home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Stories For Salespeople
Loan originator and broker news and stories. Advice about improving mortgage loan originations. Insights to and profiles of mega-producers.
sales stories | sales books | originator newsletter

The Fifth Element

"Stop Telling, Start Selling" discusses dialogue selling

January 27, 2005


Abandoning a sales script and addressing the specific needs of prospective borrowers is a key factor promoted by one leading sales training book.

The book shows how to use "dialogue selling" as a means to differentiate you, your product and "your organization in a hypercompetitive world of look-alike products."

There are six consistent elements in Stop Telling, Start Selling (How to Use Customer-focused Dialogue to Close Sales) that make up the dialogue framework in sales; the opening, customer needs, product positioning, objections, close/action step, and the follow-up. Sales training author Linda Richardson notes the idea that the elements are in a fixed sequence needs to be abandoned, with exception to the opening being at the beginning and the close at the end.

"Recognizing the nonlinear dynamics of selling is the key factor that separates dialogue selling from the traditional, linear selling approach," Richardson wrote. "Sales scripts are not effective because they are linear and don't allow for real dialogue."

The opening element, Richardson noted, consists of seven variable tasks to be accomplished; the greeting and introduction, paying special attention to getting the applicant's name correct; rapport, summary (of qualifications), the purpose/agenda, more about "you and your organization" (if with a prospect), time check (optional), and bridge to needs.

If time seems to be an issue, a time check can be done by simply saying during the opening, "I'd like to check how much time we have." The book advises using this technique only after stating your purpose and creating an interest in your services, such as loan programs.

Establishing customer needs, the second element, is key to fitting the best loan program to the borrower's financial situation. "The best salespeople are as much advisors as salespeople," Richardson wrote. "If you want an edge over your competitors, create one through how much you know about your customers."

The third element in the dialogue framework, product positioning, consists of the clear explanation of features and benefits; tailoring the loan program with fresh and up-to-date information--determining the best program for the borrower.

Objections, the fourth element, can be frustrating for any loan originator. The book offers a model of six critical skills to overcome objections: Maintaining presence, expressing empathy, asking questions to understand the objection, positioning the response, and using checking to get feedback.

The best way to approach the fifth element, the closing, is to recognize that the closing begins before meeting with the borrower when you set the call objective, the author wrote, and continues through feedback from the borrower during the entire process.

The last element, the follow-up, should occur before and after the borrower closes. Follow up during the process shows interest while the follow-up after ensures customer satisfaction and future business.

read more about or buy book

Paula Parisot is a freelance writer for MortgageDaily.com. In addition to 4 years' journalism experience at other news publications, Paula has worked in the mortgage industry. Email Paula at: [email protected]

Mortgage Industry Books
Read about books reviewed by MortgageDaily.com reporters. Book subjects include mortgage banking, loan originating and selling.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders