Less than a generation ago, most people preferred to handle their mortgage and refinancing needs with a brick and mortar lender, usually a lender with whom they had a history.
The advent of the Internet and of multiple lead generation sites has changed all that. Lead generation sites provide real-time leads to lenders and real-time rate information to borrowers looking for the best deal. If both sides follow through, it’s a win-win scenario.
Unfortunately, some buyers are not sure of the next step to take, and some lenders become overwhelmed by the number of leads they receive. Sometimes, those leads fall through the cracks without follow-up.
If you’re a lender, these tips will help you take advantage of the skyrocketing mortgage leads while keeping your sales staff sane and your prospects happy.
Ready-to-Close Aged Mortgage Leads
Limit the Number of New and Exclusive Leads You Buy
While it’s true that new and exclusive leads are more likely to convert than aged leads, they are also more likely to get put in the perpetual “to do” pile if your sales staff is busy. Buying leads that you never contact just doesn’t make good business sense.
Sit down with your sales staff and figure out realistically how many fresh leads they can handle each day. Then buy no more than this number. Note that as your sales team falls into a rhythm and gets used to handling new leads, you may be able to increase the number that you purchase.
Put a Customer Relationship Plan into Place
Most new leads do not convert on the first contact, or even on the second or third. If you’re planning to take advantage of the large number of online mortgage needs, you will need a system in place to follow up with calls, emails, e-newsletters, special offers, and other forms of communication that will allow you to stay in touch and nurture your mortgage leads through the buying process.
Follow Up with Aged Leads
If you do end up with leads that aren’t contacted in a timely manner, follow up with them anyway. Many may still be viable. Even those that are not are likely to remember your name in case they decide to change lenders or require new services.
The Internet is giving lenders a wonderful opportunity to reach out to new customers. Don’t let this trend pass your company by.
