Is there an easier sale than the mortgage protection sale? I don’t think so and the reason is because of the perceived need on the part of the prospect. The prospect knows the amount of the mortgage and it becomes a need that needs to be protected. It is just as simple as that, perceived need.
As an agent I want to gather all the clients I can without out burdening myself with huge service issues and the mortgage market provides just such a opportunity.
As a business person if I were to assess the dynamics of the mortgage protection market it would appear to a mistake because the amount of compensation is low. If it were only based on that factor I would have to agree. A significant amount of work goes in to the mortgage protection sale all the way from the lead generation to the overhead costs to the general cost of being in business. So what is the reason for this type of sale? Why would I want to work in this market? It is not for the mortgage protection sale, it is for the ancillary sale.
Once a prospect has and understands a perceived need then the opportunity exists for an expansion of the relationship. It can be expanded into many other segments of their financial world.
The difficulty lies in how to expand the relationship and that is where the art meets the salesmanship. To be different than other agents requires you to think differently. Thinking differently means thinking beyond the transaction sale, thinking of the relationship not as a transaction but as an evolution to a client/counselor relationship. The tool of choice is a fact fining process that expands your understanding of the client’s needs and goals. Any solid fact finder will help you understand how a client feels and how your products can increase the quality of their life.
Transactions are extremely limiting and are very unproductive for the professional salesperson. The opposite is true; relationship sales will provide a greater opportunity to enjoy future sales and to grow a list of quality referrals.