Today’s topic of this article is the truth about selling mortgage protection insurance, or the 8 Mortgage Protection Sales Facts THEY Don’t Want You To Know!
Most likely you are here because you’re interested in selling mortgage protection and want a better understanding of really how this business works and as much transparency as possible. There was a ton of agencies that sell mortgage protection. Many of them operate within the multilevel marketing focus and a lot of people just get turned off by that.
They’re not sure exactly where to turn in order to get a fair and balanced understanding on how the mortgage protection insurance business works. So my intention for this article is to give you the 8 different factors to consider about the truth of selling mortgage protection. So ultimately you can decide if selling mortgage protection is right for you or selling something else is better.
Here Are The 8 Mortgage Protection Sales Facts THEY Don’t Want You To Know!
Sales Facts #1 – Selling Mortgage Protection Is Not Easy Business
Well, If anybody tells you selling mortgage protection is an easy task, that is A BIG LIE. The truth selling mortgage protection is difficult and challenging. To be honest, in the insurance industry most likely 90 percent of the agents fail out in the first year. There are so many factors that account for this ratio of fail out, it could be lack of training, limited number of leads or the absence of motivation on behalf of the agent.
Selling mortgage protection is a difficult business. You’re dealing with people, that aren’t necessarily going to be honest with you. You will need to chase people because they are hard to reach. Sometimes people will say no to your offer, and a lot of this builds up to bunch of frustration for many agents. So you’ve got to have a lot of mental resiliency, toughness and emotional stability to be successful in this business field. Setting your foot in this insurance industry expect that you will go through ups and downs.
Beginners in this field think this is an easy task, and then they’ll get slapped right on their face and realize that they are wrong with their perception. That’s just how any insurance businesses and mortgage protection is no different. Again selling mortgage protection is not an easy business. You’ve got to be committed to that process of going through the difficulty to really achieve the kind of success in selling mortgage protection.
Sales Facts #2 – Mortgage Protection Is A Simple Business
Factor number 2 is a kind of in contrast to not being easy. Instead selling mortgage protection is a simple business. The great thing about mortgage protection business, is that it is a product in which a lot of people know they need coverage to protect for most common reasons people buy a life insurance. It’s protect against the mortgage they have, if they die so their family can stay in their home homes and that mean a lot to the people that buy them, especially when we get their leads.
They’re in a state of elation. People made a huge investment and they are creating, making this house into their home. And there’s a lot of emotional impact with that. So it’s simple in the sense that, the need is usually easily defined and we’ve got systems in place to walk them through the process to pre-qualify and get an understanding if this person is a qualified or not in getting coverage.
And the insurance business itself is simple, it’s not some complicated procedure. There isn’t very compliance to worry about when selling mortgage protection. It’s easy to demonstrate the need of why someone needs this product for their family. And all of this is great because it’s a one call close deal, so it’s really simple process. It’s not something that is complicated, but you can over complicate it.
What you’re really doing is meeting with normal people who have a desire to take care of the thing they care about most, which is their family and protecting them. In the event they die early.
As a salesman all we have to do is take them through a process of showing them the advantages of what we do and ask for their business. So it’s a simple, it’s just a repeatable process.
Sales Facts #3 – You don’t Need Sales Experienced When Selling Mortgage Protection
Yes, you heard it right, you don’t need necessarily an experienced when selling mortgage protection, but it is a plus factor if you done some selling in the past. A lot of people get involved and worked as mortgage protection insurance salesman that have no sales experience at all.
Many people come in this business from blue collar jobs that come in from management sector that completely different direction. They don’t even have any specific knowledge of selling and how to do this business successfully. The thing is, no matter where you come from, whether it’s from a medical, management or you a welder, it doesn’t matter as long as you have the internal values to be committed to a process.
Willing to learn, being resilient and humble and to be a soak up the knowledge like a sponge. And then you have the ability to take action constantly and see through your plan. Those aspects are tremendously more important than any kind of sales experience to succeed in this industry.
Sales Facts #4 – Choose Your Organization Wisely And Avoid Multi-Level Marketing Company
This is really very important, you need to choose your organization that you are about to set in. Avoid the so called multi-level marketing focused organization.The concept of multi-level marketing is they usually push a low contract, low commission on the part of an agent in conjunction with trying to influence them to recruit friends, family and anybody else they come in contact with.
The biggest problem with multi-level marketing focused is that you don’t get adequate training and usually don’t get sustainable mortgage protection leads. Because of these inconsistency the personal production side of this business a career is slow and your goals are hard to achieve. So if you want to come into this business and you want to get the vital training to learn how to be a skillful master of selling mortgage protection then you came to the right place.
My advice, stay away from multi-level marketing because most likely the person you are dealing with never sold the first mortgage protection product and doesn’t even understand how really insurance sales works.
Sales Facts #5 – Selling Mortgage Protection Is Definitely Sales Lead Driven Business
Selling mortgage protection is a sales lead driven business. You need to treat this like a real business and have costs associated with doing it. And with this business, it is a marketing intensive cost. You cannot be successful in this business without quality sales leads.
You need to have people to see and you don’t want a cold prospect for business. That’s why you need to invest on purchasing your own sales leads. And what we’re looking at as far as a cost for the sales leads somewhere will range between $500 to a thousand dollars a week depending on how many leads you have and what your budget is.
So this is just frankly how it works in this business. There’s no way around on this process. Most of the successful mortgage protection agents, especially when they start off, have to buy direct mail leads and there are going to cost you something. Because it allows you to operate in a space where many people are unwilling to go and it’s just part of doing any kind of respectable business. People just can’t make a lot of money without any costs. It’s just how it is.
Sales Facts #6 – In Selling Mortgage Protection You Need To Be A Broker
If you want to be a most comprehensive agent you have to be a broker for different insurance companies. There are two different pathways. You can come into the mortgage protection business. The first pathway you can be a captive agent representing one company or insurance carrier only. The second pathway you can be an independent agent, representing a multiple amount of carriers.
Why would you want to do this? Insurance carriers have different opinions on underwriting. They also have different levels of pricing and if you’re stuck with one company, you only got one option. That means you try to force and fit that one option on everybody you see, and that just frankly won’t work all the time. But when you have multiple competence, even if it’s just two or three carriers, you’re going to have more options and more flexibility.
So depending on the circumstances of each individual prospect, you’ve got the right tool in your bag to give them the best overall value that leads you to more sales, commissions and success in this business. Certainly you will do a better job because you’re in a position of advocating for the client and not necessarily for the agency or the insurance company.
Sales Facts #7 – When Selling Mortgage Protection You Will Mentoring And Coaching From A professional
Yes, when selling mortgage protection you will need coaching and mentoring from a professional. This business is all about learning on how to do it and I’m telling you, it may seem simple and easy in your mind looking from the outside angle. But there’s so much the need to learn in this profession that you don’t see as a new person.
You’ve got to believe that you need someone in your side to help you through the ins and outs when selling this product. Some people don’t understand this process and the result is failure in this business.
There are abundant of benefits when you have a mentor in your corner but there’s a cost in doing it so. You’re learning might usually a slower and so your success. But if you have someone in your corner helping you through, so as you can see, it’s called mortgage protection have an agent mentor the learning process will be much faster and will help you through some of the difficulties.
Sales Facts #8 – Disciplined Is the Big Factor To succeed In this Business
The last but not the least factor is you need a ton of discipline when you set your foot in this business. One of the vital reason to be successful in selling mortgage protection is DISCIPLINE. You need to follow your plan accordingly. Remember nobody is going to force you to go out and sell.
The best sales people in any business are completely self- motivated and completely with self-discipline. They don’t need pep and reminded on a daily basis on what to do. They have a burning fire in their heart to help people and to be massively successful. Even me, as a mentor or a coach, I can’t implant that desire in you.
I can try to influence and motivate you only, but you must have that fire and constant discipline to follow through despite the difficulties we all face. So look, if you’re not a disciplined person, I’ll just flat out and tell you don’t sell mortgage protection. If you are a disciplined person, you will be successful in this industry. You have to be disciplined in setting and going to your appointments.
You have to be disciplined in learning the sales process and dealing with objections and rejections. It’s incumbent upon you even when you don’t want to do it anyway, so that is my eight tips or points I guess you could say about the truth about selling mortgage protection. This is what it takes to be successful in selling mortgage protection and anybody else who tells you otherwise is full of it.
If you like, the idea of selling mortgage protection and if you’re doing it right now or if you are looking for a different agency. If you’re new in this business and you’re intrigued by the mortgage protection business, go ahead and message or contact me. Visit my website at http://davidduford.com/ . Click on the contact box, send me a message and we can begin a conversation about mutually working together.
In the meantime, please subscribe and do leave a comment or question if you have one. Thank you so much and my name is David Duford mortgage protection coach and mentor.