Nov/Dec 2021 RMM

Working With Referral Partners Susan Haviland, CRMP, national sales trainer for the wholesale division at Finance of America Reverse, Marco Island, FL, suggests that a critical component is knowing your referral partners and how they and their clients can benefit from a reverse mortgage. “This is the most important piece of the puzzle because, without a good network, you likely are leaving business on the table or to your competition,” Haviland says, adding that loan officers should interview several professionals to determine their needs and interests. “But remember, you are bringing something of value to the table. Be confident in the value you bring. You are not begging for referrals. You are seeking to establish a professional relationship.” Loan officers should understand the concerns that other professionals will have, including that their reputation is on the line when they recommend a company or reversemortgage products. Professional partners can be found through various introductions, such as local professional networking groups and financial advisers. And attorneys have subspecialties— such as attorneys that specialize in divorce, elder law and estate planning where a reverse mortgage could fit in—that loan officers should know and understand. “Identify a few and keep in touch with them,” Haviland says. “And be prepared. Know what is important to them. Focus perhaps on talking about a line of credit as a wealth safety tool and safety net and the safeguards that are part of the reverse mortgage.” Professionals who provide care in people’s homes also can be good partners, especially if you explain how a reverse mortgage can help their elderly clients finance care or expand existing care. Real estate agents are some of her favorite referral partners, not only because of their clients but because real estate agents might have a need for a reverse mortgage themselves or their family members. Working With Clients When working with clients, Haviland says, it is important to ask the right questions. Those might include ascertaining whether the home meets current and future needs, identifying others who will be involved in the decision and determining the biggest concerns. Haviland and Cripple suggest that taking your time with such questions will pay off with increased closings. That means doing more than just qualifying clients— building a relationship before asking for Social Security numbers or permission to pull credit. When having a conversation, Cripple says, the information you need will come out naturally and not require a lot of direct questions. “Think of it as a first date. You have to hold hands for a while before you go in for that first kiss,” Cripple says. If you move too quickly, they will back away. “If you take your time, sales calls will likely be more successful. I have made a new friend before the end of the first call.” While it is difficult to put a time limit on the conversations, as a rule of thumb she recommends five minutes on each of the following: needs assessments, qualifying and product features. She strongly recommends not to start with qualifying: “They will feel like they are just a number instead of a friend.” Active listening might hit on other needs, such as financing a new car. “You will make a much deeper con- nection with them and set yourself apart from the compe- tition,” Cripple says. “You want it to be as conversational as possible.” Along the way, look for similarities that can create better personal connections. When asking for a birthdate, she says as an example, relate how the given month also is a month that a loved one shares. “It’s just a way to make it a lot more conversational.” Discussions around credit can be difficult, so Cripple will ask the client how they would rate the credit and why. By the end of the conversation, you should have all of the information needed for a quote. And don’t spend time explaining things that the client doesn’t need to know. “It is very important not to confuse the customer,” Cripple says. “Don’t spend 20 minutes explaining the credit line feature if the borrower is asking for a fixed rate.” Based on what you do learn, you can focus on explaining the best options, Cripple adds. Nuance continued on page 28 Susan Haviland REVERSE MORTGAGE / NOVEMBER-DECEMBER 2021 27