I recently heard a presentation on how to sell 'rate protection' that I think we all need to do.  The key thing to selling something like this is for the buyer to feel like it was something they thought of and that they think this is a loan option versus a loan 'program'. 

 

Also, like selling any intangible product or service, it really needs to be introduced early on in the selling process instead of the end of the selling process.  For example, when you buy an appliance from Best Buy or Circuit City and they ask you if you want the extended warranty just before you check-out for just $20 more, do you ever buy it? 

 

 

Most of us don't because we were not buying-in to the extended warranty idea early in the sales process.  It is not what we came in to buy and not want we decided to buy, etc.  That's why they call us again just before it expires to ask us again.  Trouble is, they never take time to sell it to us by asking questions that could influence our decision.

 

Here's the thing to think about in why this rate protection is so important to your real estate business.  If your borrowers 'buy' the rate protection option, it protects them, it protects YOU and it can double YOUR sales. 

 

 

Because if they are comfortable with the payment on the capped rate, that takes 'this' off the table so they can now focus on the other issues that might come up.  Also, they will know that if rates improve, up until 5 days prior to closing, they can lock in to a better rate.  This helps them stay focused and happy about their buying decision and not get turned off because rates improved and they couldn't get it.

 

Our nationwide statistics show that 60% of borrowers in rate our protection loan option close with us and only 30% of qualified borrowers close with us.  So, why not take advantage of these vital statistics to help us DOUBLE YOUR COMMISSION instead of running the risk of losing everything?

 

 

Introduce this 'rate protection' idea to your prospective buyers early into the conversation about their financing and ask them to call me to see if they qualify for this loan option!  That's it!  Then, once I get them on the phone, I'll do the same, letting them know about the 'loan option' that we have that protections their mortgage payment from going up before they close!

 

Also, this sets a sense of urgency for either a 30-day, 60-day or 90-day option that we can put them into BEFORE they even find a house!  This sense of urgency is very important for them to close before their protected rate EXPIRES!!

 

If you don't promote this, there is a 70% chance you will get nothing from your efforts if rates rise!  So, what's it going to be, Double or Nothing?

Let's try to with your NEXT PROSPECT to help you double your chances of having a quick closing!

Call Me!!