It may appear very easy, but often is isn’t. Let me explain why?
A good pal of mine who is a mortgage broker mentioned the other day how many of his remortgage clients baulk at the idea of re-mortgaging to a lower interest rate. He couldn’t understand why they didn’t snap at the opportunity.
The plain fact is customers fear change over anything else and to make a purchase like that involves a hellavalot of change. The saving is not enough to motivate them to change.
The answer is two fold:
- Stop being so arrogant to think that your proposition is a “no brainer” because it’s cheaper. This causes more problems than it saves, I wish firms would realise that.
- Secondly, recognise and acknowledge early, that this will involve change and that’s a big issue. Explain how you will facilitate the change to relieve the pain. So for my re-mortgage friend, he may show the client how he’ll personally take care of all the paperwork, liaise with the valuer, conveyancer, lender to ensure little pain of change.
Watch your client’s shoulders. They physically drop once the stress has been taken away and you can then get on with your selling.