Successful originators in the commercial equipment leasing and finance industry know credit, documentation and funding; they set realistic expectations; and they sell the process.
In a recent conversation with a veteran industry professional, he spoke about his first year in the industry. He was required to work in every department of the leasing company. He was required to learn credit processes and put his name on approvals and declinations. He was required to prepare documents and verify that they were returned correctly signed. He was required to work in the funding department and verify that transactions were ready for funding. He was required to go to court and defend the company's processes and documentation. After fully understanding the process, his company released him to represent them as a knowledgeable salesperson. The veteran recalled in his first sales encounters how he was able to answer the basic questions that his vendors and end-users were asking:
What is your approval process?
Why do you limit the terms on some equipment?
What does paragraph X mean in your document?
Who is your perfect customer?
How long does it take fund a transaction? Why do some take longer than others?
How do you determine your collateral position?
This industry veteran made the following statement that every originator should heed:
"Top originators are never order takers. They go to market armed with the facts. They sell their process. They are able to explain in layman's terms exactly what services and products they offer; and how their company reacts to the risk and reward calculation of lending money in today's environment."
As an originator, are you armed with the facts? Do you fully understand the process? Are you aggressively selling the process on every call?
Survive - Thrive - Lead
This "Sales Tip" is provided by Wheeler Business Consulting.