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Ask The Expert: How Long Should I Wait Before Calling a Lost Prospect?

Brent from Oklahoma asks:  You have previously talked about calling back a prospect you lost. I thought that was a good idea. How long should I wait after losing the prospect? What should I say?

Dave Hershman

Dave: I truly believe you can either get some of these prospects back or turn them into future referral sources.

Here are the keys:

  • When you lose the deal, do not get mad or argue. I know it is tough to see a potential commission fly away. But, you need to suppress your bad feelings and let them know that you are still there as a resource because you are concerned that their transaction goes well. Make sure they know they can call you for advice at any time. This sets you up to make the call.
  • Wait about a week and call them just to check in. “I just wanted to make sure everything was going okay with your transaction and see if there is anything I could do to help. Remember, I am still a resource for you and feel free to call me any time.”

There are four possible answers to “how things are going?”

  1. Everything is great. For this situation, your reply should be something like: “That is wonderful. Remember, I am still here as a resource if you have any questions or need any help. And if you know someone else that is looking to purchase or refinance….”
  2. Good, but I have a question. Tell them to “ask away.” By delivering that value, the ability to ask for a referral (see the previous answer) becomes easier.
  3. Everything is terrible. “They promised the sky but are not delivering.” Here you have a decision to make. If they are too far down the road, give them advice and steer them in the right direction–and ask for a referral at the end. Or, let them know that it is not too late to go with you and you will make sure they are satisfied. This is sometimes a tough call.
  4. We have not done anything. This is more likely an answer from someone who is refinancing. They are procrastinators and they told you they made a decision, but really wanted to be left alone. In this case, if they are still not ready to move, watch rates for them and contact them when the time is even more right.

Whatever the “answer,”  you will always be in a better position by making this call.

Dave Hershman is Senior VP of Sales of Weichert Financial and the top author in the mortgage industry. Dave has published seven books, as well as hundreds of articles and is the founder of the OriginationPro Marketing System and Mortgage School – the online choice for expert mortgage learning and marketing content. His site is www.OriginationPro.com and he can be reached at dave@hershmangroup.com.

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