One of the most common marketing strategies insurance companies and agencies use, to help insurance agents get off to a quick start and start making money fast, is offering mortgage insurance. In theory, mortgage insurance should be an easy sale for any insurance agent. Today, there are very few people who don't have a large mortgage on their home. It's generally the largest monthly expense families have, and typically consumes 30% to 50% of a family's net monthly income. The ability to payoff the home mortgage, in the event of the death or disability of a breadwinner, is a need that most people easily recognize and would like to cover.
The problem is that most recruiters, managers and sales trainers, who are promoting selling mortgage insurance, do not have a great record of success with the mortgage insurance marketing strategy. In fact 90% of the agents who are taught to sell mortgage insurance, 'Do Not Survive Their First Year.' And, most of the agents, who are lucky enough to make it past their first year, are struggling to earn a measly $30,000 per year.
If most homeowners recognize the need, and they would like to have mortgage insurance, then why are so many agents struggling to survive using this marketing strategy?
The biggest complaint we hear from agents is they don't have enough qualified prospects! (Mortgage Leads) They are either purchasing their mortgage leads from a lead company or they are using a direct mail program. And, because they are not making enough sales, they believe they need more leads!
The second complaint is they can't get enough sales appointments from their leads!
They'll complain about the quality of the leads. And, they'll tell you that most of their leads just want a quote over the phone.
The third complaint is most of these people tell the agent they just can't afford the premiums for the mortgage insurance! "We just don't have the money right now!"
The final complaint is that even when they are lucky enough to close a sale, they have trouble getting the policy placed! They have a lot of people with heath problems, so their prospect rarely gets the premium they quoted and won't take the policy.
Understanding The Real Problems With Selling Mortgage Insurance
The primary reason that most agents struggle with selling Mortgage Insurance... is they are chasing the wrong prospects!!!
The majority of the companies who are sell mortgage leads, and the direct mail programs, are focusing on generating large quantities of leads, instead of generating high quality leads. They believe in the old, worn out adage that "Sales is just a numbers game." Accordingly, they'll try to get a response (a lead) from anyone who has a mortgage. Consequently, most of the people who respond are people that know they need the insurance, because they have a serious health issue. Or, they get responses from people who are just looking, or people who are shopping for the lowest price.
If you want to succeed selling mortgage then you must first learn how to attract the best prospects. You must attract the people who have the need, ability to pay, are in good health and are willing to meet with you on a favorable basis!
The second reason that most agents struggle with selling Mortgage Insurance... is they are do not have a proven script for setting the appointment!!!
Most agents are creating their own problems by selling mortgage insurance as a commodity... "We have the cheapest term insurance on the market today!" When, you are selling a commodity, the prospect's primary concern is always going to be; "How much does it cost?" Most agents have no idea how to get past the prospect's request for a quote.
If you want to set more appointments, then you must learn how to get past the objections to the appointment! You must help them to see how they will benefit by meeting with you!
The third reason that most agents struggle with selling Mortgage Insurance... is they expect people to magically come up with the money to pay for the mortgage insurance!!!
Most people don't have any extra money. So, even if they agree they need the mortgage insurance, it means they have to make a sacrifice in their life to get it. That's a tough decision for most people.
If you want to close more sales, then learn how to get past the objection: "We just don't have the money right now!" Learn how to help them to 'find the money' without taking any additional money out of their pockets, or changing their current life style.
Selling mortgage insurance is easy, once you learn how to attract the...
'RIGHT' Prospects and Overcome The Most Common Objections!
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