NEW/OLD OPPORTUNITY… making Sales is often all about timing. There are three stages in this process…
#1. You identify the opportunity.
#2. You create awareness/educate the prospect.
#3. You help them act on it.
Sometimes there is a time limit on the “window of opportunity” you have identified. For example, in automobile sales there is always an “end of year clear out”. The Dealers usually have excess inventory at the end of a model year. Consequently they offer reduced prices to clear out last year’s model in anticipation of the arrival of the new model. It is all about timing… the Salespeople find consumers who are “looking for a deal”. They present the opportunity to their client base, they create awareness, and help their customers take advantage of this window.
Here is your ACTION STEP… in Real Estate Sales there is a similar opportunity. It occurs when a homeowner’s mortgage comes up for renewal. Just like in automobile sales it has a beginning and an end. Let’s look at this “window of opportunity”:
1. When a mortgage comes up for renewal, there is no penalty for changing the terms of the mortgage. It’s like starting all over again. New terms can be agreed to by the homeowner at no cost. There is no penalty. By “acting now” the homeowner will be saving the otherwise normal cost of converting an existing mortgage.
2. The end of this window is when the mortgage term expires. The “maturity date”.
3. The beginning of this window is 6 – 8 months from their maturity date. That would be the time needed to make a decision to move, sell their existing home, and purchase a new home.
4. Many mortgages run for a five-year term. It is not uncommon for individuals to upgrade/downgrade their home every five years in North America.
HERE’S YOUR LEAD OPPORTUNITY… go through your client base and identify everyone who bought a home 4 ¼ — 4 ½ years ago. They need to know about the “window of opportunity” available to them. Contact them and help them see the benefits of looking into the situation right away. You are giving them enough warning to take advantage of this opportunity. They will definitely appreciate your awareness. The timing is perfect and you will re-establish their loyalty even if they aren’t ready to move.
Remember these two truisms:
1. Client Motivation... it is very unlikely that you can change a person’s motivation. Can you motivate an individual?… YES. Can you change their motivation?… Not very often.
2. Creating Opportunity… you can present a good idea to a prospect and have them act on it. If they have some motivation to change their circumstances, you are providing an answer to their needs.
Successful Salespeople help their prospects act on situations/services/products that are in their favor. This mortgage renewal date is definitely in their favor and the timing is perfect for them to consider a move. Alternatively, even if they are not ready to move, you will be reminding them that you care about their welfare. Everybody wins! Start by going through your files right away, do it early. There are definitely some “hidden nuggets” in there! NO Excuses.