Why a well thought-out script has more benefits than you may realise.
Joshua Vecchio is a director of boutique broking firm Hunter Galloway and shares his business strategy knowledge on website Top Broker.
Ok let's be honest, traditionally speaking mortgage brokers are quite shy when it comes to picking up the phone and prospecting for new leads. Realistically speaking the day in the life of a mortgage broker is hectic between following up banks, existing customers and BDMs, and ultimately calling new prospects cold isn't something that lists high on the priority scale.
I’m sure you’ve seen (or at least heard of) The Wolf of Wall Street where Leonardo DiCaprio plays Jordan Belford an infamous stock broker on Wall Street – on the phone Mr. Belford is a smooth talking broker who can convince anyone to buy the stock he recommends. Whilst we do not want to go to the extremes shown in the movie, it certainly got me thinking of ways mortgage brokers can better utilise the phone to increase opportunities in their business.
Be it with warm or cold leads these steps can help you grow your business in a very short period, so here are my tips that can take you from the reluctant caller to becoming a Wolf on the phones!
Step 1: Create a script.
It might sound robotic and seem even sterile, but having a script that you stick to is critical to your success. I believe the script is extremely important in opening the call because once the prospects interest has been peaked you have permission to have a quality conversation like you would with any existing customer. A script will allow you to validate what works. I’ve worked with brokers before who insist that they are at their best when they shoot from the hip on the phone and just say whatever comes to mind. My experience with this is the phone call isn’t fluid and there is no real direction on the call, and it all can come undone pretty quickly especially dealing with objections.
You need to be prepared to deal with objections within your scripting – think of every scenario or response you are likely to get and be prepared with the answer. I’ve found this gives confidence when making the calls; remember most potential prospects are going to have similar objections like ‘I’m too busy’, ‘I already have a broker’, ‘I’m not interested’, etc. so rather than being surprised when they say it, you’ll be ready.
Step 2: Dealing with rejection.
For some this is an extremely bitter pill to swallow. After all it’s been said ‘rejection is nothing more than a necessary step in the pursuit of success’. Prospects will challenge you with objections; this is normal and shouldn’t be taken personally it’s just life!
Don’t take the first objection, find out more information and show them the value of your service. Stay positive no matter what happens and be sure to celebrate you successes. I found rejection hard when I first started calling however I soon starting saying to myself – that’s one no closer to a YES! This helped shift the focus on my end goal.
Step 3: Fail Your way to success.
Michael Jordan is quoted for that fact he failed over and over again in life, and that’s why he succeeded – It’s the same with phone prospecting. You’re going to make mistakes, the important thing is to learn from them and continuously improve.
Step 4: Challenge yourself, bit by bit.
Stay focused, you’re not doing anyone any favours by going through the motions, purchasing a call list and then procrastinating and sitting on it never to make a single call. Challenge yourself every single day, start with 5 calls a day and build from there. Look to bettering each day from the last. Rome wasn’t built in a day, it was built off the back of consistency and determination!
“Move out of your comfort zone. You can only grow if you are willing to feel awkward and uncomfortable when you try something new.” – Brian Tracy
Step 5: Make a commitment and just do it.
I’ve found scheduling in a set time during the day, like you would an appointment, ensures that the calls are done. Remember to be relaxed when calling, smile and be human – you’re not a robot or answering machine and you’re there to help the prospect improve their current situation!
DISCLAIMER: with any outbound calling or prospecting you need to meet ASIC’s guidelines, have consent to use the prospect's details and meet your relevant state's cold calling, marketing and privacy laws.
We would love to hear your thoughts and any successes you’ve had using calling new prospects using these techniques on our Top Broker Facebook page or LinkedIn.
This article originally appeared on Top Broker, a growing online space where tips and strategies are shared by Australia's top mortgage brokers.
