Telemarketing Reverse Mortgage

I have been engaged with cold calling for reverse mortgage for about a year and a half now and still I'm at a lost on how to set-up an appointment with senior citizens. Anybody has ideas to make this work, please let me know. My people are getting 3 appointments only for 7.5 hours of dialing. I would appreciate any feedback and I'm also open to posting the script we use here on this thread. -eugene_biggs

How targeted is your list of prospects? -Mikey

Actually the list that we're calling is customized already. Probably 95% of them are 62+ years old, 50% have mortgage balances... I don't know if it's our approach or the general overview of the product itself. -eugene_biggs

What is your approach? -Mikey

This is the script that we use...

Good morning, May I speak with Mr. or Mrs. ____________ please.

Hello ____________, this is ____________ with the ______________ and we’re located right here in _________________.

I really appreciate you taking my call.

Mr/s. ____________, we're not selling you anything here okay? We're just calling to give you information about the federal government's program for senior homeowners.

You are a senior homeowner, right? (WAIT FOR RESPONSE)

Mr/s. _____________, have you heard of Home Equity Conversion?

(WAIT FOR RESPONSE)

You know what a mortgage is right? With a regular mortgage, you have to pay your dues on a regular basis; and at the same time, it might be possible that your house will be taken away from you if you weren’t able to pay on time. Is that correct Mr /s. __________? And that’s probably the reason why it’s not practical to get a regular mortgage especially if you’re retired.

The beauty of our program is that you can get funds but you don’t have to pay for any monthly dues. Also, you don’t have to worry about losing your house.

Let me ask you a question Mr/s. _____________, assuming that you get $2,000 that you don’t have to pay for, how would you spend it? (No response give examples)

Again, we're not selling anything and there's no obligation to sign up for anything.

This program is called Home Equity Conversion – a program specifically designed for seniors such as yourself. Again, Mr/s. ______________, this is not the regular mortgage that you and I don’t like.

(OPTIONAL)

Since you own a home, we are willing to help you with 50-80% the amount of your home. By the way, this is under the FHA (Federal Housing Authority) and there are never any income taxes and no monthly payments involved. You can actually do home improvements, pay off credit card bills, you could buy a new car or take a vacation if you'd like.

It is also a way to use a portion of the equity in your house to get a lump sum payment or cash every month that you never have to pay out as long as you live in the house.

Mr. _____________, there are three main factors that determine how much you’re going to get from this program. And these are: your mortgage balance, your home value and your age.

Basically the Specialist will give you an assessment of how much you are going to acquire from this program based on the information that we get from you.

We're just calling to ask if we can have our State Licensed Specialist give you a call and just explain to you the program. Is it okay if we have the SLS call you at 10AM / 4PM?(If not, “When would be the best time to contact you?”)

I would just like to ask you 4 quick questions:

How much is your mortgage balance?
How much is your home value?
When is your birthday / year of birth or How old are you?

Lastly…
Is anyone else on the title besides you?

Thank you Mr/s. ____________, I appreciate this additional information and it will help our Specialist give you a correct assessment for this program. Before I go, are there any questions you have at this time? (if you can answer it do so, otherwise let them know you will jot that down and make sure it gets addressed when the Specialist calls them)

Again, this is not the typical mortgage, you are not obliged to sign up for anything and the SLS will just call to inform you how this program can specifically help you based on the information that you provided.

Thank you for your time and have a good day! -eugene_biggs

I'm not really familiar with it. Correct me if I'm wrong but does it have something to do with selling the product to the people who needs it? Hmmm... I don't know I guess. Please enlighten me... ;bg -eugene_biggs

Eugene:

Could you get more specific with the product behind the appointment?

It sounds like if your data is restricted to people who are 65+ and who have a mortgage you could use a better list. This may help by ensuring your people are calling the best modeled client to receive your service.

This will keep your dialers more active and that will motivate them to close more often.

I can help you to refine that list if you like! Are you currently using an auto dialer?
Are you noticing anyone agent who is receiving more appointments than others, have you noticed how that person is diverting from the script, can you find any trends to follow?

Lance Best -Lance_Best

Lance,

Yes we're using an auto-dialer. Our list consists of seniors with and without mortgages. Our agents pretty much have the same output, sometimes getting 2 o 3 a day but I'm hearing other centers are doing this same appointment setting program having a 7 or 8 turnout.

Basically the product is offering seniors unlock their equity by turning it to cash. So people having financial problems or at least wanting some extra cash are our target market.

Now the problem here is how to have these 62-year old people listen to our agents.

Regards,


Eugene -eugene_biggs

Eugene:

LOL at the seniors, they can be a tough market because many people are trying to take advantage of them. So just keep your offers legitimate!

Many of your competitors may be getting better results than you for a few reasons:

1) Sales staff experience/training
2) Experience with this type of campaign
3) Quality of sales data

1- experience you cannot help, however training you can. Have your more successful agents shadowed by other newer or less successful staff. Record every staff member and have them listen to them selves! Do this constantly it will improve their game. Gather data back from your staff, understand common objections and have staff use the rebuttals while documenting successes and failures.

2- Lean on the training from above, anyone on the staff with more experience should be leveraged for their knowledge. However they may have learned bad habits too, so watch out for that.

3- Do some light research into the sales you've made, what do the people you've sold to 'look like'? Also work with a company who understands how to best use sales data and apply demographics to your advantaged. I'd be looking for seniors who may need to ‘unlock their equity’. Our company will routinely do this using a set of selects which profile individuals using a blend of their: credit information, loan to value information, income to debt ratio, income information, and other information which will help glean information into their economic status.

I am not currently permitted to have a signature and they’ve been removed from my posts. If you’d like to discuss with us further increasing the quality of your data as an investment into your sales peoples time, shoot me an IM and we can speak further via email or phone.

You’ll find that your sales peoples confidence goes through the roof with great data, and they’ve had to struggle currently to get the 2-3 sales they are making now so they’ll flourish with the new data!

Regards,

Lance -Lance_Best