Eligibility Qualification Requirement (eqr)There's nothing worse than wasting time, except maybe wasting time and losing money. In either case, we don't want to spend time with contacts that are not eligible for our program. You want eligible and qualified candidates que'd up for enrollment each week. The (eqr) conversation is purely the "lead-in" and "set-up" to why they need our program. It's the first opportunity we have to quickly grab their attention by identifying several key topics that you will elaborate on later in the call flow.
What are those topics? 1) credit, 2) income, 3) debt-to-income and 4) money.
You have to discuss these three points with a few key strategies in mind. You are going to point out to them that these three topics are the fundamental qualifications that all renters and potential home buyers will have to address. The objective is not to make them feel like they are useless, horrible people with all these issues. It's more about identifying these topics as the barriers that normally keep renters from getting great rental terms and keeping renters from qualifying to purchase a home. Once you "set-up" these topics as their barriers, then you align yourself next to the contact and communicate that "we" (together), have a way to overcome these barriers where nobody else does. "We have the solution and we are on your side to help you get it."
The contact has to have the means to be able to ultimately qualify for a loan from a lender. They have to have credit/income/money. You don't want to pull someone into our program, just to find out later that we declined their application because they don't have enough income. In order to be "eligible" for our program the contact must have at least $1,800/mo of bring home income OR be willing to generate that amount. If you ask someone what their monthly income is and they say $1,400/mo. Your next question should be, would you be willing to work with our advising team to get that income up? You have to confirm their eligibility on that topic or their willingness to make a change toward that eligibility requirement. Otherwise they are not qualified or eligible to move forward. If you handle this process effectively, you will set yourself up as the hero that saved them. Do you want to be the difficult gatekeeper or the awesome savior? That's your choice. How you ask the eligibility questions can determine that feeling for them. If you question them like they are just a number, you'll lose them. But, if you give them eligibility requirements and then clearly communicate that we can help them with those obstacles, then you'll be the hero that helps them, when everybody else has been telling them they can't. Using specific words or phrases can make all the difference. Key phrases, like "you can do that right" or "that shouldn't be a problem for you right ". These assumptive phrases can help convert them from not being eligible to being able to participate. This will set you up in their mind as the hero that is giving them the exclusive VIP access to the club. |
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It's how you explain to them that they need good credit, a certain amount of income and money saved that matters. You have to confirm that these are in fact obstacles they have and get them to admit it. When they admit they have these issues, step in and let them know...
"we got your back!" and "we have the solution to your problems!"
You have to continue the eligibility concept from..."here's the problem, we have the solution" to... "are you willing to participate in that solution?". As long as they confirm they want to improve their credit (with our help), increase their income (with our help) and save money (with our help), then they are (( "eligible" )) and qualified for our housing program.
"we got your back!" and "we have the solution to your problems!"
You have to continue the eligibility concept from..."here's the problem, we have the solution" to... "are you willing to participate in that solution?". As long as they confirm they want to improve their credit (with our help), increase their income (with our help) and save money (with our help), then they are (( "eligible" )) and qualified for our housing program.
"Mr. prospect, let's talk a little about what is keeping you from becoming a home owner AND about ensuring that you are eligible for our program.
We work with a lot of families and there are usually three reasons why renters think they can't become a home owner. It's either credit, income or money. Mr. prospect, most renters have credit challenges and just don't know what to do about. Do you have less than perfect credit, yes or no? [they should say yes] If our advising team gave you an action plan to fix those issues, you'd be willing to do the work to repair and build your credit, yes or no? [they should say yes] Mr. prospect, what is your gross monthly household income, including employment, child support, alimony, etc...? [if it's above $1,800/mo skip to budgeting] Mr. prospect, in order to be eligible for our program and the purchase of a home at some point, your income has to be around the $2,000 a month mark or higher. Would you be willing to work with our advising team on ways to get your income up to that mark, yes or no? [they should say yes] - how - pay raise/start new business/help get 2nd job, etc. The last reason renters stay renters, is they don't know how to save money OR they don't know how much money it really takes to purchase a home. How much money do you think it will take for say ....your down payment and closing costs? [no matter what they say] We know that it will take between $5,000 to $10,000 of your money to be able to purchase a home. Do you have $10,000 saved right now? [typically no] Why is that? Mr. prospect, we know that it's hard to save money... If we were to able to help you by putting you on a strict budget and forcing you to save your money, wouldn't that be a great thing for you, yes or no? So, you see Mr. prospect, we already know what is keeping you from owning and we already have the solution. As long as you're willing to work with our advising team to fix your credit, increase your income and save money, then you're eligible to participate in our program. The question is do you want to work with us to overcome these challenges, yes or no?" [they should say yes] |
The key to this message is to break-the-ice with these three topics. Credit, Income and Money. To get them to acknowledge that they have these barriers and that we have the way, the solution, to help them, and to solicit their participation in our program. Depending on exactly how you flow through (eqr), you can summarize these points and then transition into the Benefits of Home Ownership.