You like me are asked this question often. "What Do You Think Interest Rates Are Going To Do?"
I post the Mortgage Market Update each week. This week I'm going to break down the dialog and show you the magic words behind the script.
What are you currently saying when someone asks you this question?
"Rates are going up"
"Rates are going down"
or my least favorite
"If I knew that I would be a millionaire"
Experience shows that when someone asks you "How are the rates or What do you think rates are going to do?", they are really asking "How are the rates going to affect me?"
I would like to suggest that you give the following dialogue a try.
Week of: Monday, July 23, 2007
Presently Market Conditions Are:
My Expectations Are:
Because leading economic indicators have fallen four of the last six months, the Conference Board is indicating there may be a softening in the economy later this year. Kurt Karl, chief economist at Swiss Reinsurance Co. in New York has been quoted by Bloomberg as having said, “Clearly, the Fed is now less certain of the strength of the 2007 second-half bounce-back and of the strength of the economy in 2008.” He went on to say, “However, there are no clear signs of recession, so the Fed is best off to remain on hold.”
As Your Trusted Advisor For Life My Guidance For You Is:
Higher inventories are a key component of why building permits have fallen. Builders have to sell off current houses prior to beginning new ones. The elevated numbers of homes on the market have caused sellers to be ever more creative and generous with incentives and yet more moderate with pricing. Add this to the low rate environment and it has created a perfect time to be a homebuyer. Consulting with a highly trusted mortgage professional will ensure you benefit from these favorable market conditions.
Give the dialogue a try.
You don't need to say it word for word, get out a pen and paper and write your own.
The script engages a person in dialogue.
The key words are:
Presently Market Conditions Are - Tell them what they market is doing now
My Expectations Are - Tell them what you expect the market to do
As Your Trusted Advisor For Life My Guidance For You Is - Give them your advise
You will be surprised how well this answer to a simple, yet complex question is received by your clients.
Jeffrey S. Stanton
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