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The Principle of Social Contracts
Trust. It is the foundation upon which all sales must be built upon. Consider for a moment the level of trust required for the homeowner to get a HECM loan. In most instances they have just met you, yet ultimately they sign several pieces of paper in the promise that their existing mortgage will be paid off or that they will have access to a considerable sum of money. No widget or tangible product on the shelf to take to the register, just an intangible product, concept or benefit.
In the art of sales we can fall into the trap of second-guessing why people should trust anyone, or more precisely us. Perhaps this is not a struggle yet we should revisit the concept of trust as it will strengthen our confidence to effectively approach, communicate and ultimately close more loans. At the core of trust in today’s society is the concept of what I call a social contract…
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Going back to the basics is crucial to how we bottom out of the current endorsement cycle. Today we find ourselves in the worst four month period ending September 30 experienced in the industry in over a decade.
While some point to financial advisors or Realtors as our way out of this struggle, it will come as we return to basics and take care of the actual prospects. This is not to discount the importance of referrals but rather to point out that the referral is the step in the process of closing a loan.
Referrals normally come with a higher degree of trust than recent acquaintances. Keeping that trust is imperative to completing the loan.
So Shannon is right that trust is key.