It was with some interest that I recently read a news story which stated that with the credit crunch starting to bite, 60 per cent of Brits are pulling the wool over prospective homebuyers’ eyes in an attempt to sell their property. What a bombshell. Next I’ll be reading that estate agents have admitted to maybe looking at their vendor’s property through ‘rose tinted glasses’ in order to net a sale!
Joking aside, while this is certainly no surprise, it does further highlight the kind of market we are all currently working in. Let’s make no bones about it, it is tough out there. The housing market has fallen a little in some areas and stabilised in others, which is not such a bad thing. But transactions remain low and intermediaries continue to struggle to find suitable products to advise upon due to lenders pulling products, tightening criteria and undertaking in dual pricing practices because of funding issues.
Be proactive
There is a prevailing lack of confidence in the housing and the financial sectors in general that has swept the nation, we only have to look at regular headlines in the national press to illustrate this. These confidence levels are a worry but let’s turn this on its head for a moment and ask the questions as to who are in prime position to best advise consumers and help raise these confidence levels? Who has access to a strong database of existing clients of whom they already have a good knowledge of their financial situation and how it could be improved? Who has both these qualities which in turn could be used to improve their own business and income streams?
Currently being a mortgage intermediary is hard work but in reality there has never been a better time to sit down with existing clients. Working existing databases should be the prime objective for brokers who are struggling with the market conditions. Be proactive – within regulatory and cold-calling boundaries of course. Intermediaries should be in a position to offer a range of services and work your database as best you can as it can lead to existing clients becoming new clients in different market areas.
It is vital for any business, large or small, to constantly evaluate themselves, their goals, their business model and the market in which they are operating in order to ensure that sound business fundamentals such as efficient and fully-maximised sales processes are working effectively.
Remembering to implement the simple things can prove invaluable to service offerings. Even something simple, which might once have been second nature, could prove the difference between providing a professional service and a not so professional offering.
Sales aids
The world of sales should essentially follow a string of basic elements. Indeed, the analysis of many sales organisations shows that high sales performers follow consistent and routine systematic tasks to drive sales performance. There is no magic wand or formula to generate sales. To illustrate this, here are some simple sales aids that may already be in place for most intermediaries but are worth a few minutes just to double check.
• Research the market for the best suppliers of the products/services you are selling
• Once the broker’s proposition and suppliers are agreed the next step is to become an expert in the product ranges you are selling
• Have the website/quotation/application systems open on your computer system every time you face a customer so everything is easy to access therefore making the process quicker and simpler
• Have passwords ready to hand and also the names of people in specific areas you can phone immediately if you get stuck on anything or need advice/help in any particular area of the process.
• Practice doing quotes as many times as possible before letting yourself loose on the client
• Have a script or a series of familiar phrases that help you explain the products. It is important that you become completely comfortable with anything thrown at you by the system or customer
• Make a point to mention these appropriate products to each and every customer (don’t discriminate) and build it into your sales process
• The sales process should be documented so that it is both a reminder to you and ensures that everyone in the broker’s office is consistent and knows their exact role
• Set yourself some ‘personal’ expectations of what your cross selling ratio should be e.g. 80% mortgages should have Building & Contents, 50% MPPI etc
• Sales targets and cross sell ratios should be monitored for all staff in the brokers office and hold regular meetings to help determine what is and isn’t working for certain people
• Book all sellers on training courses as often as possible and practical. There is also value in doing observed interviews of good performers to pick up hints and tips for less experienced sellers
• Review the customer file/record before they come in so some ‘sales’ thoughts have been initiated and sufficient preparation has been done. If there is time you could possibly do some example quotes
• Finally ask for the business and close the sale
These points may all seem like common sense and they are. The trouble is it’s not always that common to actually implement the sense.
