Turn Those Mortgage Leads Into Closed Deals

Are getting a good amount of mortgage leads coming through your website but can’t seem to convert those into closed loans? You’ve come to the right place! This article is designed to help you build a system that will turn more leads into solid deals. These are all tips gathered by successful loan officers and can help you take your business to the next level.

  1. Contact your lead within 5 minutes - You are 21x more likely to convert a lead if they are contacted within 5 minutes versus 30 minutes. Chances are that if you contact the lead right away, they are still in front of the computer. This gives you a great opportunity to direct them to other pages on your website that may be helpful, and you can also direct them to fill out the full 1003 on your site. Contacting them within five minutes also gives you the opportunity to talk to the lead while it is still at the top of their mind. If you wait 30 minutes or more, they could be distracted by kids, work, or other things that may take priority. Contacting them promptly also leaves a great first impression because it lets them know you will be responsive and on top of things throughout the whole process.
  2. Follow Up Consistently - In a recent experiment on tenfold, Rashan Shetty filled out applications on several lender sites. It’s no surprise that the company that provided the most consistent follow-up via email over time now holds a 4.8% share in the loan market. Follow-up is essential because you may not make contact with the lead on the first attempt. In fact, 80% of all sales are made between the 5th and 12th contact with a prospect according to LinkedIn. This is why it is essential to create a solid, consistent follow-up schedule with your leads. Here are some tips to help you get started:
    • Got a voicemail when calling your lead, even when it’s within 5 minutes? Send a follow-up email asking to schedule a time to connect (i.e. “When is a good time I can reach back out to you?”)
    • Make a game plan to contact every lead at least 6 times within 2 weeks of the first contact. This can be through a combination of phone and email correspondence.
    • On average you will reach less than 40% of your leads on the first attempt, so it’s crucial to keep trying!
    • Setting up a CRM can help you send out automated emails so you can follow up without even thinking about it! We have a list of preferred vendors that we can integrate with, contact us for more information.
  3. Analyze Your Results – If you have a sales team working for you, make sure everyone is consistently hitting the five minute mark to increase your chances of conversion. It’s also important to track how many contacts were made and which leads turned into closed deals so you can have a better idea of how many attempts to make. Another avenue to track would be how well your lead sources are performing. Having dedicated landing pages or lead capture tools can help you figure out where the lead came from and then track how well each of those leads convert to funded loans. This data will help you determine which channels are worth the time and money it takes to generate leads.

Following all of these tips but still not seeing the conversion you want? Our marketing experts can help analyze everything from the first voicemail you leave to the final follow-up email you send and help you develop a strategy for being successful!