When you discuss HELOCs, do the following:
Discuss Features and Benefits
Features
- Easy application process
- Interest-only payment option available
- Overdraft protection option for any Capital City Bank checking account
- Borrow up to 100% of the equity in a home
Benefits
- Have money available when you need it
- No closing costs up to $250,000.00
- Receive convenience checks to draw money as needed
Identify Opportunities
Always be on the lookout for clients who may benefit from a HELOC. Below are examples of prospective clients.- Clients looking to make home improvements
- Home owners
- Clients wanting to take a vacation
- Clients who have equity in their homes
- Someone who has a re-occurring expense
- Clients who want the ability to draw funds as needed instead of getting a lump sum
Discover Client Needs
Before you recommend a product or service to a client, prospect, family or friend, it only makes sense to recommend things they might actually need or like. This is why it's important to ask questions that help us gain insight about an individual's banking preferences.
Sales Associates
- What are some ways you see your financial situation changing?
- Do you anticipate having any borrowing needs in the future?
- What do you plan on using the borrowed funds for?
- How much money do you anticipate needing?
- When do you anticipate needing the funds?
- What type of loan products are you interested in?
- Do you own your own home?
- How long have you owned your home?
- How much equity would you say you have in your home? Would you be interested in using some of the equity in your home to finance or pay for expenses?
- Are you considering purchasing a home in the future?
- How soon do you plan on buying a home?
These are some common client statements you may hear:
- "We are getting married soon, but I don't know how we can afford everything."
- "Geez, my bathroom is so outdated! I have been thinking about doing a remodel."
- "My son is graduating from high school this year! I can't believe how fast time flies!"
- "I am looking to take my wife on a second honeymoon to Fiji."
Non-sales Associates
If you don't feel comfortable with credit product information, but are working towards your Take it to 10 goals, don't focus on a specific product. Instead, ask if the client is interested in applying for a credit product at CCB. To do this you might say:
I work at Capital City Bank and we offer credit products designed to meet your banking preferences, including a Home Equity Line of Credit. Would you be interested in learning more about them with an associate of mine?
Recommend Products/Services
When you have identified a need or learned about a prospect's banking preferences, you are ready to start making recommendations that align with their goals or likes and dislikes.
Sales Associates
Below are examples of what you might say when recommending a HELOC after having used the qualifying questions.
I definitely understand about not wanting to add to your debt right now; you've got a lot that you are currently paying for. You know, with our Home Equity Line of Credit I may be able to help you consolidate your existing debt into one easy payment, possibly at a lower rate which will help you save money each month. Because the line is open for withdrawals for 10 years, you would have quick and easy access to money for when you are ready to help your son out with his new car, without having to go through the time involved in applying for another loan.
Non-sales Associates
If you are simply trying to make a referral to CCB, then you are recommending the bank, and even a specific banker. Below is an example of how you make this recommendation.
I recommend Capital City Bank, not only because I work there, but also because it is a great place to bank. We are a strong stable community bank with a variety of personal and business products and services. I would be happy to connect you with a friendly banker who would be willing to help you find the credit product for you.
Handle Objections
It is highly likely that once you make a product or service recommendation, you will receive objections. Before responding, keep the following points in mind:
- Make sure you understand the question or objection
- Be empathetic
- Address the question or objection even if you can't change the product or service
- Check with the prospect to make sure he or she accepts your response or explanation
To respond to objections, use Feel, Felt, Found to structure your responses. Below are examples of checking account objections and suggested ways of responding.
Sales Associates
Client Objection: "I'm not sure if this is something we are ready for or not. I need to speak with my wife."
Feel: I understand that you feel you should speak to your wife before filling out the application.
Felt: Many of my clients have felt the same way.
Found: This is definitely an important decision and we've talked about a lot of different things today. We have found that if we talk about what you think her questions or concerns might be, I can go ahead and answer those for you so you are more prepared when discussing this product together. What questions do you feel your wife may have?
Non-Sales Associates
Client Objection: "I'm not sure I want to open a loan just yet."
Feel: I understand you may not be ready yet.
Felt: Most people like to check out a few places or get recommendations before doing something.
Found: Most people I talk to find that Capital City Bank has all the bells and whistles of the big banks with a small community feel. You can always speak to one of our bankers who can tell you more about our Home Equity Lines of Credit with no strings attached. Would you like to give it a try?
Ask for the Business
If you don't receive an objection or have already come to an acceptable resolution with the client or prospect, you are ready to ask for the business. Asking for the business is what we say to move the sale forward. Below are some examples of what you might say to ask for the business.
Sales Associates
- May I start your HELOC application?
- Would you like to start the HELOC application now?
- Do you want to apply today?
Non-sales Associates
If you are making a referral for Take it to 10, you are trying to get the prospect to agree to meet with a banker about a need. Below are some examples of what you might say to do that.
- May I get your contact information so I can have my friend, ___________, call you?
- Can I get your name and number so I can have a banker call you about completing your HELOC application?
- May I have a banker call you to help you find the best credit product for you?
Make a Referral
If you are a sales associate or non-sales associate who cannot process HELOC applications, but have identified someone who is interested in a HELOC,remember to refer him or her to an associate who can help.
Making referrals at Capital City Bank is as easy as A B C! Below is an example of the ABC method to making referrals.
Acknowledge or Ask questions about a need.What do you typically look for in a financial institution?Bridge with a transition statement highlighting how Capital City Bank can meet that need.I work at Capital City Bank and we have numerous savings and investment options designed to meet your financial needs.Connect to a Capital City Banker that can help.Our Personal Bankers/Market Leader/Lender can help you find the best loan for your needs. Would you like for me to have a banker contact you at a time that works for you?Process the Sale
Sales are processed in generally one of two ways:
- The associate who can sell the product follows established policies and procedures to close the sale.
- An associate connects the person to a qualified banker using a Synapsys referral for the HELOC. The qualified associate completes the HELOC application.
Additional Information on Sale Processing
See the Synapsys referral instructions.
