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My thought for today; New Application Intake.
Ring-Ring… ‘Hi there I was referred to you to ask about a mortgages by…’
This first phone call made by the client is almost always done at a point in their day where they have allotted a block of time to speak and think about their upcoming mortgage transaction. Seize this moment!
Why not get the entire application built then and there.
I advise my clients that if they are comfortable proceeding with a 20-25 minute conversation that we can have a complete application built, and by the end of the call not only can we have a very solid idea of just how much mortgage money they qualify for but we can lock a rate down with a lender immediately. Two priorities of every client addressed promptly.
This also sets the tone for how responsive and on the ball the client perceives you to be.
Either during, or by the end, of the call I will send a complete list of all required documents (tailored to meet their circumstances) which the lender will require to complete the transaction, Note; ‘The lender’ requires the documents – not ‘us‘, not ‘I‘. Perhaps this is a fine point, but I feel that as Brokers we are all about making the clients life as simple as possible, and choosing the nuances of language carefully can be an important distinction. i.e. the Lender requires you to dig through all your files for NOA’s etc…I your friendly broker wish it were not so…really I do as documents are a tricky thing. ( I will post the list I use in the future )
Along with the tailored list is an attached credit check authorization form which with a simple signature allows me to pull up a copy of their credit report which the client signs and returns finalising the application process.
This process works extremely well in my own business as the majority of my clients are what I would call ‘warm referrals’. They have either known me some time, or are being referred to me by an individual that the client knows well and trusts completely. Less than 1% of the time is there any hesitation over the SIN. It seems to be that if you are not nervous asking for it, then the client is not about providing it.
Be confident. Not pushy.
Other styles of application intake?
Personally I loathe transferring data from paper into the system, just about as much as clients loathe doing the ‘homework’ of filing out paper forms – when did anybody like an assignment of homework?
Be the better Broker, keep the process as painless and simple as possible for your client.
Are you scheduling them for an appointment 4 days from now?
Are you sending them 2-3 pages to print and fill out, scan or fax and return?
Are you directing the client to a secure online application? If the client is unsure of how to fill in any fields, or has a slow internet connection, or were looking for any sort of ‘personal touch’…that is gone – often along with their patience and their business.
Ask yourself, are you a banker? An assigner of homework? A robot? Do your clients want to deal with any of those three – not likely.
Be a human being. Clients like human beings.
When processing the application verbally and the client tells you their Birthday, is it the same as anybody in your family? Are you the same sign? Born the same year? The answers your clients provide to such questions are an opportunity for you to personalize yourself to this brand new person who is trusting you with what is likely to be the largest financial transaction of their lives. Get to know them, and let them get to know you.
Besides it is nice to be nice.
Practice this skill with another Broker, a friend or family member – role play.
Develop a conversational application process around the software that you are using so that the whole process flows naturally.
Like all things in life, this is an acquired skill. Well worth acquiring!
While those 4 days go past between that first call the the appointment you set – what happens if the client comes into the orbit of a Broker with this skill dialed in? Be that Broker.
The exact words I hear from clients regularly; ‘Wow this was way simpler than I expected, thank you’.
Thank you for your time. 🙂