Attacking the Opportunity from Your Competitors

You spent the whole morning attacking the fresh leads that came into your pipeline, and what did you hear? Probably:

    “That sounds great, I am waiting on the other offers…”
    “The Mortgage Emporium had a better rate”
    “Bob’s Mortgage Shack said I could close in three days”

Fresh leads are just entering the sales life-cycle and are inherently the toughest ones to convert. These customer know the market is competitive and still have time to wait to hear the best deal. All of your competitors are telling them whatever it takes to get the deal into their commission trigger. These factors significantly impact the probability of converting a brand new lead, particularly if you do not have the brand cache of a Countrywide, Wells Fargo, or Quicken Loans.

So, how can you use this to you advantage?

The easiest customer to close is one that has been disappointed by your competitor. It is like “sticking it to the man,” the customer gets satisfaction and you get a sale. So, the next time you hear, “I am going to go with Tina’s Mortgage Funding” I want you to put them in your calendar once a week for the next 45 days. I want you to check in on them and ask how their mortgage process is going like it was you customer. You don’t even have to ask for the sale. You will be amazed how many of these deals you will win from the competitor. These customer will come to you because:

    If you are this attentive and responsive, what would it be like to be your customer
    The competitor will most probably frustrate the customer when they get into processing
    If you don’t get them this time they will call you next time because of your commitment

So, don’t ignore the customers you loose to the competitor they may be your highest converting lead.

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