do the following statements have in common: “ I
have an in-house lender already,” “I
still have 6 months left on my lease,” “I
just refinanced,” “I need to wait
and save more money before I buy a house.” The
answer: They are all smokescreen objections
and they are all bogus! That’s right!
Not one of them should stop you from getting
business– yet they do. And the really
good news is that they stop your competition
also. Smokescreen objections are not real objections
to your product or service–they are simply
blow offs that work. Just overcoming this one
type of objection allows you to feast at the
buffet table of this business with no competition.
Let me explain.
In a city of 100,000 people there may only be 5000 people
that are actively looking to buy a home at any given time.
These are the people surfing online, calling Realtors and
mortgage companies, etc. These are the people that the 4000
mortgage brokers in the town are fighting over–like
seagulls fighting over scraps. Yet, there are 95,000 other
people and at least 5000 of them will be actively looking
3-6 months from now–and nobody is marketing
to them! You know why? When they call their friend
Lou who is in this latter group, he says, “I need to
wait and save up some money before I buy” (Smokescreen
objection). Weak LO’s then say “OK” and
move on to the guy who wants them to fax 3 good faiths. The
people who understand smokescreen objections
the opposite. They realize that Lou did not
object! He did not say he did not want to buy
a house. In fact, 6 months from now Lou will
be applying at your competition.
What if you answered Lou with a question, “Well Lou,
how much do you have saved right now?” “I have
a couple hundred” says Lou. You then proceed to finish
the PQ and say, “if I can find a lender that can get
you into the home right now so you can begin to take advantage
of appreciation, would you at least consider it?” Lou
will scream “YES” and you now have a client.
No competition, no GFE’s. Why? Because everyone else
got smokescreened. There are plenty of no money down alternatives
right now. But you need to break through the smokescreen
objections. You meet a Realtor and she says, “I have
an in-house.” What does that mean? What does that matter?
In-house lenders only capture 27% of the in-house business
according to one study by the NAR. They are not saying they
do not do loans, they are not saying they will not use you.
Yet, if you are like most LO’s, you will say, “OK” and
move on. Try this one, “I want you to keep that in-house!” All
I want to do is bring you some business and write the business
I bring you. Is that fair? She will say yes and then let
you in on the fact that she does not like her in-house anyway.
You just need to get past the smokescreen objection. It is
easy. Just ignore the smokescreen and continue on with a
question. Works every time! On the Top Producer Training
DVDs I spend almost 2 full hours going over the 5 types of
objections you face and how to overcome them! The good news
is that there are only 5 basic objections–the better
news is I teach you how to overcome each one. That 2 hours
alone is worth the entire cost of the course!