You have quality mortgage leads for your sales force. Your loan officers are experienced and well trained. Then why are you not getting the results you want from your mortgage leads? Yes, lead quality is a large factor in determining the probability of converting a lead into a funded loan; however, a study by Velocify found that the sales process plays almost as significant a role in determining the success of your mortgage leads. This may explain why a lender with a great sales process can succeed with average leads while a lender with a poor sales process fails with the best leads.
4 factors are proven to boost a lenders mortgage lead performance. Ignore them and you may not see the result you are looking for; however, taking advantage of all 4 will allow you to make the most of your marketing dollars.
Speed to 1st Contact
The numbers speak for themselves. The odds of contacting a lead is increased by 100x if contact is attempted within the first 5 minutes as opposed to 30 minutes. More importantly, the odds of converting a lead is increased by 21x if contact is made within the first 5 min as compared to 30 minutes.
Why does response time mean so much?
- You know the prospect is either on their computer or by their phone at that moment
- You have the ability to speak with the prospect at their highest point of interest or need
- You have the ability to build trust and rapport with a great first impression
- 35-50% of Sales go the sales rep that contacted the lead 1st
What can I do to ensure speedy contact of my leads?
- Set a goal of contacting every lead within 5 minutes of creation during business hours
- Manage to your goal and hold management and your sales teams accountable
- Utilize a Lead Management System and establish an effective call strategy
Consistent follow-up can greatly boost your leads performance, while lack of follow-up can kill even the best marketing efforts. The problem is that good follow-up is almost impossible to sustain without some automated processes in place. For this reason if you are buying mortgage leads you should be using a lead management system. Many quality LMS companies such as Click Point Software, Velocify and LeadMailBox provide excellent LMS platforms you can utilize to ensure consistent follow-up on all leads.
Read more of this article by Kevin Benner: http://bit.ly/2wc8ZXQ