Estate Agents are under more pressure than ever before to cross sell financial services along with the product. With Estate Agents this is financial services and a property.
At Saleswork we look at specific selling opportunities and whenever possible we will highlight the selling opportunity for all to see and possibly use with the readers’ input to create a free tutorial for others.
In this case we are looking at Estate Agents cross-selling financial services, why? Simple: Commission rates have dropped enough that selling a property alone isn’t enough income so the agent needs to cross sell other services to generate the income to run the branch.
The Script we are using is based on the applicant taking a “So What” attitude. Why use your company when I can get advice elsewhere? Who do you think you are trying to sell me a mortgage when all I came in for is a property?
You get the idea!
Applicant walks into office looking to register, all as normal until price discussion:-
E/A: What price are you looking up to?
A: I thought around £250,000!
E/A: OK, what made you think of this price?
A: Because it’s below the stamp duty threshold!
E/A: True enough, is this a cash purchase or will you be looking for a mortgage?
A: Yes we will need a small mortgage, but that’s already sorted, so it won’t be a problem!
E/A: Excellent, it’s good to have strong buyers registered with us – it helps to persuade the vendors to allow viewings! Which lender have you chosen?
A: Does it matter which one?
E/A: Yes very, it’s just some lenders are more competitive than others and not to mention some are a lot quicker than others turning around an application to a valuation to a subsequent mortgage offer. What we do is substantiate all offers from our buyers to protect our clients from buyers unable to proceed, thus saving them time and possibly money. Which lender have you chosen?
A: The “HxNd” because we have been with them for 20 years!
E/A: Yes the “HxNd” is a good choice, but did you know we usually get a cheaper rate as a large company on behalf of our clients than buyers can individually?
A: Why would that be?
E/A: Because our company is huge (independent with lots of associates), (and) in the same way a large supermarket can drive prices down with their massive buying power, our company can do the same thing too, but not just with the “HxNd” but many other lenders too and some exclusive deals can be had which are not available anywhere else. It would be advisable to research this now rather than waiting for you to find a house first. What time tomorrow would suit you?
A: I can’t fit in tomorrow. *** 1
E/A: OK no problem, when were you planning to view properties?
A: I thought I might start my viewings next weekend!
E/A: OK, if I make some appointments for you on Saturday what time could you start at?
E/A: I’ll make the property appointments from 10AM to 10:30AM and leave you some time to speak to the financial advisor before you start, then that way not only are you then a registered buyer, but a perceived “hot” buyer and this can be very influential when it comes to negotiating a price or arranging a viewing.
A: NO! *** 2
E/A: OK, When would suit you?
*** : Rejection ****
Ask three times, if rejected a third time, then advance the sale.
ADVANCING THE SALE:
E/A: Perhaps you feel it is too soon to negotiate for a mortgage, would you rather we discussed this at another time?
E/A: OK, we will leave this until after you have viewed properties this weekend and in the meantime I’ll ask our Mortgage Advisor if there are any special deals available for people buying around £250K but only looking for a small mortgage. I’ll speak to you on Thursday to confirm the appointments for the properties we discussed. Should I call you Thursday morning or afternoon?
Close once, close twice, close three times, then Advance the Sale.
In each case you are not allowing the applicant to just walk away without a follow up. You can’t get every buyer this way but at least they know you can perform.
In the case of “yes we will talk to your financial advisor”, just get the time and date then follow up the appointment before it is due to happen to make sure the applicant is ready and willing.
Good luck and happy hunting.