Want More Money? Focus On Your Lead Management RoutineMay 07, 2019
Did you know that for every $92 spent on generating leads, only $1 is spent on conversion?
The main issue in today’s fast-paced, interconnected world isn’t about finding prospective clients anymore; it’s about effectively following up with these potential candidates and convincing them that you have their best interests in mind.
In today’s video, Tim discusses the importance of persistence when connecting with undecided leads, how to boost your overall productivity, and how you can create a powerful script that will promote long-lasting partnerships between you and your clients.
Common Problems for Mortgage Loan Officers
A recurring issue with loan officers, marketers, and other sales professionals seems to be the tendency to give up too soon on prospective leads. Some mortgage loan officers neglect to follow up on qualified leads if the person isn’t ready to make a decision, and others delete the potential client’s info from their database as soon as they appear to be uninterested. These short-sighted actions might relieve your frustration in the moment, but they can also cause you to miss out on several potential benefits.
Instead of allowing brief feelings of impatience to take over your lead management, you have to adapt to a new mindset: it’s not about if a potential client agrees, but when. With the right tools and strategies, you can transform unsure prospects into grateful clients in no time.
Lead Management Solutions
First and foremost, take a moment to assess your current follow-up strategies and methods:
- How soon do you follow up with a contact?
- How many times do you reconnect with the person after their initial consultation?
- What information do you include in your post-meeting calls and emails?
- How are you showing your leads that their needs are your top priority?
It’s recommended to call a contact back within a day if you don’t reach an agreement, but one phone call alone may not be enough to convince an unsure buyer. Use this phone call to remind them of your conversation and try to set up another in-person appointment for further discussion. Make sure to add a personal touch by referring to the solutions you can provide according to their specific individual needs. They will remember this genuinely friendly gesture and become more likely to partner with you or recommend you to their friends or colleagues.
Follow-Up Script Template
Most people simply aren’t as diligent as they need to be on lead follow-ups because they either think it’s a waste of their time or that they’ll just annoy the prospective client. However, even if a client decides to go with a competitor, keeping their contact info and staying connected with them can pay off in the long run.
When finding out that someone chose a competitor over him, Tim created a basic script template that ended up increasing his lead conversions! Not one contact declined his offer since he implemented this strategy, and he has obtained numerous referrals and leads by simply including these key details in his follow-up calls:
- Apologize for not earning the client’s trust. Start off by saying sorry for not fully representing the value you can bring to the table.
- Display your continued interest. Mention that you would like to get in touch with them after they receive their final loan terms in a few weeks, if it’s OK with them.
- Offer your service. Say that you would like to manage the indebtedness that they have taken on after locking in on final loan terms, free of charge.
- Emphasize how important the client is to you. For instance, say “If there are opportunities in the future for no closing cost offers, I’d like to proactively make myself available to help you receive these advantages. I want to make you fully aware of the benefits you’re eligible for and see if I can earn your business in the future. Would that be OK?”
Some people would call 7-10 days later and say that they changed their minds about working with the previous agent due to his integrity and helpfulness. Others even recommended his service to their friends, family members, and colleagues. You too can experience these advantages by investing your time into all of your qualified leads.
Focus on the long-term benefits when working with all of your qualified potential clients. Even if they decide to go with a competitor, the genuine and positive interaction they had with you during the decision process will stick with them. They will be far more likely to recommend their friends and colleagues to you, or you may be able to work with the client at a later date.
In other words, don’t give up on potential leads if they aren’t 100% ready to decide after their initial consultation. When you stay patient and develop strong follow-up strategies, you’ll be pleasantly surprised at the number of sales you are able to generate!