You're Losing the Deal on the First Call. Here's Why.

People tell me all the time, "Steve, I lost that deal on rate." I lost it to another lender. I lost it to a lower quote.

Most of the time, that's not what happened. You lost the deal on the first call.

Now, there's a small group of people, maybe 10% of the population, who only want to know your rate and fees. It doesn't matter how good your process is. I'm not building my process around that 10%. I'm building it for everybody else. The people who will take a next step with you, as long as the call isn't herky jerky, start and stop, unclear and way too much.

The first call is not about answering questions

I used to get this wrong all the time. Somebody would call and I'd unload everything. Options. Programs. Where the market was headed. The first call was so full of information, and all they really wanted to know was what do I need to do first?

Think about it. When a client calls you to get pre-approved, they didn't set out to get a mortgage. They're getting what's needed to buy their dream home. They aren't asking you to answer every question they might ever have. They're saying, "Oscar told me to give you a call. He said you could help me get pre-approved." All they want is a clear next step.

The first call, step by step

Here's the structure. Same order. Every call.

1. Run the Loyalty Uplift

   Find out who referred them, then validate that relationship. I used to ask, "How do you know Oscar?" I found a better question: "How did you meet Oscar?" The answer tells you how deep the loyalty runs. A couple of weeks ago a buyer told me they met their agent, Tom, at one of his open houses. That told me everything. They weren't loyal to Tom yet. So I validated it, fast.

2. Send the quick questionnaire

   Don't walk them through every detail. Lead them to the next step. I've been testing this with great success: instead of saying "loan application," I say I'm going to send them a link to a quick questionnaire. It takes about 10 minutes and gives us what we need to build their Clear Move Plan. Then I ask: would you prefer I text it or email it?

3. Schedule the 30-minute loan consultation

   While I've got them on the phone, the consultation goes on the calendar. Not "sometime this week." A day and a time. "It's about 11:30 now. Give my team and me the morning to work through your documents. What if we did our loan consultation tomorrow at 2?" If that doesn't work, 2:30. Then 3. I keep my consultations between 2 and 4, every 30 minutes, and that covers almost everybody.

4. Answer their questions, then get the commitment

   Before we hang up, I ask, "What questions do you have that I can help answer?" I answer them and ask again until they're done. Then the commitment: "Is there anything that would prevent you from completing the questionnaire tonight by 10pm, so my team and I have time to build your plan before our consultation tomorrow at 2?"

5. Ask them to tell their agent

   Last thing on the call: "Before we go, would you mind telling your agent I'm taking great care of you?" Nine times out of ten they say they'd be happy to. Two things just happened. The buyer affirmed in their own mind that they're in good hands. And the agent hears it from their client, which builds my credibility with that agent.

When I tell them what a great choice they made, they feel better about themselves. And they feel better about working with me.

After the call: TTL, TTP

Touch the lead, touch the partner. As soon as I get off with the buyer, I call the agent with an update. "Great news. I just spoke with them and sent over our co-branded app. Once we finish the loan consultation tomorrow, I'll call you with a full update." Then before I go: "Is there anyone else you have today that I could help you get pre-approved?"

Where the first call breaks down

Most of the time, we try to do too much on that first call. Here's what I see, and what to do instead.

When they lead with rate

Sometimes the very first thing you hear is, "Before we get into all that, what's your rate on a 30-year fixed?" A handful of people won't move until you give them a number. That's fine. But most people, when they're referred the right way, just want a clear plan.

On that consultation, you answer the three questions they really have. How much home can I buy? What will it cost me per month? How much cash do I need to get into the property? And, by the way, where are rates today? That's it.

When your first call walks them to each step and shows them you'll answer the questions they actually have, you win at a much higher level.

Anything worth doing is worth doing badly. Just get started.