Ask the Coach: How do I get more potential borrowers to accept my loan terms and conditions (proposals)?
The biggest challenge in Banking is getting potential borrowers (new customers) to to accept your interest rate proposals. How often are you losing deals to your competitors because of rate? How often do deals stall or not progress in your pipeline because the borrower is concerned about your rate?
If this is the case, then the cause of the problem may not be the rate. The cause of the problem may in fact be that you have not clearly understood the borrower’s needs or why they are speaking to you. The borrower may not clearly understand your value proposition and what clearly differentiates you from your competitors. The goal is to have your customer recognize value beyond price.
Remember to ALWAYS position yourself as a sales professional, a trusted adviser, and NOT as a quoting machine. Always turn a quote request into a productive sales meetings where you can better explore and understand their needs. Do not be quick to offer price because that is all the borrower will base their buying decision on.
It amazes me how quick loan officers are to give a rate before meeting with a potential borrower in-person. If you are not meeting with a potential borrower and exploring ALL their needs then your chances of gaining commitment are significantly low. In fact, you are wasting your time writing the proposal or offering rates. Remember you are not paid to offer rate quotes. You are paid to provide loans to borrowers.
How comprehensive, deliberate and consistent is your sales process? What minimum commitments are you seeking from a potential borrower before providing a proposal? The better you can answer these questions, the easier it will be to get potential borrowers to accept your Loan Terms and Conditions – regardless of the rate.
For more career, sales, and leadership advice please contact our coaches
Joe Micallef – Sales Coach – email firstname.lastname@example.org, or call (773) 329 0066
Donna Flynn – Career/Management Coach – email email@example.com, or call (630) 624-4319