Lending
Sales Assessment Results
48
Needs Improvement
10 questions
Maximum score: 100
Completed in
Let's cut to the chase: your performance is underwhelming, with an average score of 4.8. You've got potential, but right now, it’s buried under a lack of depth and engagement in your responses. The most glaring issue is your transactional approach; it feels like you're just going through the motions instead of genuinely connecting with prospects. You’ve shown some understanding of objections, but your responses often miss the mark on empathy and curiosity. You need to dig deeper into your prospects' pain points and experiences to build trust and rapport.
On a positive note, you did demonstrate some solid follow-up techniques and a commitment to post-loan support in one instance, showing you’re capable of building long-term relationships. However, that needs to be the standard, not the exception.
I suggest you focus on consultative selling and objection handling techniques. These will help you engage prospects more effectively by asking questions that uncover their needs and showing that you truly care about their situation.
Your coaching moment? Remember, sales is less about closing and more about opening a dialogue. Embrace curiosity and approach each conversation as a chance to understand your prospect better. That’s where the magic happens. Let’s turn this ship around.
Question Breakdown
1.
4
/ 10Question:
"We've had bad experiences with lenders in the past; how can I trust you won't let us down?"
Answer:
I have a proven track record with good references available upon request
Feedback:
The response addresses the concern about past bad experiences by mentioning a proven track record and references. However, it lacks depth and does not provide a solution-focused approach. It misses an opportunity to explore the specific issues they faced with previous lenders, which could help build trust and rapport. Asking questions to understand their past experiences would have demonstrated active listening and curiosity, showing that you value their perspective. Additionally, it could incorporate a more collaborative tone to reassure the prospect. Overall, the response feels a bit transactional and could benefit from a more consultative approach.
2.
4
/ 10Question:
"We're currently tied into a contract with another lender, so I'm not sure if we can switch right now."
Answer:
You’re never locked into a contract with another lender and as a consumer, you have the right to have a second proposal to see if you’re taking advantage of the best right and terms possible!
Feedback:
The response partially addresses the objection by emphasizing the consumer's right to explore options. However, it lacks empathy and understanding of the prospect's situation. It could benefit from a more consultative approach by acknowledging the contract's binding nature and asking questions to uncover potential pain points or flexibility within the existing contract. Additionally, it could offer a more concrete value proposition or alternative solutions. Overall, the tone is somewhat assertive and could be softened to build rapport. Closing techniques were not effectively employed, and there was minimal curiosity or discovery shown.
Score: 4/10 - There’s potential, but it needs more depth and a softer touch to engage the prospect effectively.
3.
5
/ 10Question:
"Your rates seem higher than our current lender; can you explain the value behind that?"
Answer:
The other lender could be charging you hidden fees to buy your interest rate down without disclosing it. I need to do a professional assessment and come up with the proposal to make sure.
Feedback:
The response identifies a potential issue with the competitor's offering, which is a good start. However, it lacks clarity and does not effectively communicate the value of your own rates. Instead of solely focusing on the competitor's possible hidden fees, it would be more effective to highlight the specific benefits and features of your product that justify the higher rate. Additionally, offering to conduct a professional assessment is a good idea, but it would be stronger if you included what that assessment entails and how it directly benefits the prospect. Overall, the response could improve in addressing the concern more directly and demonstrating value clearly.
Score: 5
4.
4
/ 10Question:
"We're facing budget constraints this fiscal year, and I don't know if we can allocate funds for a new lending partner."
Answer:
There is no cost or obligation whatsoever to work with my financial institution.
Feedback:
The response misses an opportunity to delve deeper into the prospect's situation. While stating there is no cost or obligation is a good start, it doesn't address the underlying concern of budget constraints. A more effective approach would involve asking questions to understand their budget limitations better and how your services could potentially save them money in the long run. This would demonstrate a solution-focused approach and indicate that you are actively listening to their concerns. Additionally, offering insights on how partnering with your institution could help them achieve their goals despite budget constraints would add value. Overall, the response could be more engaging and collaborative.
Score: 4/10 for not fully addressing the financial concern and lacking curiosity to explore the prospect's needs further.
5.
4
/ 10Question:
"There's a lot of uncertainty in the market right now; how can I be sure this is a stable investment?"
Answer:
As of right now, equity and Holmes are going up on average between 3.5 to 7 1/2% increments on our annual basis depending on where you are geographically located. Real estate has proven to be the safest investment overall for the long haul. No risk, no reward.
Feedback:
The response attempts to address the objection by providing data on average equity growth and emphasizing the historical stability of real estate as an investment. However, it fails to engage the prospect in dialogue or explore their specific concerns further. The phrase 'no risk, no reward' can come off as dismissive, and it doesn't directly acknowledge the prospect's feelings about market uncertainty. A more effective approach would involve asking follow-up questions to understand their concerns better and provide a tailored reassurance about their investment. Additionally, the response lacks a collaborative tone and does not fully demonstrate empathy or curiosity toward the prospect's situation, which is essential in lending. Overall, the response could benefit from a more consultative and solution-focused approach.
6.
4
/ 10Question:
"I need to ensure this aligns with our long-term strategic goals; can you help clarify that?"
Answer:
After we do a discovery call and I conduct a professional assessment, I’ll be able to come up with a proposal that’s tailored to your credit profile to make sure we meet all your needs. Nice.
Feedback:
The response does attempt to address the prospect's concern by suggesting a discovery call and professional assessment, which indicates a solution-focused approach. However, it falls short in several areas. Firstly, it lacks clarity on how the proposal will directly align with the long-term strategic goals the prospect mentioned. Secondly, the tone could be more reassuring and collaborative; it feels somewhat generic and doesn't fully engage the prospect's concerns. Additionally, there is no direct closing technique utilized to move the conversation forward. To improve, consider explicitly discussing how your solutions can contribute to their strategic goals and ask questions to better understand those goals. Overall, while there's a hint of curiosity and discovery, it doesn't fully resonate with the prospect's request for alignment, leading to a lower score.
7.
7
/ 10Question:
"What happens if we need support after the loan is issued? I want to ensure we aren't left hanging."
Answer:
My goal is to build a lifelong business relationship with you which will enable you to contact me at any time post closing for more help, my expertise, and resources.
Feedback:
The response effectively addresses the concern about post-loan support by emphasizing a commitment to a lifelong business relationship. However, it could be more specific about the types of support available after closing, which would enhance clarity and reassurance. Adding an example or a brief mention of available resources would demonstrate a solution-focused approach. The tone is appropriate, but it could benefit from a bit more warmth to build rapport. Overall, a solid response, but with room for improvement in detail and assurance.
Consider asking a follow-up question to further engage the prospect, such as: "What specific types of support are you most concerned about?" This would show curiosity and active listening.
Rating: 7/10
8.
6
/ 10Question:
"I'm concerned about how quickly we can get this implemented; we have urgent priorities elsewhere."
Answer:
I can expedite every moving part of the loan transaction to make sure it’s commenced in a timely fashion.
Feedback:
The response addresses the urgency of the implementation concern by promising expedited processes, which is a good start. However, it lacks specific details on how that expediency will be achieved. It would benefit from asking follow-up questions to uncover any specific timelines or priorities the prospect has, showing curiosity and discovery. Additionally, a closing technique could have been employed to reinforce confidence in the process. Overall, the communication is clear but could be more engaging and collaborative.
9.
4
/ 10Question:
"Your solution sounds great, but can it really integrate with our existing systems?"
Answer:
After I ask the right questions and assess your needs, I’ll be able to come up with a proposal that’s tailored to your scenario.
Feedback:
The response attempts to address the objection by indicating a willingness to ask questions and tailor a proposal, which is a good start. However, it lacks specificity regarding integration and doesn't directly reassure the prospect about how the solution will fit with their current systems. It would be beneficial to first acknowledge the concern about integration, provide a brief example of successful integrations, and then commit to understanding their specific needs. Also, using a closing technique that encourages further discussion, such as asking if they have any particular systems in mind, would have been more effective. Overall, while there’s a hint of curiosity, it fell short on active listening and demonstrating immediate value.
Score: 4
10.
6
/ 10Question:
"I just need more time to discuss this with my team before making any commitments."
Answer:
Take your time and we can reschedule a follow up call to recap the opportunities you have with us. No pressure at all!
Feedback:
The response effectively acknowledges the prospect's need for more time, which demonstrates active listening. However, it lacks a sense of urgency or a closing technique that could create more momentum in the conversation. While the tone is friendly and non-pressuring, it could benefit from exploring the implications of delaying the decision or asking a follow-up question to understand their team's specific concerns. Overall, it’s a good start but could be stronger with a more solution-focused approach and curiosity about their decision-making process.