The Weekly Collaborative: February 6th

Preferred Partner Spotlight: TRUE

AI revolutionizes the real estate industry by analyzing market trends, predicting housing demands, optimizing pricing strategies, and empowering professionals to make more informed decisions.

And the mortgage market is finally taking notice. National Mortgage News’s recent industry report shows 60% of mortgage organizations already use or will have AI tools in place by the end of 2024. Has your organization implemented AI technology or are you still questioning the benefits it’s promised?

We have seen remarkable advancements in technology reshape industries like airlines or retail. Why should mortgage lending be any different? AI has the potential to spark transformative change in this sector, leading to a surge in competitors and an abundance of choices for consumers. For TRUE clients, this future is now. They have adapted business processes, integrating AI and human skills to improve efficiency and business elasticity, while allowing professionals to focus on complex problem-solving and personalized client interactions.

​On March 6th at 1 p.m. ET, TRUE is offering an exclusive webinar, “Will 2024 be the year of AI powered Mortgage Technology?” featuring TMC’s President and COO, Melissa Langdale and other industry leaders. You’ll learn the evolution of technology within the mortgage sector and start to understand how AI will transform our industry this year. Register today.

TMCU Mini Course: How to Effectively Navigate Borrower & Referral Partner Objections

Sales objections from borrowers and referral partners can come in many shapes and forms. However, if we look closely, most fall into one of five categories.

• Price. This popular objection happens when a prospect says something along the lines of: “Your fees are too high,” “I can find a lower rate online,” or “This isn’t within my budget.”

 

• Authority. In this situation, a prospect claims that they’re not in a position to make a decision. You might hear: “I need to talk to my spouse,” “I have to work with our in-house lender,” or “Let me confer with my agent.”

 

• Trust. Trust issues happen when a prospect questions your reputation. You might hear, “I only deal with people I know,” “I’ve read negative reviews about you,” or “I’m not sure you'll be able to close my loans on time.”

 

• Complacency. The complacency excuse follows the logic of: “This isn’t a priority; I don't need to refinance right now.” and “I'm not in a rush to find a house.” In these situations, you’re likely dealing with someone who resists change.

 

• Competitor. In other cases, a prospect might already have what you’re selling. They might try to end the conversation with: “We have a preferred lender,” “I get a rate discount if I use my credit union," I saw a much lower rate online,” or “The lender we work with pays for marketing leads.”

These objections – while resolute – aren’t deal breakers! Most often they’re simply excuses that prospects use to cover up their uncertainty about you or your company. And so, by removing that uncertainty, you can remove the objection as well.

Learn about an effective 5 Step Process for overcoming sales objections in our $100 Mini Course: How to Effectively Navigate Borrower & Referral Partner Objections. Enroll HERE.