Would you risk 15 minutes of your time to land another customer? Think about what fifteen minutes represents: the time spent comparing impressions of a weekend football game? Time spent cruising your social media account? Or one more respite under the ticking snooze button. Could you redirect that time to improve your chances to win more business.
How? Ask questions. Too many lenders accept conventional information at face value without using the moment as a learning opportunity. Think about the mindset you’ve been taught, through mentors or by watching others, and how you might have the tendency to turn and walk away if you don’t hear what you want to hear or expect.
Such as? While soliciting a client for deal, you hear they are planning to acquire real property but don’t have the minimum cash equity to contribute, which maybe you’ve been taught to walk away from. Or what if a client you’ve been pursuing has decided to accept the loan offer from another lender. You leave the room.
At face value, both of these scenarios seem to be dead-end situations. But what if you ask questions to ensure that you understand the entire context of the answers you heard. What if you invest that proverbial fifteen more minutes to revisit the answer and make sure that you have heard the full extent of what their position is?
While far from universal, you might just land the deal after all, based on the chance that the additional information you discover changes the trajectory of that original answer. For example, the borrower who didn’t have sufficient cash equity to contribute might have another source for that cash, such as a relative or friend who would inject it. Or if asked, the prospect might consider asking their seller to carry a small, subordinate portion of the financing.
Quizzing them through a range of these kind of questions might not change the final answer, but on the other hand, it did for me on many deals. In this scenario, you have to remember that they don’t necessarily know that some of these alternative deal structures are possible, unless you tell them.
For the prospect that accepts a competing deal, it’s worth learning more about exactly what that alternative deal is. Maybe matching those terms, if you can, would win the business for you, particularly for existing bank clients. Maybe they don’t understand some of the nuances in the offer letter that would result in a lesser deal than you offer, something you could learn if they would let you read the offer.
Both of these situations are strengthen and might be recoverable to land you the business, but you’ll never know if you’re not curious enough to ask.
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