“I'm at about 20% closure rate right now, and still have more leads coming. Very pleased so far”
“..exclusive internet leads really seems to be the best match for us to close more deals this month...”
“After this experience with exclusive leads we will never go back to non exclusive leads ever again”
The Step By Step on Working Internet Mortgage Leads
Below we take you step by step to show you the best ways to work exclusive internet generated mortgage leads for higher closure ratios.
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Making Contact
This is the most important part of working your leads. If your intent is to purchase leads and contact them "when you have time" your closure ratio's will suffer as well you will be doing the borrower a disservice. When you receive the lead that is the time to act.
DO NOT WAIT!
Hesitation in mortgage leads can be the difference between closing the loan and possibly never even speaking with the borrower. Of course if you receive the lead in the middle of the night, or some other inconvienent time (especially if the borrower notates said time in the "notes" of the lead), than you will of course need to wait until either the next morning or the time they listed as the best contact time.
Now there are two things that will occur the first time you call the borrower. You will either get a hold of the borrower and speak to them directly, or you will not be able to reach them and be put into the situation of whether to leave a message or not.
We have created options for each of these scenarios.
I. Made Initial Contact
One you have made the initial contact you can get more information from the borrower and start the loan process. After the initial contact we have found that you should take two additional steps to keeping you in the forefront of the borrowers mind when it comes to their loan. The first step should always be taken, however the second step really is up to you. If you feel the loan may not be something that is plausible than it might be best to only go with step one. Take these steps:
Ia. Initial Contact: Follow up Email
One of the best ways to get the borrower to remember you is to follow up your phone conversation with a personal follow up email thanking them for their time, reiterrating to some degree what you had spoken about before, and what steps you will now be taking. It's most important to keep this email short, but always thank the borrower for their time as well as provide your full and complete contact information. Make sure that the borrower always has your information handy so that they can contact you when needed.
Ib. Initial Contact: The Follow up Letter
This is a great way to convert borrowers who may have applied on other sites or who may be an A credit deal. This is a simple letter, like the email, but you present yourself in a very professional manner by taking the time to actually send a letter. Include your business card and preferabbly send the letter on company letter head either personally written out by yourself or at least hand signed and dated. You can wait to send the GFE with this letter, however it should be sent the next day. By taking these extra steps you assure that you are always at the forefront of the borrowers mind.
II. No Initial Contact
If you were unable to contact the borrower on any of their contact numbers, notate the time you first called as this may not be a good time for that particular borrower. For example if your first call to the borrower is at 10am and that call went unanswered than it would be best to look at different times. Borrowers do not keep bankers hours and neither should you. Some of the best contact times for borrowers is between 5-8pm at night as they are home and able to be more comfortable with the call. We like to recommend at least a two hour delay between calls.
IIa. No Initial Contact: Leaving Messages
Some brokers have good luck leaving messages, and others do not. Typically you want to make the first contact as personal as possible, so leaving a message on an answering machine may not be the best rememdy, however if you speak to someone within the house than always leave a message as well as get a good contact time for the borrower.
If you do leave a message, do not try calling back until either the time you were given by the message taker or not until the very next day. If you left a message in the morning, it is usually ok to call back later that night. This is where you will have to use your best judgement. Be persistent, but also remember that being over zealous, especially when leaving messages with the same person, can also be detrimental to what you are trying to accomplish.
IIb. No Initial Contact: Be Persistent
Always keep trying different times throughout the day, mix it up. Some borrowers, as you know, can be harder to get a hold of than others. Some work graveyard shifts, and some don’t.
IIc. No Initial Contact: Introduction Email
The same way you would if you make contact when you get the lead it is always good to send off an introduction email introducing yourself, your company, and what you look forward to doing for the borrower. ALWAYS include full contact information. This should only be sent once you have not been able to make contact with the borrower.
IId. No Initial Contact: Introduction Letter
This is always a good idea to send. This can be the same kind of letter as if you made contact with the borrower. It's just good business to give the borrower every opportunity to see you and your company name.
Also remember that some borrowers may have bad credit, especially those looking for debt consolidation and they may be leery to readily answer a number they do not know. This is where the email and letter comes in to establish your relationship.
We will be expanding this section in the near future to give you even more information. We hope this helps you get past that first point of contact where you can than let your expertise come through and help the borrower with all of their financing needs.
Getting the most from your leads
