Finance Articles

Mortgage Leads, Better Closure Ratio

If you are a loan officer or a mortgage broker, and you are currently purchasing mortgage leads from a mortgage lead company, or you are giving some thought to investing with one, one of the most important things you should take into consideration, is the closure ratio.

If you are closing anywhere from 5% to 12% of the mortgage leads you but, than you are doing very good according to the industry?s standard.

Here are a few helpful tips to help increase your closure ratio on mortgage leads.

Keep in mind that a mortgage lead provider does just that, they provide mortgage leads. It is entirely up to you to make the sale and close the deal. Just because you were provided with a fresh mortgage lead doesn?t mean you don?t have to work to close the deal.

Most mortgage lead companies will sell their mortgage leads up to five times, so you are competing with other loan officers and brokers.

So, if you come across an objection or challenge over the telephone such as ?I am no longer interested,? it is most likely because they are dealing with another loan officer at that point.

Here is something you can counter such an objection with . . .

Oh, that?s to bad, after looking at your on-line profile, I was able to fit you into a really nice mortgage program with one of our top lenders.

I can just about guarantee with 100% certainty that this will get their attention.

If this approach does not payoff, e-mail them with some attractive mortgage programs that you have to offer, or mail them out a flyer with a list of your mortgage products.

Whatever you do, do not give up after the first objection over the phone.

Remember, home buyers, and people refinancing their existing mortgages are very apprehensive, they are embarking on perhaps one of the largest financial transactions they have ever made, so put yourself in their shoes.

So, the nicer you come off, and the more knowledgeable you sound about your mortgage products, the better your chances of making the sale and closing the deal.

If you fail to have someone answer the telephone, and you have to leave a message, make sure the message is short, friendly, and informative.

Ask them to call back at their convenience to discuss a great mortgage product you know they will be interested in.

Remember. It is all in the approach and the inflection in the tone of your voice. The mortgage lead provider can provide the mortgage lead, but you have to work to get the sale. Best of luck with your mortgage leads.

Jay Conners has more than seventeen years of experience in the banking and Mortgage Industry. He is the owner of http://www.jconners.com, a mortgage marketing and resource site for loan officers. He is also the owner of http://www.callprospect.com, a mortgage lead company, specializing in real time mortgage leads.

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