Mortgage Broker is the magazine of the Canadian Mortgage Brokers Association and showcases the multi-billion dollar mortgage-broking industry to all levels of government, associated organizations and other interested individuals.
Issue link: http://digital.canadawide.com/i/254794
MortgageBroker mbabc.ca winter 2014 | 33 buyingdecisions CHANGES IN TECHNOLOGY, regulations, economy and competition usher in industry transformation and oen cause people to shi their reasons for buying property. Unsure about the validity of the full range of criteria, buyers oen reduce their measure to price alone. For salespeople, this poses several problems. First, if you've been around long enough to witness the change, it can be frustrating because the sales skills that once worked like magic become ineffective. Second, when prospects buy on price, it can make a salesperson's job challenging and can reduce the buying process to order taking. ird, buying on price can become a pseudo-truth that others in the industry start to believe as truth. What options are there if you find yourself in any one of these price criteria challenges? Focus on helping your prospects with the other buying criteria involved in their decisions so they aren't limited to solely buying on price. Broaden criteria Start by helping your prospects recognize there are additional criteria involved in most property buying decisions. e fact that they are only using price as a criterion is an indicator they are in need of support and information. Prospects oen aren't very clear about the criteria they should use for their buying decisions and this is generally the root of price-based buying. Initiating a discussion about the criteria prospects are using provides the opportunity to help them clarify their decision-making criteria. Here are some questions and suggestions that can help prospects become more receptive and aware of the value of additional criteria: • "What criteria are you using to make your decision?" • "Have you had the opportunity to determine the criteria that you are evaluating for your decision?" • "Would it be helpful if we discussed some of the criteria others have used in similar circumstances?" • Share examples of decision-making criteria other clients may have considered. is may help them expand their thinking and begin to see other criteria as options for them too. • Sharing the criteria your other clients may have used in similar situations will go a long way in developing a relationship of trust. Prospects are more likely to see you as an advocate for them if you take the approach that you are there to share information that may have helped others complete successful purchases. Tell a story If you find your prospects didn't fully understand the criteria you suggested, illustrate your ideas with a relevant story. Storytelling is one of the most successful ways to share learning and information. Provide information To increase the validity of the additional criteria you have shared, provide your prospects with supporting material for your ideas, such as: facts, figures, industry-specific reports, comparison charts, primary research, secondary third-party research, and consumer reports. Be sure to quote your research source to lend credibility. When changes happen in your industry and price becomes prospects' only buying criteria, prepare to respond to prospects price concerns by having your criteria questions, client stories and information ready to share. n Criteria Counts Price should not be the only factor buyers consider BY PERI SHAWN p32,33_Criteria Counts.indd 33 14-01-27 11:43 AM