Save Rate Shoppers with This Simple and Powerful Script

Recently, Danny Horanyi posted a script on the Mortgage Coach Productivity Mastermind Facebook group that showed how he deflected an 11th hour rate shopper and saved a “lost” borrower. He had lost the borrower for a .25 interest rate difference. But when he used this specific script, he won the customer back.

His script was so brilliant that Jeremy Forcier wasted no time turning it into an email template and sharing it with a few borrowers he's recently lost over lower interest rates.

Then, guess what happened: Within 5 minutes of sending out the email template to a few clients he got a “lost customer” call just like Danny, and he put it into action. He didn’t say, “oh that script looks good, I’ll put it aside and look at it again later.” He didn’t say, “I can’t use it yet, I haven’t practiced it. I need to get my words right.” He saw the value in it and he jumped on it right away because he realized that time is critical in this business and that this script could result in higher conversions.

And by using the script that Danny shared with the Mortgage Coach community, Jeremy saved the customer.

Watch my interview with Jeremy to hear his story and scripting for yourself:

Below are the details and exact scripting so you can learn this strategy and train your entire branch:

Borrower J (after working with him for three weeks): “Hey, we're not using X agent anymore, we're in contract, of course, we're pre-approved with their lender,” because their Realtor's a good, loyal Realtor, and flipped them over and said, “Hey, you've got to use my guy, he's used me.”

“What the loan officer told us in the disclosures that came out, is there was a difference of about $10,000 in out-of-pocket.” Notice he said, 'told us,' not 'showed us’.

When using the Total Cost Analysis, we don't tell anyone anything. We show and tell, together.

Here’s Jeremy’s counter-response: “Okay, no problem, why don't we do this, send me over a copy of the contract so I can get a nice presentation updated for you, to make sure you have the right information. And please send me a copy of your lender's Total Cost Analysis.” (Dead silence.)

Borrower J: “Oh, we didn't get one of your spreadsheets from the other lender, we got an estimate.”

Jeremy: “Oh, well feel free to send that, it's really confusing to read.”

This is called making your competition look less professional and valuable than you. Just asking that question, you're already on a higher mountain, because your competition doesn't look as professional and doesn't look as valuable.

They send it over, Jeremy reviews it and finds some hidden fees that may or may not affect the cost. Even if they don’t affect the cost, the client is still getting false information, so Jeremy uses the opportunity to show his professionalism, creating a new Total Cost Analysis. He sends it over, and walks them through it LIVE, showing them what the differences are and why his was better.

It’s important to note, however, that this is a client who was completely lost, so you can’t take this lightly. You have to work hard if you want to win the client back.

Jeremy’s suggestions:

1. Check your ego at the door.
2. Go hard, because this is your last shot.

Jeremy said, “Hey, this is why we're better. I will guarantee an on-time close, or I'll pay you a $1,000 a day, and the seller $1,000 a day. I will be black and white.” And then you set up your competition. “Hey, I know you're going to go back and talk to them, I want to prepare you for some typical salesmanship in my industry and some red flags if you hear any of these things:

1) If you can get that put in writing and I can match it or beat it by $500, use us.’ 2) Let me talk to my manager and see if I can get an exception.’ 3) ‘There's no way he can do that or guarantee it.’ If you hear any of those three things, those are all red flags and they should've given you the best deal the first time and educated you correctly.”

Next came borrower J’s text message: “Hey Jeremy, the other lender said they would beat you by $500, literally, if everything was in writing. My wife and I are tired of jumping through hoops.”

At this point, Jeremy thought he'd lost the sale. But then they go on to say, “So we want to go through you. They already did an appraisal on the property. Don't know if that changes anything for what you're going to do. We both look forward to working with you and moving forward.”

The net result: he won the client back! So the Total Cost Analysis works. It's an education platform. You can make yourself stand out from the crowd and you can make a difference in your pipeline.

Some lenders say they don’t have the time or it takes too long to create a Total Cost Analysis. Jeremy is a great example of that not being true. He manages a region and runs a team, and personally sends 100 percent of his customers a Total Cost Analysis.

“What's interesting too is that they didn't even bring up rate to me,” Jeremy says.

The Total Cost Analysis also helps save customers who are lost because they haven’t been able to get their offer accepted.

I’m sure you can relate to this situation:

Jeremy had been working with buyer L for a year and a half. She was getting outbid on everything and he had done about nine Total Cost Analyses for her. Recently, she was making another offer and she reached out to Jeremy:

“Hey, I talked to my CPA, he wants to know total interest paid on the loan annually as well as what the property tax will be, et cetera, et cetera.”

Jeremy said, “Great, I'm going to create for you an updated Total Cost Analysis and an amortization schedule, and what I want you to do is forward that to your CPA and include me on it.” Notice he said, “include me on your forward.”

She does it, she forwards it, he immediately follows up and introduces himself to the CPA who was ‘super impressed’ and said, “I finally found someone in mortgage that gets it.” So thanks to the TCA, Jeremy not only got the sale but he also got a new referral partner. 

So if you have doubts about why you should use a Mortgage Coach Total Cost Analysis or you need a motivational kick to get started, these two examples are very convincing, especially now when creating urgency is so important.

Have you saved any lost clients using a Total Cost Analysis? If so, we’d like to hear your story. Write in the comment section below.