Mortgage Telemarketing Tips

Developing your skills makes telemarketing easier.

When telemarketing for mortgages, you will speak with homeowners about their current loan or about the purchase of a new home. Although telemarketing is not technically difficult, it does require you to know Federal Trade Commission (FTC) regulations, as well as be skilled in telemarketing. Such skills take time to develop, but once mastered, result in higher conversion of leads to clients.

Check the Leads

Calling a number on the Do Not Call List can be expensive. money image by Horticulture from Fotolia.com

When telemarketing, the leads called should be checked against the National Do Not Call List. Per FTC regulations, cold-calling a number on the National Do Not Call List can result in a fine up to $16,000 for the company and, if repeated, up to $16,000 for the telemarketer.

Plan your Call

Having a plan increases results. plan #3 image by Adam Borkowski from Fotolia.com

Before calling your leads, plan what you will say. If you have been provided a script, role play the script until you sound natural and it feels comfortable. If you have not been provided a script, write a simple script for yourself. Begin by asking for the person you wish to speak to by first name. Ask as if you already know them. For example, "Is Joe there?" gets better results than "Can I speak to the homeowner?" Clarify the major points of your call: questions to ask; information to share; and the commitment you are seeking. For example, at the end of the call, the homeowner should ask for additional information, make an appointment for a loan officer to follow up, or set an appointment to meet with a loan officer.

Ask Questions

Ask questions to better understand the homeowner's situation. question box image by Pete Linforth from Fotolia.com

When talking with a homeowner, seek to get information, not sell a product. Find out key information about the homeowner's situation, such as their current mortgage rate, the balance on their loan, if they have multiple mortgages, their address, and the estimated value of their property. Use this information to accurately identify the best options for the homeowner and provide accurate mortgage information when following up.

Be Prepared

There are several methods to overcome the obstacles you can encounter while on a call. First, when the person you are calling is not there or busy, ask for the best time to reach them. Second, if you reach a voice mail, don't leave a message; just try calling at different times until you reach someone. Third, when you reach the homeowner, you will encounter objections; preparing a list of the most common objections and answers to those objections makes the call go smoother.

Call Etiquette

Be professional regardless of the homeowner's attitude. the operator image by 26kot from Fotolia.com

Regardless of how the last call ended, each call should begin with a pleasant and friendly tone. Be professional with your questions and listen to the answers. Do not interrupt the homeowner. If the homeowner is not interested when you call, put put them on a call back list for a later date; situations change. Never be pushy, as they will remember that the next time you call. Lastly, whatever they say, never take it personally.

References

• Federal Trade Commission: Q&A for Telemarketers and Sellers About the Do Not Call Provisions of the FTC's Telemarketing Sales Rule

Resources

• BusinessbyPhone.com: 42 Telesales Tips You Can Use Right Now