home loan preapproval
Sales Assessment Results by Bradley Flanagan

"I need to ensure that this preapproval process aligns with our upcoming budget cycle; how can we expedite this without compromising compliance?"

your question doesn't make any sense

This response is dismissive and fails to address the prospect's concern. It does not demonstrate understanding or curiosity about their situation. Instead of engaging, the salesperson missed an opportunity to explore solutions that balance expediency with compliance. A more effective approach would include asking clarifying questions to better understand the client's needs and explaining how the preapproval process can be tailored to fit their budget cycle while ensuring compliance. This response does not build rapport or demonstrate active listening, leading to a poor overall impression.

"Our stakeholders are hesitant about the long-term value of home loans at this interest rate; can you provide ROI metrics to justify this decision?"

we provide the best ROI around. take it or leave it

This response is extremely inadequate and dismissive. It fails to provide any actual metrics or justifications for the ROI, which is critical for addressing the stakeholders' hesitations. Instead of engaging in a constructive conversation, it comes off as confrontational and unprofessional. A more effective response would involve providing specific data or examples of ROI, asking follow-up questions to understand the stakeholders' concerns better, and offering to discuss further how the loan could fit their long-term strategy. This approach would demonstrate value and build trust, crucial in the home loan industry.

"Given the current economic climate, what assurances can you offer regarding the stability of this home loan offer?"

our company holds its investors to the highest standards. once an offer is made it is honored if accepted. WE have a 100% track record of fulfilling our commitments and public reviews to support. A high profile customer back in the worst economic times accepted over 60 days after the offer and we were able to fulfill our commitment. I am happy to connect you with him if that would help. What about the current economic climate most concerns you?

This response does a decent job of addressing the prospect's concern about stability by emphasizing the company's commitment to honoring offers and its track record. Mentioning a high-profile customer adds credibility. Additionally, asking a follow-up question shows curiosity and encourages dialogue. However, it could be improved by providing specific examples of how the company adapts to economic changes or by discussing risk management strategies in more detail. Overall, it demonstrates a more consultative approach, but lacks a deeper exploration of the prospect's specific concerns about the economic climate.

"Can you elaborate on how quickly we can finalize approvals, considering our team's tight project timelines and current workloads?"

Just so that we are on the same page, how quickly would you like to see the approvals finalized? I believe we will accomplish them quickly because we are prioritizing a first in - first out basis. We have revised the flow recently and it has reduced the time each person has to spend on the file significantly. We have consistently been able to complete reviews within 4 hours for the majority of our applications.

This response effectively addresses the prospect's concern about the speed of finalizing approvals by asking clarifying questions about their timeline. It provides reassurance of efficiency by explaining the prioritization system and the recent improvements that have led to quicker processing times. However, it could be strengthened by including specific examples or data points about past timelines or satisfaction rates to further build credibility. Overall, it demonstrates a solid understanding of the prospect's urgency and offers a collaborative approach.

"I need to present this option to our committee, but I'm concerned about how it compares to our current lender's terms; can you clarify how your offering stands out?"

I am looking forward to your feedback. our offer stands out in the following ways: 1. it reduces your risk due to the fixed rate period, your current rate expires annually whereas I am proposing a fixed rate for 7 years. 2. you have the free refinance option which will ensure you can take advantage of any improved rates in the future without unnecessary expenses. 3. we value the long term relationship and you mentioned you have been limited in the past with the current lender being able to help you take advantage of quick opportunities. With this loan, and the growing relationship I am confident that we can give you the resources to take full advantage of future opportunities with our support. Are there any other specific concerns that you would like to address before presenting?

This response effectively highlights key differentiators of the loan offering, such as the fixed-rate period and the free refinance option, which addresses the prospect's concern about stability and risk. Additionally, emphasizing the value of a long-term relationship is relevant and demonstrates an understanding of the prospect's previous limitations with their current lender. However, the communication could be clearer and more professional in tone, as some phrasing feels casual and lacks proper capitalization. The follow-up question at the end encourages further dialogue, which is a positive aspect. Overall, the response is solution-focused and demonstrates an effort to build rapport.

"What kind of ongoing support will we receive after securing this preapproval, especially if we encounter issues during the home buying process?"

Great question! My team and I are here to assist through every step of the process. After preapproved; while shopping, we help with: a) getting exact numbers prepared b) researching the property c) ensuring we use the current tax bill d) performing claims search to inform if any issues with prior insurance claims that would impact affordability. In addition, we will check in with you weekly by call and text. You have our team hotline that you can call or text anytime (nights or weekends included) if questions arise. All that said, we monitor your credit to make sure you have the highest score possible, which leads to you getting the best terms available on the loan. In fact, we closed a loan just last week that was able to improve the interest rate by 0.25% by following or proven system. Are there any specific areas you would like to make sure we offer support other than what is mentioned above?

This response effectively addresses the prospect's concern about ongoing support by outlining specific services your team provides after preapproval, such as assistance with property research and ensuring proper valuation. The emphasis on weekly check-ins and availability through a hotline conveys a strong commitment to customer service and accessibility, which is crucial in the home loan process. Mentioning recent success in improving a client's interest rate adds credibility and demonstrates the value of your approach. However, the response could benefit from a more structured format to enhance clarity and professionalism. Overall, it demonstrates a strong understanding of the importance of support in building trust and confidence with clients.

"How does your loan product adapt to future changes in market conditions? I want to ensure we’re not locked into unfavorable terms later on."

youre protected with a fixed rate so when rates go up youre safe, and you have a free refinance so when rates go down you take advantage without compromising the benefits.

This response addresses the objection by emphasizing the benefits of a fixed rate and the free refinance option, which are relevant to the prospect's concern about future market changes. However, the communication lacks a professional tone, as it is casual and lacks proper capitalization, which may undermine credibility. Additionally, it would be beneficial to elaborate on how the product specifically adapts to market changes beyond just mentioning the fixed rate and refinance. Asking a follow-up question to further understand the prospect's concerns would have also enhanced the consultative approach. Overall, while it provides basic assurance, it could be more polished and detailed to fully engage the prospect.

"Can you help me understand the onboarding process for this loan; I want to ensure minimal disruption to our current operations?"

no

This response is entirely inadequate. It is dismissive and does not provide any information or support regarding the onboarding process for the loan, which is critical for addressing the prospect's concern about minimizing disruption. A more effective response would include a clear explanation of the onboarding steps, timelines, and how the process is designed to be efficient. This missed opportunity not only fails to help the prospect but also damages the relationship and trust.

"There's been past resistance to changing lenders due to internal politics; what strategies can you suggest to help facilitate buy-in?"

yes

This response is completely inadequate and dismissive. It does not provide any insight or strategies to address the client's concern about internal resistance to changing lenders, which is essential for facilitating buy-in. A more effective response would involve acknowledging the concern and offering specific tactics, such as presenting data to stakeholders, addressing potential objections directly, and highlighting the benefits of your loan product in a way that aligns with the interests of the stakeholders involved. Overall, this lack of engagement and detail severely undermines your credibility as a salesperson.

"With so many alternatives available, how can we be sure that this home loan preapproval is the best choice for our specific needs?"

bye

This response is completely dismissive and fails to address the prospect's concern about how your home loan preapproval compares to other alternatives. It does not provide any information or reassurance, nor does it engage with the prospect's needs. A more effective approach would involve articulating the unique value proposition of your offering, addressing the specific needs mentioned, and inviting further discussion. This lack of engagement not only misses an opportunity to build rapport but also severely undermines your credibility as a salesperson.