By Dave Hershman
Dealing with objections may seem difficult, yet receiving objections means you are progressing within the sales process. Those who are not selling will be the recipient of no objections. Those who are selling will be the recipient of many. Let’s take a look at one common objection:
“My neighbor is a loan officer part-time and I promised that I would do the loan with her.”
Those who hear this statement are hearing a response to an important question such as, are you ready to make application now? No matter what the variation, the point is the loan officer asked for the business and the objection was a direct result of a positive action. If the question was never asked, then the objection would have never been voiced.
Not all objections can be answered. Good sales people recognize when to let go. Many waste their time and ruin relationships by pressing the issue when there is no hope of resolution. For example, let’s go back to the previous example, but change the parameters:
“My son is the top producing loan officer and I am going to work with him.”
This solution is a little more difficult to overcome than a neighbor who dabbles in mortgages wouldn’t you say? There is probably little you could say to dissuade this potential client. But it is good to keep the door open:
“Let’s keep in touch in case things don’t work out to your satisfaction or I can help your son in some way.”
Bottom line is that it is wrong to continue to press the issue when there is little hope of coming out on top. And never disagree with the prospect. Understand the importance of their objection and empathize with their position. The time you invest with little chance of reward could be better spent marketing sources that have a better potential of return in your favor.
About the Author: Dave Hershman is a VP of Sales for Weichert Financial Services and founder of OriginationPro (www.OriginationPro.com), providing marketing content and training programs for the industry. Email him with “Ask the Mortgage Management Expert” questions or comments at firstname.lastname@example.org