Nobody’s Listening!
Why we feel ALONE
As a reverse mortgage professional do you feel you’re out on your own? …
Fanatics & Followers
What is the difference between a ‘follower’ versus a disciple (fanatic) in a sales organization?
8 Tips for 2nd Wave Selling
[3-minute read]
The long-predicted second wave of the coronavirus pandemic is now ramping up across the U.S. Even in my small town of 95,000 we had over 300 infections just this last weekend. Understandably, under these circumstances, the proverbial kitchen table is off-limits, but we can set up a virtual table and prepare for the virtual sales season.
Here are 8 tips to help you get the greatest success from your remote sales:
- Once you secure a virtual meeting, email the homeowner the link to join a Zoom meeting you have already scheduled. You may also want to include a link to a short how-to video showing the basics of how to use Zoom.
- Don’t wing it. Each of your sales presentations should have a beginning intro, a middle, and an end where you wrap up the session for the next steps. Map out your plan. The benefit of virtual meetings is no one sees what notes you’re reading.
- Prepare any reverse mortgage quotes, illustrations, and charts. Keep any materials in a folder on your desktop for easy access. Do not reveal the names of other clientele on your screen otherwise, you will lose their trust as they fear others will see their name as well.
- Face the light. Natural lighting is not your friend. Your light source should be coming from in front of you. Close nearby blinds and dim overhead lights when necessary. If you’re using a virtual background, have a blank wall behind you for the best effect.
- When possible use a good microphone. Investing in an external mic will give you a fuller and warmer sound and avoid you looking like you forgot to remove Q-tips from your ears if you’re using the latest ear-buds.
- You never wanted to be a TV star? Well, you are one now…at least for each homeowner who flips open their laptop to chat with you. Practice looking straight into the camera, the use of hand gestures, and when to share your screen, and when your face should be full-screen.
- What is your first sale during your virtual meeting? What’s your second sale? How can you measure attentiveness and trust? These are the issues you will be mindful of before, during, and after each session.
- Secure an appointment for a second meeting before you disconnect. Follow up with each prospect using an engaging motion email with a short video message. Loom is your best bet to capture the interest of prospects.
Here’s what truly motivates change
[2-minute read]
Social philosopher Eric Hoffer wrote, “discontent by itself does not inevitably create a desire for change”. Each and every one of you who has sat face to face with a skeptical homeowner can nod in agreement.
There’s much discontent to appeal to for those who’ve found themselves feeling shortchanged by the American Dream. Perhaps it was a financial shock from a chronic health condition, the death of a breadwinner or losses suffered in the stock market. These are significant and tangible reasons why millions of retirees find themselves stressed, unhealthy, and lacking the funds required to maintain a comfortable standard of living.
Why pain alone never sells
[read more]
If discontent is the kindling, then hope is the match that ignites the fire. The older homeowner must have some level of faith that a reverse mortgage is a safe and viable solution before ever entertaining the notion. They also must have the hope of a better future without the crushing burden of mortgage payments and envision how a reverse mortgage will improve their remaining years.
Discomfort and fear are poor motivators without hope. Successful political candidates have latched onto the theme of hope to motivate the masses. So why do so many homeowners endure years of financial want and angst? Perhaps the answer is found in routine such as forty-years of dutifully paying down one’s mortgage so they can retire mortgage-free. That routine staves off the pangs of insecurity we face in our working years when contemplating retirement. When presented with a ‘radical’ alternative that security is threatened and for many, a reverse mortgage can appear to be a radical solution.
Reverse mortgage professionals can be likened to sherpas guiding their charges across chasms of uncertainty and ruin. Will they balk, question, or outright resist? Certainly, and it’s quite a natural response.
During these moments of fear and hostility to change lead them toward hope. The hope of a better future with significantly fewer financial worries. The hope of rewarding themselves after investing their entire lives in others. For in the end, it is hope that pushes us beyond our fear or acceptance of the status quo.
How can you incorporate hope into your marketing, sales, and business model? Share your ideas in the comments below.
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Hey! How are you?!
[2-minute read]
“Hey. Remember that time when we met and talked about a reverse mortgage 3 years ago and you said no? Do you want to talk again?” That approach would be somewhat believable if it were from a Saturday Night Live skit. No reverse mortgage professional with a functioning cerebral cortex would ever utter such words. However, it’s easy to find oneself saying something that while less abrasive, pretty much reflects the same sentiment- ‘you said no and I can still help you’.
While you typically ‘think in reverse’ 16 hours each day your previous potential borrowers do not. In fact, count yourself lucky if they even remember your name. For the handful of you reading who kept in touch with newsletters, birthday cards, or phone calls- congratulations. [read more]
Our once-normal lives are changing at warp speed. Many older homeowners could find themself facing a financial crisis after being laid off or no longer receiving dividend income from their stocks. Would these unfortunate events cause them to think of you first, pick up the phone, and spill out their problems? In rare instances yes, but not likely.
And this is where a better approach gets you in front of an informed, motivated, and qualified prospective borrower. Here’s one example.
“Hello, Mrs. Hayes. This is Shannon. We met last August. Yes, before the coronavirus. How are you? The reason for my call was to check in and see if anything has changed for you since we last spoke.” Briefly mention any important facts they shared during your first meeting.
After that, it’s your turn to actively listen and take notes.
They may say ‘not much’ or ‘nothing’ in reply to your query. They may explain that they’re concerned they’ll run out of money because of the virus’ impact on our economy. Regardless, there are three things you’ll want to say. First, interest rates are at historic lows which means they stand to qualify for more money. Second, home values may be at their peak which increases their ultimate cash benefit. Third, ask how they feel about their accumulated home equity? Do they consider it to be safe? In an ideal world, what would they like to do with the equity that’s grown over the years?
If they insist they don’t need to further explore a reverse mortgage, ask them if they know anyone over 60 who may benefit.
You may have noticed that this ‘check-in’ call gives you the opportunity to ask open-ended questions and listen to learn what financial pressures they face. Keep it casual and empathetic. Your two goals are to actively listen and then schedule a follow-up meeting (in-person or remote) to explore a reverse mortgage when suitable.
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Threats Seen & Unseen
Are we missing the signs of tangible threats to our potential borrowers?
Anxiety Sells
Like it or not, the reality is that fear and anxiety sell. To put a point on it, fear motivates us to take proactive steps to reduce risks with a reasonable solution where we would typically run to comfort instead. As it’s said, ‘action defers anxiety’.
Here are just a few motivating fears and the actions many have taken.
Fear: A young income-earner worries his family would suffer financially should he die prematurely.
Action: They purchase a life insurance policy.
Fear: A conservative investor worries that today’s low interest-earning CDs and money market accounts won’t allow them to keep up with inflation.
Action: They purchase an investment/contract that guarantees a higher interest rate.
Fear: A senior widow is anxious that medical expenses outside of Medicare will break the bank.
Action: She purchases a Medicare Supplement policy to reduce her financial exposure.
Fear: The U.S. Debt just added $2 trillion to the federal ledger making federal debt exceed our annual gross domestic product (GDP) for the first time since World War II. Higher taxes are likely to follow.
Action: They convert their existing IRAs to Roth IRAs to stop future tax liabilities.
Fear: Inflation is likely to increase substantially in the wake of the COVID-19 pandemic making nearly everything more expensive.
Action: They get a reverse mortgage which eliminates their existing mortgage payments and leaves them an available line of credit should they need to increase their cash flow even more.
Ethically we never want to sell only from a position of fear. However, we should ask the uncomfortable ‘what if’ questions to uncover a homeowner’s hidden fears. Those things they wouldn’t volunteer to discuss yet eat away at their peace of mind. After all is it better to shy away from sensitive topics for our own comfort or check to see if the homeowner could benefit by taking some proactive steps to leverage their home’s value?
Now more than ever before older homeowners would benefit by thinking through the realistic ‘what if scenarios’ that most retirees wrestle are struggling with. So, let’s commit to getting a little uncomfortable ourselves and address the proverbial elephant in the room.
Start making this one call
What’s a blast from the past call? Find out in this week’s installment of Friday’s Food for Thought.
The One Question You Should Always Ask
The 1 question Tom O’Donoghue asks on every single sales appointment
A silver bullet? More like a golden one. Here’s the one question Tom asks on every appointment that you should ask as well…
