How to Create the Buying Vision and Increase Sales
Lending professionals, like property agents, need to prospect.
However, it’s interesting to note that most lending professionals, mortgage brokers and the like, have a marked difference in character and thought processes, that is, they are more likely to be left brain thinkers. This generally involves logic, analytics, thinking with reason, being more realistic and strategic. A right brain thinker, on the other hand, tends to be more creative, passionate, emotional and intuitive.
So how does this affect the prospecting process for lenders and brokers?
Forrester Research found that 65% of decision-makers give their business to the person that creates the buying vision. This suggests that to win a client’s business, you must first acknowledge their desires and allow them to express the details. Therefore, as a broker, you must take them on a visual journey of what their property needs are and share that vision before you jump into the financial line of questioning.
In a recent coaching session with a team of brokers, it became clear to me that most wanted to leap straight into the analytical questions, i.e. current debt amount, last review, current interest rate, employment status etc. It was also argued that you must get straight to the point with the client during this initial phone conversation to avoid time wasting. You can see where the phone consultation may end abruptly unless the property buyer is highly motivated.
What does a visionary journey or right brain experience look like?
First, I had the team of brokers exchange their blue and black pens for a selection of colour gel pens which they were instructed to use for note taking throughout the rest of the session. I then gave them a choice of planning their perfect holiday or buying their dream car and imagining this process having unlimited funds to play with.
It was interesting to note that only two out of the ten people nominated their unlimited budget to be in the hundreds of thousands. The rest were figures around $30k to $50k but once I questioned whether they were travelling first class or coach, and transfers by bus or limousine, their budgets escalated dramatically. I then presented each option with five questions that would lead them to think more about their dream possibility, giving them just ten minutes to immerse themselves and write the detail. As you can imagine, there was excitement in the room, pens moved furiously across the page and spirits lifted.
Think about this for a moment and consider what happens when you take a property buyer on a similar journey, allowing them to describe in detail their ideal location, why they are moving, who is moving with them, what is their perfect timeline to complete the journey.