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Are You Closing Your Competitors’ Deals?

By Troy Wilson
2 minute read
⚠️ Disclaimer: While every effort has been made to ensure that the information contained in this article is accurate, neither its authors nor Aged Lead Store accepts responsibility for any errors or omissions. The content of this article is for general information only, and is not intended to constitute or be relied upon as legal advice.
Dan Eisner @ True North Mortgage
Image by k-ideas via Flickr

“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.

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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.

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Troy Wilson

About Troy Wilson

Troy is the CEO and founder of Aged Lead Store. He has been in the lead generation industry for over two decades. His blog posts focus on how to refine your sales process and get the most out of your insurance leads, mortgage leads, and solar leads.

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