Don’t get caught SELLING!



If you’re perceived as ‘selling’, you’ve already lost

6 comments

Michael Friedman February 26, 2021 at 6:23 am

STOP SELLING, START HELPING!

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Shannon Hicks February 26, 2021 at 6:41 am

Amen to that!

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Greg Cook February 26, 2021 at 9:38 am

Shannon, great advice. I’ve been a long time in the mortgage business and I think our business as a whole needs to adjust to the concept that we should be offering solutions, not products.
A very good friend of mine who has a marketing degree from the University of Oregon said that rule number one is “Think like your customer”. Rule 1a is “discover the problem they have but don’t want and show them the solution they want but don’t have.
BTW enjoyed your recent webinar on Brevity. Spot on!

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The Positive Realist February 26, 2021 at 11:47 am

Recently I attended a course on selling a solution emphasizing HECMs. It was supposed to take 50 minutes but took 35 minutes instead. So far sounds great.

Rather than demonstrating how to sell a solution, the speaker presented four rather simplistic situations and some questionable benefits using his solutions. Upon later review, not only were some problems a misstatement of fact but he oversold the solution by adding benefits that simply were overblown and inaccurate.

It would have been far better, if this speaker had spent time going over one of the problems with more precision, shown the realistic benefits that the consumer should expect, and then demonstrated how to avoid overselling the product and focus on how to make the solution something the prospect sees as meeting his need.

The speaker said that his presentation was the way to get more financial advisors to see the benefits of a HECM. While that may be true for financial advisors who gain commission income from sales or make their money through AUM activities, it was a failure as to financial planners who are hourly fee based advisors and who are mandated by a government agency that issued the planner a license to act as a fiduciary in making recommendations to their clients.

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John A. Smaldone February 26, 2021 at 1:59 pm

Shannon,

Very good presentation. If originators would only listen, discover the need of the Senior Homeowner and try and meet the needs. One does not need to sell the product, our product will sell itself if the originator on the other side of the client has the knowledge to intelligently answer questions and again I say, discover the need of the client, that is so very important!

We don’t count, it is our senior Homeowner client that counts. We are there to guide, advise properly and make sure the senior is in the program that fits the need. A good originator will advise a senior Homeowner that a reverse mortgage is not good for them if in fact that is the case!

Shannon you hit the Nail on the Head, we don’t need Automobile sales people in our industry, we need caring originators that will put the senior client first and foremost above everything else!!

John A. Smaldone
http://www.hanover-financial.com

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The_Cynic February 26, 2021 at 4:58 pm

John,

It sounds great that we put the prospect first but that is not the case. Our loyalty is to the our employing lender before the prospect. What you describe is the duty of a SEC Investment Registered Advisor to his client. We are required to follow the prudent businessperson rule; we are not fiduciaries. It is wrong for us to express that kind of loyalty towards prospects, even with the permission of our employing lender.

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