more probing questions to uncover specific budget limits and offer tailored solutions based on their needs. Additionally, there are spelling errors that detract from professionalism. Make sure to communicate clearly and confidently. Overall, your response needs more structure and engagement.
2.
6
/ 10Question:
"What if interest rates increase before I finalize my mortgage?"
Answer:
Most people are in the same position at the moment, as nobody really knows for certain what rates will do. All we can do is make sure you have a rate and payment that suits your budget and that you're comfortable is affordable, and then reassess your circumstances when you're next due for renewal. To put your mind at ease, if we lock in a rate now to make sure you are protected from any rate increases, if the rate goes down before completion takes place we will be able to change to the lower rate. How does that sound ?
Feedback:
Your response acknowledges the prospect's concern about interest rate fluctuations, which is a positive aspect. However, it could be more impactful by incorporating a stronger focus on the implications of potential rate increases and how it affects their financial future. Additionally, while you mentioned the option to lock in a rate, you should emphasize the benefits of acting now to secure a favorable rate and provide more reassurance. Asking probing questions about their expectations for rates or their timeline for finalizing the mortgage could help uncover specific needs and build rapport. Overall, aim for clearer communication and more engagement with the prospect's concerns.
3.
6
/ 10Question:
"I don’t want to end up with hidden costs that weren’t clearly explained up front."
Answer:
I appreciate your concern about hidden costs or fees, as you do sometimes hear some horror stories. You have already received our initial disclosure document which goves you the information about our fees, how much they are, and what they are for. I always make the same promise to customers, in that any fees are only payable once you have confirmed you're happy to proceed so that you're never entering blindly in to any decisions, and if you're not happy then you don't pay a penny to anyone. If you'd prefer, I can send you a link to our reviews as a lot of our business is from referrals and we provide ourselves on the amount of happy customers who have left 5 star reviews.
Feedback:
Your response acknowledges the prospect's concern about hidden costs, which is a solid starting point. You effectively reference the initial disclosure document, showing a proactive approach to transparency. However, to enhance your response, consider emphasizing the implications of hidden fees on their overall financial situation, helping them understand why this concern is crucial. Asking open-ended questions about their prior experiences or expectations could also lead to deeper insights into their perspective. While offering to share reviews is a good touch, ensure it aligns directly with addressing their specific concern about hidden costs. Overall, aim for a more engaging and reassuring tone that expresses understanding and builds further trust.
4.
7
/ 10Question:
"How do I know this lender will still be around for the long term?"
Answer:
I think that's an important question, and obviously the mortgage is a huge financial commitment so I appreciate your concern. Since probably the financial crash of 2008, there have been quite stringent controls in place by both the financial conduct authority and the Prudential regulation authority to mean that the banking industry is robust and that issues like that are unlikely to happen again. This lender has a very strong history and reputation and will most likely outlive all of us. We have assessed your needs and circumstances and this is the best lender for you in the current climate. That's not to say we won't be able to change lenders next time if you wish to.
Feedback:
Your response effectively acknowledges the importance of the prospect's concern about the longevity of the lender, which is a crucial aspect in the mortgage industry. You provided a solid context by referencing the regulatory changes since the 2008 financial crisis, helping to reassure the prospect regarding the stability of the banking industry. However, to strengthen your answer, consider elaborating on the specific strengths and track record of the lender in question, as well as sharing any relevant financial metrics or testimonials that demonstrate their reliability. Additionally, inviting the prospect to share any specific concerns or experiences regarding lenders could foster a more collaborative dialogue. Overall, your communication is clear, but enhancing the depth of your reassurance could build even greater trust.
5.
7
/ 10Question:
"I’m not sure if this mortgage fits my lifestyle and future plans."
Answer:
I appreciate your concern, as it's a long term commitment and we need to make sure we make the right decision now. We have conducted an in depth fact find process to truly understand your circumstances, not just now but based on your future plans as well. Based on our years of industry experience, especially dealing with a lot of customers in exactly your situation, we have assessed the whole of the market from hundreds of lenders and thousands of products and I am confident this is definitely the best mortgage currently available to fit your lifestyle and it does align with future plans as well.
Feedback:
Your response does a good job of acknowledging the prospect's concern about the mortgage fitting their lifestyle and future plans, which is essential in creating a sense of trust. You mention the in-depth fact-finding process, which adds credibility and demonstrates your commitment to understanding their needs. However, to enhance your response, consider asking open-ended questions to probe deeper into their specific lifestyle and future goals, as this would help you tailor your suggestions even further. Additionally, incorporating examples of how the mortgage has benefited similar clients could strengthen your position. Overall, while your communication is clear, a more engaging and collaborative approach would be beneficial.
6.
7
/ 10Question:
"What if my current financial situation changes after I commit?"
Answer:
We have carried out an in-depth fact find process so that we understand your circumstances now, but this also included a number of stress test scenarios so that we could consider a worst case scenario. Based on what we can say with certainty, I am confident you would still be able to afford this. What is it you're worried might change? If we know what is worrying you we can make sure we're able to put your mind at ease.
Feedback:
Your response effectively acknowledges the prospect's concern about potential changes in their financial situation after committing to a mortgage, which is very important in the mortgage industry. Mentioning the in-depth fact-finding process and stress test scenarios demonstrates your proactive approach to understanding their circumstances, which builds trust. However, to enhance your effectiveness, consider providing more specific examples of how these stress tests work or what they cover, as this could help the prospect feel more secure in your analysis. Additionally, while you do ask what their concerns are, probing deeper into their specific worries could provide you with more tailored information to address their fears comprehensively. Overall, your tone is supportive, but more detailed reassurance and examples could strengthen your response further.
7.
8
/ 10Question:
"I’ve heard horror stories about long and complicated closing processes; how do you handle that?"
Answer:
I appreciate your concern, as dealing with solicitors can be the most laborious part of this process. The good news is that's our job, not yours. We have developed a process in house that will take all of that stress and pressure away from you. We have a dedicated team of completions officers whose sole responsibility is to deal with solicitors everyday and make sure that part of the process go as quickly and smoothly as possible to mean this is as stress free a process as it can be. Is there anything specific you're worried about?
Feedback:
Your response effectively acknowledges the prospect's concern about long and complicated closing processes, which is essential in building trust. By highlighting that managing solicitors is part of your responsibility, you immediately alleviate some of the prospect's worries. Additionally, mentioning the dedicated team of completions officers shows a proactive approach to ensuring a smooth process, which is reassuring. However, to enhance your response, consider providing specific examples or success stories where your team has streamlined the process for other clients. This could help reinforce your point and offer tangible proof of the effectiveness of your approach. While you did ask if there are specific worries, encouraging them to share any past experiences or concerns could further deepen the dialogue and allow for a more tailored response. Overall, a strong response with room for added depth and engagement.
8.
7
/ 10Question:
"Is your customer service really available to help me after I sign the papers?"
Answer:
I'm pleased you asked that question as I would hate to think you were worried about that. Of course the team are always available if you need them at any point, but much more than that I am always still available as well. The customer service team are typically 9-5 Monday -Friday but that doesn't always work for customers. I can be available evenings or weekends as well if necessary. was there anything about the paperwork that worries you specifically?
Feedback:
Your response acknowledges the prospect's concern about customer service availability, which is a positive start. Highlighting that both the customer service team and you are available to assist builds trust and reassures the prospect. However, to enhance your effectiveness, you could provide specific examples of how your team has assisted clients after the signing process, which would demonstrate reliability in practice. Additionally, the mention of your availability is excellent, but consider clarifying how this flexibility can be beneficial for the prospect's unique needs. The question at the end is appropriate, as it invites further dialogue, but ensuring it’s grammatically correct would improve professionalism. Overall, your response is supportive and informative but could benefit from more concrete examples and clarity.
9.
7
/ 10Question:
"How do I know this mortgage meets all the latest regulations?"
Answer:
I'm pleased you asked that question as I'd hate to think you were worried about that. The mortgage industry is very heavy regulated in a number of ways, all with the aim of protecting you as the customer. Evey advisor, myself included, has to go through a series of exams concerning UK regulations before we are allowed to practice and we also go through continuous training from the lenders and regulatory bodies regarding any changes to criteria or regulations so that our knowledge is always up to date.
Feedback:
Your response effectively addresses the prospect's concern regarding regulatory compliance, which is essential for building trust in the mortgage industry. You've successfully highlighted the stringent regulations in place and the necessity for advisors to undergo exams and ongoing training, which reassures the prospect about your expertise and the industry's credibility. However, to improve your response, consider providing specific examples of how these regulations protect the customer or discussing any recent changes in regulations that may be particularly relevant to the prospect's situation. This would not only demonstrate your knowledge but also give the prospect a clearer understanding of the safeguards in place. Additionally, while your tone is generally supportive, ensuring clarity in your communication will enhance professionalism. Overall, a solid answer with room for added specificity and engagement.
10.
7
/ 10Question:
"I’m concerned about how this will affect my personal financial goals down the line."
Answer:
Thank you for telling me, as that's something we can help with. We have conducted an in depth fact find process to mean that we are always in line with your financial goals. Our entire objective as an advisor to you is to advocate for these aims and make sure everything we do lines up with these. I am confident we will have a positive impact on your goals, but is there anything you are specifically worried about?
Feedback:
Your response effectively acknowledges the prospect's concern about their personal financial goals, which is critical for building trust. By mentioning the in-depth fact-finding process, you show a commitment to understanding their situation. However, to enhance your effectiveness, consider providing specific examples of how you've helped other clients achieve their financial goals through tailored mortgage solutions. This real-world application can build credibility. Additionally, while you invite them to share specific worries, asking probing questions about their long-term goals or financial aspirations could provide deeper insights and allow for a more tailored approach. Overall, a strong foundation, but more detail and engagement would strengthen your response.