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Tips, Tools & Tricks of the Trade
Doug Smith

Doug Smith, founder of Douglas Smith & Associates, is a 24-year industry veteran. His career spans the areas of loan origination, sales training, management development, marketing, personal coaching and corporate sales. Doug’s columns appear in Mortgage Originator, Mortgage Planner, The Mortgage Record and Mortgage Broker magazines. He publishes a monthly newsletter, Power Selling, and authored Climbing the Ladder of Success. For more information, visit http://www.dougsmithonline.com/

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Ask Powerful Questions, Get Powerful Answers
In sales, questions are probably the most powerful tool we have for unlocking clues to helping our customers. But not all questions are created equal. Some questions are better than others. One of the best ways to grow your skills in selling is to perfect the art of asking questions.

Questions get you answers, and if you have the right answers you know what it will take to earn the client's business.

There are three types of questions used in sales.

CLOSED questions are worded to get a yes or no answer and are best used to very specific information or to move a client to action. Examples include: "Are you planning to buy in the next few months?" and "Would you like to set an appointment today?"

OPEN questions are used to explore needs and stimulate conversation. For example: "What types of buyers do you deal with?" and "Where are the majority of your listings?" are open ended questions.

The third type of question is known as a VALUE question. Value questions are used to probe deeper to uncover those specific "motivators" that get people to act. Value questions, can uncover the personal information you need to present an exact solution to your prospects and referral clients. Here are some samples of great value questions:

"What are you looking for in a quality lender?"

"If you could name three things lenders must do to earn your referrals, what
would those be?"

"For you to consider working with a new lender, what would have to happen?"

"If we were to start working together, what should be my first step?"

"What one thing needs to happen for you to make this decision?"

"What are the two most important things I should know about you and
how you do business?"

"In addition to finding a good rate, what else is extremely important in your decision?"

"How can I prove to you that the service I offer is superior to other lenders?"

"What's the number one thing it would take for anyone to earn your business?"

As you see, value questions are powerful tools used to discover critical information about a customer's thoughts, feelings, attitudes, concerns and "hot buttons." What's even more important, value question give you great information to formulate a solutions presentation. When your referral client states "effective communications" is the key, you talk about how you communicate with your clients. When a buyer says that "timing is everything" you deliver your capability for a smooth and on-time approval and closing.

Start practicing your value questions today. Powerful questions lead to powerful answers and powerful solutions!

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