Pre-Qualification 2.0: 30 Minutes Following the Call

Following the closing regards, the next thirty minutes is probably some of the most important time that will spend throughout the marketing period between pre-qualification and pre-approval.

 

Here are the steps that you need to take in order to maximize your pre-qualification process:

1. Highlight and bold out the time you set aside for the follow up call
2. Call the Realtor that is representing your client as soon as possible
3. Call the real estate attorney as soon as possible
4. Call the insurance agent (or search for one) as soon as possible
5. Call the client back as soon as you have established contact or left messages/emails with everyone

Step one is as simple as highlighting, bolding, or putting an alarm setting (Outlook) on the follow up appointment with your client.  However, here is how you can make it different.  Let the client know that you have blocked out a time in your schedule just for them.  Let them know that you will be putting your phone on Do Not Disturb when you are speaking with them because you want them to have your full attention.  I will tell you that it is very, very rare that a Loan Officer will tell their clients that, but it makes all the difference in the world when it comes to you vs. 100 other LO’s.

 

The second step is to get in contact with the Realtor as fast as possible.  Don’t make this a business call, though.  Make this an appointment setting conversation and a general introduction.  You can let them know that you are going to release a pre-qualification letter to them as well as the client within 24 hours, but that is it.  Don’t ask about homes that they’ve been looking into, etc.  However, prior to getting off the phone, make sure that you set up a brief appointment with the Realtor the following day to go over those details.  I will go into this call in another blog update.

 

Third, you want to get in touch with the attorney as quickly as possible as well.  This is not only to introduce yourself, but to find out how busy he/she really is, and if they know your client already.  With attorneys, I tend to ask the business related questions (fees, title turn times, etc) because I want my relationship with the attorney to be upfront and honest at all times.  You have to keep in mind that these guys are the oil for the wheels of the cog, and you want to make sure that everyone is on the same page as him.

 

The fourth step is to get a hold of the insurance agent, or search for one.  This is only an introduction call to let them know that you will have a client in escrow soon and you wanted to get to know their general procedure.  Make sure that you let the insurance agent know that you already are in contact with the Realtor as well as the attorney, and that you would like her to be on the same track as well.

 

The final step to really maximizing your 30 minutes after the call with the client is to call the client back!  And here is your question: Why?  Well, the answer is quite simple.  You want to give off the sense that you are working for the client and not the other way around.  You want to make sure that you truly are making this the easiest possible financial transaction possible.  Reiterate to the client that you have already touched base with the “dream team” of real estate professionals (Realtor, attorney, insurance agent, etc), and that everyone is on the same page at this point, and that everyone is really willing to help them get into a house.

 

Overall, the 30 minutes following the client conversation, you need to really step up and establish contact with this “dream team” for your client.  This is just another way for you to separate yourself from the competition! 

 

If you want more ideas on how to separate yourself from the competitions, you can read other blog posts in the Pre-Qualification 2.0 series:

• Overcoming the Objection
• Selling Emotion
• How To Talk About Employment and Income
• Discussing Financial Goals and Retirement
• Bringing up Liabilities
• Prior to the Closing Remarks
• Closing the Call 

As always, feel free to request for free e-mail updates on both the blog as well as Mortgage Pricing, and feel free to ask questions or make suggestions!  I always like to hear what works for other Loan Officers out there!

Pre-Qualification 2.0: Overcoming the First Objection

I just recently posted the Difference Between a Pre-Qualification vs. Pre-Approval, which goes hand-in-hand with the proceeding post in maximizing your Pre-Qualification Process.  The post takes you through the various differences and processes of both a pre-qualification and a pre-approval.

 

Most Loan Officers in our vast mortgage industry view the Pre-Qualification process as a huge burden.  They tend to feel that they are a waste of their time right now for a minimal gain in the future.  In my opinion, that is completely off base.  The Pre-Qualification process is a place for you (as an industry professional) can shine!  However, there is that one obstacle that we have to get over before pursuing how to capitalize on a Pre-Qualification:

 

If you are receiving referrals or have a few different lead sources (internet, telemarketing, pay-per-click, etc) you always want to be the “one and only” contact for that client.  In most cases, that’s not what is happening.  However, instead of throwing in the towel, there are several phrases that you can say in order to overcome the “I already got a pre-qualification letter” objection:

 

1. That is excellent, Mr. ____!  I want to make sure that you were educated on all of your financing options and you completely understand them!   How many loan packages were explained to you? (or) What is your biggest concern with your purchase process?
2. That is absolutely not a problem, and I apologize for not getting back to you sooner!  However, I would love to show you what I can do for you since I have been in the industry for __ years, and I really don’t need to pull your credit to provide you with several options (similar to David Bartels’ White Paper scripts).
3. Great!  Have you already selected a Realtor?  I have a couple of Real Estate Agents that are excellent, and I would love to get them in contact with you.  Have you thought about anybody else to use in the process for your closing or title insurance?
4. I’m glad you were able to get in contact with someone already!  Most Loan Officers today are skipping over the pre-qualification process and going right to a pre-approval letter because it is a contingency letter stating that you have been approved through underwriting.  It gives you and the seller more confidence when you put an offer on your future home.  Typically, I can get this up and running in 24 hours; is it something that you would like to look into?
5. In today’s mortgage market, I am so happy that you were able to get Pre-Qualified!  I’m sure your Loan Officer has told you about how rates are affected by Mortgage Backed Securities and not the 10 Year Treasury, right? (courtesy of Mortgage Market Guide).

 

Now, what happens if the person says “No” or refuses to hear what you have to say?  Don’t panic, and definitely don’t argue with the client.  As the saying goes, “Kill them with kindness”.  After all, even though they didn’t get the pre-qualification from you doesn’t mean that they won’t get the financing through you, right?  Right!!

 

Your primary objective and goal right now should be out-teaching your competition!  Put their information in your drip e-mail campaign, or your follow up calendar.  Let the client know that you will be following up with them to check on their situation.  If you are missing a vital piece of contact information (home address, e-mail, secondary phone), ask for it so you can get them out market reports as they are published.  Ask if there are any reports or information that they would like to see right now.  And most important, stick to the Follow-Up schedule!

 Overcoming that first objection is the first step to maximizing your Pre-Qualification process and enhancing your relationship with your client!