In both real estate and mortgages, the first long conversation with a prospective client is the most important one. Yet very little time is devoted to this crucial step in the client journey. It's tempting to rush the call, but in doing so, important questions are not asked and valuable information about the client is missed. Inevitably, later on, something critical is revealed that either unravels all your hard work, or worse, tanks the deal.
I've seen brokers who only talk to the client for five or ten minutes before sending an application. I've seen real estate agents take a sign call and run to show a property fifteen minutes later without any screening questions, let alone an in-office meeting. And I've seen listing agents put a sign in the ground without knowing why the homeowner wants to move in the first place.
It all adds up to stress and heartache for both the agent and the client.
There's a better way. It takes some practice and a little courage; however, if you master nothing right now but your discovery calls, everything else in your business will start to flow more easily. Better to uncover all the hard things upfront so you can dig in the right places later.
A good discovery call serves two purposes, the main one being to determine if the prospect has the ability to move forward (get a mortgage, buy or sell a home). The secondary purpose is to establish your leadership. Real estate and mortgage customers are looking for someone to solve a big important problem; and much of the time, they're nervous about connecting with the wrong provider or trusting the wrong person. It took courage for them to contact you. Respect that by setting a professional tone and being the leader they're looking for.
On a discovery call, you control the conversation by asking smart questions, being curious, and providing the next step if appropriate.
Pro tip: don't explain the entire process on a discovery call, whether it be getting a mortgage or helping someone buy or sell a home. You'll overwhelm the prospect which is the opposite of why they might want to hire you. They're already plenty overwhelmed. They want someone to make this simple, easy and maybe fun.
There are only three things to focus on during a discovery call:
Money: What is the customer's current situation, and what is their current understanding of the topic (examples: how pre-approvals work, interest rates, broker versus bank).
Motivation: Gauge the level of urgency and importance for the customer. What if they don't get what they want? What does it mean to them if they do?
Time: In a blue sky world, when does this thing need to happen? Remember, there's another agent who will help out---or appear to help--more quickly than you. Start helping now if you can.
At the end of the call, if the customer is qualified and you want to work with them, advise of the next step. Set the appointment. Send the application. Move them forward and explain exactly how that will look. Customers hate surprises.
If you build rapport and respect on a structured discovery call, the client will start to feel they can trust you with this big scary thing they've been worrying about. They'll also remember how you made them feel, years after the deal is done. And that's good business.
Looking for guidance, support and accountability in running your own 5-star business? Check out my Business Coaching program and apply!
Comments