Don't Close the First Time

Don’t Close the First Time

by Shannon Hicks
| One Comment
| August 24, 2015

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Why One-Appointment Closes are Doomed to Fail

With the increasing complexity of the HECM and the Financial Assessment attempting to educate and close your prospects in the first appointment is akin to asking them to drink from a firehose.

Each of us may be reverse mortgage professionals, educators and evangelists spreading the word of the benefits that the reverse mortgage offers. However stripping all titles away we are truly salespeople in the business of matching prospective homeowners with a reverse mortgage when suitable. With this in mind each of us should examine our approach and consider are we asking for too much too soon?

In my early days of originating reverse mortgage the product was simpler: one product, one margin and fewer complexities. This often allowed me to take an application on the first appointment. Today, everything has changed. The sheer volume of information we should be reviewing in person or by phone in our first encounter is…

Download a transcript of this episode here.

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Editor in Chief: HECMWorld.com

As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.

Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.

Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.

1 Comment

The_Cynic
August 24, 2015 at 12:12 pm
The rent is due. The convention is next week. Vacation is coming. Too much stress is the enemy of a healthy borrower relationship.

I hate to think how many times, I have felt pushed to get through my presentation to make the sale. It rarely helps.

This video was a great reminder that the application process is a process and trying to hurry that process up can do more harm than good.
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