Why Loan Officers Need to Go Beyond Numbers in Sales

Many believe that crunching numbers is the most important skill for a loan officer to have. While, of course, LOs have to be good with numbers, when it comes to selling, there’s something else that’s more important... I’m talking about emotion. Though you may be able to provide the information necessary to inform prospects, ultimately their decision to do business with you is more a result of how they feel about you. Being able to read and respond to emotion is one of the most crucial sales skills. While many people conduct research and weigh their options logically, their end decisions often come down to whether or not they connected emotionally to you and your services. So, how do you form emotional connections with prospects and clients? Here are a few things to consider:

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Compelling Introduction?

During your first introduction or cold call with a prospect, start off on the right foot by introducing yourself in a way that helps them feel they’re getting to know you. Numbers and stats alone won’t create the connection you need, even if they’re helpful information. Instead, sharing a goal like ‘taking the stress out of home-buying’ is often more effective. The first step is gaining the trust of your prospect, so they believe what you have to say about your services. More on earning trust from prospects and clients, here .

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Share a Story

One way to reach the emotions of potential clients is to share a story with them. Start by sharing something positive, like why you became a loan officer or chose to work in the mortgage industry. You could also share a positive account of a past client that they may relate to. The idea is that, rather than just telling them what you do, using stories can make you more memorable and relatable.

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Qualifying Questions

There are two basic types of emotion-based selling — one is positive selling, and the other is negative selling. Positive selling focuses on explaining all of the good things that can come out of using your services, while negative selling focuses on the issues your client has and how your services are the best solution for those.

Before you determine the best way to sell, you should determine what kind of prospect you have by asking some questions. These qualifying questions aren’t overly personal, but generally elicit emotional responses and give you a clue as to how your prospect is motivated. Asking more positive questions first is advised, like ‘how long have you been looking to buy a home?’ and ‘what kinds of things would you like to see come out of your loan-borrowing experience?’. If they go into a more negatively motivated direction, like explaining a problem they’ve had in their homebuying or loan-borrowing experience, you’ll know that negative selling may work best there. Otherwise, selling in a way that frames your services as having a positive impact on them is often effective. By figuring out what your prospect is focused on, you have a better shot at making the emotional connection necessary for them to trust you, and then choose you to work with.

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As much as people value making logical, informed decisions, we are all still emotional creatures at the end of the day. Once we’ve considered the facts and weighed the information, we often make our final decisions based on what feels right.

I’m not suggesting you manipulate clients’ emotions, but rather appeal to their emotions. Give your clients the information they need to make informed decisions; and if you do it in a way that evokes some emotion, you’ll be well on your way to closing the deal.

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