Manage Leads and Convert Them Into Borrowers, In Less Time

Loan Management
Manage Leads and Convert More Borrowers

So, you have mortgage leads practically knocking down your door in pursuit of these record low mortgage rates, right? But how do you efficiently manage leads and convert them into borrowers so that you earn their business, without drowning in paperwork and data entry? 

Manage Leads and Convert More Borrowers
  1. Why Should You Care About How You Manage Leads? 
  2. Entering Leads Into Your Database
  3. Nurturing Leads
  4. Converting Leads Into Borrowers

Why Should You Care About How You Manage Leads

How you manage leads can either cost you business, or drastically grow your pipeline. For instance, what is the first step that you take when you receive a new lead? If you don’t have an immediate answer, then you’re losing out on business. 

Whether you receive a potential borrower’s information through a real estate agent, a lead provider, or a customer referral, you need to have a game plan for how you will manage leads. 

After all, these are the leads that will (if you do it right!) convert into borrowers. 

Entering Leads Into Your Database

The very first step you need to take when you receive a new lead is to enter it into your database. Whether you use a CRM, or an Excel spreadsheet, this is critical to your lead conversion plan. 

If you’re shopping around for a CRM, consider looking for one that allows you to track calls, texts, and other touchpoints that you have with your contacts. Plus, a good CRM will allow you to easily transition a contact from lead, to borrower, to past customer. These status changes will trigger automated workflows, prompting you to follow-up exactly when you need to.

Integrating Your Lead Provider and Your CRM

If you receive lead data from an online lead provider like Zillow, you know how time consuming the double data entry is. JungoLeads is an automated solution that takes the headaches out of your how you manage leads. When a new lead comes in from your lead provider, it is automatically pushed into your CRM, and follow-up tasks and other automations are automatically triggered. Your follow-up will be quicker, because your CRM will be doing the heavy lifting for you. 

During these periods of peak volume, especially for borrowers requesting refinance services, it’s important you reply to their request as quickly as possible. An email that says you will follow up with the lead soon is much better than no response. If you do nothing and are not able to follow up for 4 days, that lead will most definitely go find another Loan Officer. Sending a templated email, or even turning on an autoresponder, takes no more than 3 minutes. This 3 minutes could save this lead for you.

Here’s an example:

Hi First Name,

Thanks for your inquiry. I’m looking forward to serving you soon. Due to market conditions, I’m experiencing greater than usual requests, but I will be with you within one business day.

Best regards,

The Best Loan Officer on the Planet

Nurturing Leads

Once you have your lead in your database, it’s time to start nurturing. It’s critical that you make contact with your lead as quickly as possible–think within hours. It could boost your conversion by about seven times. Once you have time, bring them into a normal lead nurturing process.

Start With a Phone Call

…and leave a voicemail if they don’t answer. It can be helpful to have a loose script to follow for these introductory phone calls, but keep it simple. Say: “Hi! This is Anna Smith from Success Mortgage. I thought you might want to learn more about the process of applying for a mortgage/refinancing your home. I’m here anytime you want to chat–no pressure!”

Follow-Up With an Email 

It’s a good idea to always send an email after leaving a voicemail. Create an email template in your CRM, that way you can send personalized emails to your database with one-click.

Keep Making Contact 

You’ll see much higher rates of conversion if you stay consistent with reaching out. One of the best ways to manage leads successfully is to have automated processes in place. Utilize your CRM, and set automatic workflows that create follow-up tasks for you or your assistant to reach out. Doing so will not only minimize the time you spend nurturing leads, it will help you win more borrowers. 

Converting Leads Into Borrowers

Your lead nurturing techniques paid off, and it’s time to convert your lead into a borrower! If your CRM gives you the ability, change this contact’s status from lead to client, and send them application information. And then, keep them up to date throughout the entire loan process with automated updates, so that they always are in the know. 

Bottom Line

How you choose to manage leads, especially when your pipeline is very full, will determine how successful you are as a loan officer. Great lead management will bring you more borrowers, and less stress and time spent on your part.