Mortgage leads are the bread and butter of many finance companies. Over the last year or so, the trend in mortgages has been toward refinancing current loans rather than taking out new loans. For instance, according to Troy Wilson, 81% of housing loans during the month of September 2012 were refinance.
If your company provides training for new sales associates, you will need to teach them how to convert mortgage leads who want to refinance their homes. One cost-efficient way to do this is to purchase aged mortgage refinance leads.
Some of the benefits include:
Large Quantities for Little Money
Unlike new, exclusive leads which can be quite expensive, aged leads are available in bulk at a fraction of the price of new leads. This means that your trainees will get to hone their skills on hundreds of leads. It also means that conversion expectations are low so that trainees do not feel pressure to be perfect.
Leads Who Are Interested in Refinancing
Unlike cold-calling, which involves contacting an unsuspecting party who may or may not have any interest in your services, using aged leads guarantees that your sales staff will be speaking to people who have – or at least once had – an interest in mortgage refinancing. Knowing that they are calling people who have requested refinance information can make it easier for your trainees to get through those first few difficult calls.
Opportunities to Become Experts in Refinancing
Although refinanced loans have been around for a long time, falling interest rates have dramatically increased their popularity. Your trainees will work with leads to identify the benefits of refinancing and to go over refinancing options. In doing so, they will increase their level of expertise in this up-and-coming type of home loans.
Learn to Handle Customer Relationship Management
Customer relationship management, or CRM, recognizes the fact that most leads do not convert after one conversation. CRM refers to staying in regular contact with leads through email, direct mail and, if the lead is willing, phone calls. Examples of CRM include newsletters, personal notes, getting in touch with the lead if there are significant changes in the services you discussed and being available to address the lead’s questions and concerns.
Teach your trainees how to use your company’s CRM software to track their leads. If your company doesn’t have a CRM software program, encourage each trainee to put his or her own system in place to make sure no one falls through the cracks.
Aged leads may not convert at the same rate as new leads, but they are also far less expensive than new leads. This makes them a great training tool for new sales staff.