BUILD-A-BROKER
7 Tips To Convert Mortgage Leads Generated Online BY MICHAEL MCALLISTER | SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL
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ortgage loan originators love a good lead. They love leads from real estate agents. They love leads from previous customers. They love leads from any contact in the banking industry. Now, they are learning to love leads from their online marketing efforts. They love that they’re getting huge lead generation from their social media, online advertising effort, etc. What they don’t love is that they just can’t seem to convert those leads into loans at the same rate they did from their more traditional sources. Mortgage loan officers must realize converting Internet leads requires a different skillset and maybe a different timeline than they previously experienced. But there is hope. Lenders who follow these seven tips to convert sales funnel leads into loan applications will learn to truly love their online leads and be able to convert them in less time than they may think:
your website or one of your automated campaigns. Text messages are the preferred manner of contact for about 80 percent of respondents. Your text should just be a quick either-or question. For example, “Are you interested in applying for a mortgage or seeking general information about the mortgage process?” is a great initial question. This allows you to begin building a profile of the lead to gauge how strong of a prospect you’re contacting. Of course, if they say they are interested in applying, call them right away and start the application process right on the phone. Otherwise, engage with them via text and ask a few questions about their credit, income, debt, and assets to build rapport. You can also identify if it is somebody you can actually help.
1. BE RESPONSIVE
2. KEEP RECORDS OF CONTACTS
As house hunters are taking control of their home buying journeys, they expect to also gain more control over how they obtain a mortgage. A piece of that journey is that they expect immediate answers. Therefore, you should respond within five minutes of when they supply contact information through
This is an important step in the process that many mortgage lenders must adapt to. If your company has a customer relationship management program, put it to use for your advantage. You might be dragged into the CRM world grumbling and complaining, but once you learn to leverage the data to your advantage,
Michael McAllister
you’ll be able to convert at a higher rate. Log each communication you have with your prospect and add details about the transaction. Did you learn where they want to buy? What is their budget? How much do they have for a down payment? Do they have two kids and a dog? The more details you have about the lead and the more you can keep that at your fingertips, the more you’ll impress them during future communications. If you don’t have a fancy CRM, you can still do the same work with a spreadsheet. The advantage of a CRM, however, is that you can record this CONTINUED ON PAGE 16
PEOPLE ON THE MOVE //
> Churchill
Mortgage promoted Kathy Cook to vice president of closing.
> Cherry Creek
Holdings Group, LLC promoted Rick Seehausen as the chief operating officer of Cherry Creek Holdings.
> New American
Funding cofounder and president Patty Arvielo, will serve on the Mortgage Bankers Association’s Residential Board of Governors in 2021.
> Sierra Pacific
Mortgage Company, Inc. hired Joseph Moran as the company’s chief compliance officer and general counsel.
NATIONAL MORTGAGE PROFESSIONAL MAGAZINE |
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