I just listened to my wife’s bond broker sell her $20,000 of tax free bonds in under 2 minutes.
Here’s how it went down.
After the broker’s carefully rehearsed pitch my wife said she wasn’t interested.
Here’s the broker:
“That’s okay. If you don’t mind me asking, is it because you don’t have liquidity or is the interest rate too low?”
I love this response because the broker wants to understand the underlying truth behind the objection.
Phraseology like “That’s okay” and “lf you don’t mind me asking” subconciously say, “There’s no pressure here.”
Here’s my wife:
“I think the interest rate is too low. I could do better in the market.”
Here’s the broker.
Mirroring (Christopher Voss)
“Better in the market?”
Mirroring is when you repeat the last 2-3 most important words with a slight up-tone as if to say, “Tell me more”. This shows the other person you’re listening. Everyone has the hungry to be heard. When you mirror, you get more information.
Jenna: “Yes, I’m getting 5–7% in the market right now.”
Broker: “Typically people are looking for ways to take profits and limit loses when the market has a downturn.
So many are investing in tax free bonds. As you’re probably aware, 2.85% is equivelent to a 4% return in the market because you don’t pay taxes. Curious, how are you going about protecting your portfolio against market downturns?”
Jenna: “Okay, I’ll do 20k.”
When prospects say they’re not interest, seek to understand the truth behind the objection.
You can say something like this:
“That’s okay. Before we hang up, is it because you’re happy with what you have, my timing is off or this just isn’t relevant?”
Then shut your mouth.
Understand objections, don’t overcome them.