Have you ever noticed that as salespeople we sometimes just can't get out of our own way? I was on a call with my coaching group (if you don't have one, consider joining one, your productivity will certainly increase) and the topic of "closing the senior customer" came up. One person in the group lamented that many of his clients recently were talking to two and three other companies (to "compare") before making a decision. This comment, as you can imagine sparked a lively discussion. Why is it that we often don't close the deal when the senior is clearly ready to sign?
I have a couple of thoughts on this matter. One thought revolves around the idea that we are so intent on telling the senior everything we know about reverse mortgages. No matter what, we keep on talking about how much we know even when it is to the detriment of the deal that is right in front of us. Think about it this way, why would I continue to extol the virtues of the line of credit option when the borrower will be using all of the funds to pay off a first and second mortgage? As a reverse mortgage expert, the first thing I must do is ascertain the needs of the senior client. Do not be afraid of a little bit of silence. We too often think we must not have even a moment of silence. Think again! Ask the right questions and wait for the answers. Yes, wait. You've no doubt heard it said many times, "You have two ears and one mouth, use them in that proportion."
Let the senior tell their story. Just by listening you will pick up clues that will give you insight into the real needs. Take notes while the senior is talking (I always have a client profile form in front of me and use it to build the case as I go). I like to say that reverse mortgages do two things: they solve problems and they create opportunity. Find out the real goals and needs of the senior and then and only then, suggest the options that address those goals. This is even more important now when concerns have been raised about offering certain products only for our financial benefit, instead of the senior's. Don't fall into that trap.
My other thought is that we are not comfortable enough with our level of knowledge to be able to employ the strategy outlined above. We are so focused on closing the deal that we completely miss the buying signals that the senior is giving us. Be sure to practice, practice, and practice your scripting for different situations.
Once you have mastered what you are going to say you'll be able to really listen to the senior instead of just plowing ahead with your script, racing to the end. You won't be worried about losing your place in your presentation and you'll be able to improvise and tailor the discussion to the senior. You can master this skill whether you take applications in person or by mail or telephone. The strategy still applies.
As stated above, take note, and don't be afraid to stop and ask for clarification, "So, Mrs. Jones, if I could show you how...would you?" Be sure the senior is agreeing with you along the way. If not, stop and rephrase. If you can do this, you will "own" the customer and the shopping will cease. There will be no doubt in the senior's mind that you are the one they should be dealing with. These practices will have you running roughshod over the competition, and set you apart as the real expert.
Sue Haviland is a reverse mortgage consultant in Baltimore and the founder of Reverse Mortgage Success, a leader in the training and education for originators around the country in the rapidly growing reverse mortgage arena. Sue has worked in the lending industry since 1981. She has been originating reverse mortgages for the last six years and still originates loans every day. She has helped hundreds of families all over the country in the last several years. Sue also shares her knowledge of this market in presentations before the Women's Council of Realtors, Mortgage Bankers Association, National Association of Professional Mortgage Women, and SRES - Senior Real Estate Specialists, Brian Sacks' Insider Seminars, as well as the public. Sue is a Certified Senior Advisor and is active in many professional organizations. Sign up for her free seven-part mini-course at
