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The names and identifying details have been changed to protect the privacy of the individuals.
I’d been working with the Lawtons for seven or eight months. They had a property in rural Northern California and were in need of a refinance to pay for mounting medical bills.
It was a tough deal. At the time, banks were just starting to tighten the reigns on mortgages and we were close to getting the deal done on many occasions when we’d get another list of conditions that needed to be cleared by underwriting.
Fortunately, I had put them into an accelerated credit repair program with an affiliate so despite the growing lending limitations, their credit scores were getting better with every passing day.
Genie, the wife was a sweet woman and her husband Don, salt of the Earth kinda guy was always cordial when I called before passing the phone off to his wife.
At one point, we were talking almost every day.
But weeks into the deal, I found out Genie was sick and only getting sicker.
Her body began to shut down and I knew the clock was ticking.
On some days, she didn’t even have the strength to get out of bed yet alone talk on the phone.
Perspective
Genie passed away in the Fall of 2007 days after they signed the loan docs.
It was intense. After all, I’d never had a prospect die while doing a deal.
Talk about perspective.
Despite all the complications, I trusted my gut on that deal.
Months into it, my Managers tried to persuade me to dump it and move on. They had no confidence that it’d close.
Luckily, I never gave up on it.
Shortly before Genie passed, Don told me he was considering refinancing his other properties.
They had four Non-Owner Occupied properties and with his credit scores up, maybe we could reduce the monthly payments.
I took it under advisement.
Don’t get me wrong. In those days, it was all about closing; closing hard, closing often and closing fast.
But despite having the go ahead on four other deals, it was hard to justify making a guy who just lost his wife jump through a series of hoops for commissions.
What The FUD?
A common practice that’s been around since the 1970’s is selling using The FUD Factor. FUD being the acronym for fear, uncertainty and doubt.
I could have easily talked Don into spending $1800.00 on four appraisals so we could start refinancing his NOO properties but I couldn’t bring myself to do it.
And although we did quite a bit of A-Paper loans in our shop, we also did our share of Subprime loans.
So no, I wasn’t a saint by any stretch of the imagination and still regret some of the loans I closed that ultimately, weren’t in the borrower’s best interests.
And even though I repaired their credit through the company-wide credit repair initiative, there were still questionable loans.
Some borrowers were simply over-leveraged.
But, following the 2007/2008 meltdown, I paid my dues. Call it karma or The Big Payback. Either way, I suffered and felt as if maybe I deserved it.
Selling with the FUD Factor is a tactic I’ve long since abandoned but it’s still widely used in sales, marketing and advertising across industries today.
By manufacturing uncertainty or false expiration, you instill fear and doubt into the consumer thereby forcing them into action to buy your services.
Bouncing Around the Bay Area
When our mortgage shop closed down, our team went in search of homes for our existing books of business.
I took the Lawton files with me as we bounced from shop to shop looking for a direct lender who could actually deliver on their promise to get deals done in a ridiculous economy.
In a matter of weeks, Don tracked me down. He wanted to refi his other properties and I was his guy.
Over the course of a months, multiple offices and a constantly changing email address, I got them done.
He trusted me to handle this part of his financial affairs for nearly a year after Genie’s passing and there was no way I was letting him down.
No Soapbox Heroism
Today, The FUD Factor’s in my rear-view. I have no use for it except as a reminder of what not to do.
I’m in B2B sales consulting with enterprise-level prospects who can smell the FUD from a mile away.
But, some of you may not be. So, there could be plenty of opportunities for you to FUD things up.
In Sales, our job is to bring the fatback, but invariably, we sometimes get our priorities twisted inside out.
It’s why Salespeople are considered sleazy in many circles.
And just because you’re in Sales, doesn’t mean you’re necessarily living high on the hog.
There are months where you don’t know where the next deal’s coming from.
And with your back against the wall, it’s easy to revert to The FUD as desperate times call for desperate measures.
***
What I love now about the job is the repeat business.
Clients send emails with attachments from soliciting competitors asking for guidance on what to do next. I handle all their business and advise them as to what solutions are worth it and which ones aren’t.
I’ve earned it and can’t imagine doing business any other way.
What we often lose sight of as salespeople is very definition of what it is we do.
In Old English, (Sell) – Sellan is “to give, furnish, supply, lend; surrender, give up; deliver to; promise.”
I suppose we could all use a reminder from time to time.
A Closer Look
As you look through your CRM, make calls and send emails:
- Are you selling your prospects using FUD?
- Will they hit you up six months or a year and asking how to carry out the next phase of your solution?
- Do they forward solicitations from your competitors along with a message asking – what should we do here?
The trickiest part of this whole affair is that no one can ever really tell you what to do. Whether it’s at home or the office, you’re either using The FUD Factor to gain a so-called advantage or you’re not.
And whichever route you choose is the one you live with.
***
Don’s name crossed my Facebook feed a few year’s back. We’re now ‘friends’ but haven’t really communicated.
I imagine that no matter what he’s up to these days, he still thinks of Genie regularly.
I guess in a way, I do too.