When interest rates are rising, it’s all the more important to be proactive about finding mortgage leads as a loan officer. But even when rates are low, thinking about ways to change up how you find new leads will help you double-down on new business opportunities.
Back to Basics
Attempting to track down mortgage leads may mean going back to the basics. That could look like setting team goals around consistent direct mail or drip marketing campaigns. These may feel like rudimentary steps, but staying at the top of your past clients’ minds is one of the best, tried-and-true ways to discover new business.
As simple as this may sound, the best way to stay engaged with clients is by contacting them. Surprisingly, many loan officers forget to call contacts in their database, which is one of the best ways to nurture client relationships.
Although, we recommend a hybrid approach: emails and calls.
Email Drip Campaigns for Mortgage Leads
Set up drip marketing for different stages of the buyer’s journey. When you are marketing to leads, think about the value you can provide them and share that value. Can you provide a pre-approval letter to your leads? If so, try emailing new leads an article on the value of a pre-approval letter.
For past clients, consider some possible questions they may have: where are rates right now? What’s the value of their home? What are some things they could do to add value to their home?
With each email, you can add a call-to-action that brings them back to you. Whether it’s a pre-approval letter, asking for a referral, or inquiring about a refinance, show them how you can help. Remember to always send them something of value with that call-to-action.
If you don’t have the time to create drip marketing emails for your mortgage leads, utilize a mortgage marketing service like Jungo. We’ve already built out many email drip campaigns, and you can just choose which one works best for your lead or client.
Some email drip campaigns to consider are:
- Prospective Home Buyer Tips
- Dos and Don’ts of Loan Applications
- Keeping In Touch
- Credit Repair Tips
Dials for Dollars
Next, another “old-school” method that many top producers report as their strategy for mortgage leads and new referrals is daily outbound calling.
Make a contact list of past clients, as well as those who have turned down your services. Then, time block your schedule, and make a commitment to call a certain number of leads a day.
Monica Jones is a loan officer that closes 9 units a month, for a total yearly volume of $49.8 million. She sets up her call list by alphabetizing all of her clients, and calling one letter a week. For example, one week she would call all clients with last names starting with A, then the next week would be B. This system works well because then every letter is being called twice a year, since there are 26 letters in the alphabet and 52 weeks in the year.
In Jungo, or manually in Excel, you can build a report with any criteria for your daily call list. If you want to get through all of your contacts in one year, set up a system like Monica Jones. What’s most important, is not the methodology you choose, but that you stick to your plan of calling leads daily.
Use a Phone Dialer to Call Mortgage Leads
A phone dialer, like Phone Burner can be a huge timesaver when it comes to setting up a call list and blasting through your calls for the day. Phone Burner integrates with CRMs, like Jungo, so you can plug in the report you create daily and get after your phone calls.
This “old school” approach may feel tedious at first, but it’ll lead to clients coming from unexpected places. Plus, you’ll be able to continue to craft the way you approach leads with every phone call you make. Just remember, always ask for a referral after a great phone call.
Diversify Your Lead Sources
If traditional methods aren’t your thing, we understand–after all, they don’t work for all teams. If that’s the case, it may be time to try digital tools, like social media, as a way to find new leads. Facebook Ads are a great way to dip your toe into the paid social media market, and the results can be great.
If you don’t know if paid social media is for you, try out some free social media methods first. Simply posting consistent and valuable material on Facebook, Instagram, or LinkedIn, is a great place to start. Just don’t forget to promote education before your business–this will build trust between you and your future clients! We wrote about the 80/20 principle over here.
Another option is to help your realtor referral partners by creating co-branded collateral materials. You could design beautiful open house flyers, or even financing option documents. Your referral partners will appreciate the effort. Plus, you will also be one step closer to a borrower using you as their LO.
Canva is a great option for creating a flyer from scratch with little to no design skills. However, if you want pre-made templates, there are options. Jungo’s PrintPub allows you to pull photos directly from the MLS into your marketing and utilize pre-made templates.
Asking for referrals may sound like the oldest mortgage leads generation tactic out there, but it doesn’t need to be low-tech. If you have a happy customer who has a bit of technical savvy, ask them to record a video testimonial. This can be then used on your website and social media channels!
Studies show that faces sell more than words, so posting a video to social media is a great way to engage with your audience.
Just remember, keep it short and sweet. Testimonials should be between 15-30 seconds. You wouldn’t want your audience to be bored, now would you? A video testimonial’s main purpose is to put a face and a smile to the new homeowners you’ve helped.
When it comes to finding new mortgage leads as a loan officer, it’s easy to feel like there’s nothing new under the sun. However, with the right mix of basics and new technology, you can grow your pipeline, no matter the current mortgage rates.