“Sorry, I am already working with someone.”
The dreaded brush-off. You lost another one to the competition…or, did you? How can you turn this into opportunity? Treat them like a customer.
Don’t Lose Hope When You Lose
Treating prospects that you lose to the competitor like customers can be a very valuable sales strategy. Chances are these prospects made decisions based on factors other than service or knowledge. By putting a small amount of effort into these two areas, even though you lost the deal, you can probably squeeze out a deal or two.
Follow-up on Losses Like Customers
In a world full of self-service and do it yourself many are forgetting the profitability of service. It creates trust, reciprocity, and loyalty in a relationship-powerful allies in sales.
Service should be the first thing you offer to a prospect that turns you down.
“Yes, Ma’am I understand and I hope that Joe’s Mortgage Shack takes care of all your mortgage financing needs.” Leave it at that, but…
Go immediately to your calendar and set-up an appointment to call that customer back in 3-5 days. This is about the time a loan will enter into processing. Often mortgage brokers and lenders run into challenges with underwriting, getting stips satisfied, or hounding for docs. This friction often creates opportunity.
Call back with something like this: “Ms. Jones, this is Troy from Superduper Mortgage…We talked a couple of days ago. I just wanted to check in and make sure that Joe was taking good care of you. Do you have any questions? Is everything approved and good to go?”
Every so often that simple opening will have a frustrated customer tossing themselves into your capable hands.
Create a Loss Pipeline that Converts
In addition to that simple callback I also suggest getting them into your marketing database. Chances are they will be more than happy to get good value-based mortgage and homeowner tips/news. It will also keep you top of mind as things move forward with this mortgage, future financing, or referral opportunities.