Pre-Qualification 2.0: Discussing Assets and Retirement Goals
Posted by arscherer on January 10, 2008
As we progress through the Pre-Qualification 2.0, we have been establishing a great rapport with our clients, and we have been learning as much about them as possible. Overcoming the First Objection was just the start to our new found client, and then we moved on to Selling Emotion by talking with them about their new home. After we have really started to define ourselves as the a-typical Loan Officer (now this is a good thing), we have started to Talk About Employment and Income.
The next step to cultivating a strong relationship and branding yourself as the professional Loan Officer that cares, we move into a Discussion about Assets. As always, we want to open the topic off with an open-ended question. I have found that the best way to enter into a conversation about overall assets is by leading in with what I know about their current employment. Here is an example:
“John, you seem to really like what you’re doing over at ABC Telecommunications since you have been there for 5 years, and you said that you don’t really plan on leaving. Tell me, when do you plan on retiring and kicking back a little?”
It’s important to keep this light because a good majority of the people you speak with haven’t really planned or thought about (realistically) when they can financially retire. This question will also open the door for you to explore other program options when the time comes.
After you have gotten a true and honest answer from your client, it’s important to ask how much money they would be comfortable having saved up for retirement. I’m sure you can all see where this is going: the current assets and their overall financial goals. After you are able to ask the question about their current assets, you can fully understand their financial situation and where they want to be in (however many years they want to retire).
This Is Giving You An Edge Over Your Competition. I highly doubt, unless they have been trained extensively, that any other Loan Officer out there is asking these types of questions. Asking these questions will give you full knowledge of how to position them in a loan program to optimize their goals. And as always, Sell To Emotion by listening to your client and caring about what they have to say!
How will you set yourself apart in today’s market?
