3 Steps to Winning Trust
DateAugust 10, 2022
Borrowers have so many options today — it's hard to know where to begin. But once they start down the path to homeownership, they could become less confident, not more. Between the financial information, the legalese and the real estate language coupled with the information they need but are NOT getting, it’s no wonder customers are skeptical and scared when it comes to the mortgage process. But you have the power to change those negative feelings into positive ones and win your customer's trust.
Renowned author and brand and community builder Donald Miller, whom I interviewed in 2019, has a proven method for showing lenders how to build trust with customers as the prequel to the sale. If you build trust, you will be more likely to close the sale. Here are his suggestions.
#1 Always be the guide, never the hero. Tell stories about your customers. Remember, it’s not about you. It’s about them. Talk about what's important to them instead of talking about your years of experience and how many successes you’ve had.
“You’ve got to understand your customers’ pain points,” says Donald. “You're somebody who solves people's frustrations. And the more you think that way, the more business you're going to receive because that's what they're looking for. They’ll think you’re the hero, but they need to come to that conclusion themselves.”
Use video to tell your stories. And don’t worry about making the videos perfect. Just be yourself! This was one of the top takeaways from the 2022 Half-Time Report.
#2 Keep it simple. Between financial language, legal language and real estate language, it’s no wonder that buying a house and applying for a mortgage can instill fear and distrust. So keep it simple and ask if they understand and have any questions each step of the way.
“Talking at the 4th-grade level is going to get you farther than talking at the 8th-grade level,” Donald says. Consumers are more likely to feel safe when they can understand you.
#3 Provide clarity and transparency. A Total Cost Analysis, which clearly lays out all costs for each option, empowers customers to make informed decisions. When customers feel empowered, trust goes up.
Here’s a great example of a Total Cost Analysis courtesy of Todd Duncan.
Watch this 20-minute interview with Donald Miller.