Today’s message is about recognizing the true value of our efforts as mortgage loan originators. Too often, loan officers will do anything other than make a phone call to generate business because of call reluctance. Instead, they invest in all kinds of online leads that often don’t pan out as hoped.
Consider this: the typical conversion rate for online mortgage leads ranges from 1% to 5%. Even at the higher end, these are not impressive odds. When you pay for an online lead, you’re likely converting a very small percentage into actual clients. This is why it’s so crucial to focus on tried-and-true methods that yield better results.
One of the most effective strategies is to be quick in responding to our referral partners and inbound leads. Speed and persistence are key. Additionally, it’s essential to continually make more offers. This means consistently asking our existing clients, active clients, past clients, and referral partners for more business. When you receive a referral, there’s a high chance that the borrower won’t even speak to another originator if you respond quickly and professionally.
If you’re part of the Mortgage Marketing Animals, you have access to the Real Time Referral Program—a system that helps you generate genuine referrals. It relies on being disciplined and knowing when and how to ask for referral business. This program works beautifully and positions you to confidently answer when a real estate agent asks, “How are you going to get me some business?”
Remember, if the shoe doesn’t fit, don’t wear it. Don’t waste your resources on low-yield strategies when you have proven methods at your disposal.
PS: To learn more about how we can help you grow your business, visit DailySuccessPlan.com. Don’t forget to join our free live zoom coaching calls every Monday to Friday from 8:30 AM to 9:00 AM ET at LoanOfficerBreakfastClub.com. Also, register for our upcoming Loan Officer Bootcamp on July 18-19, 2024, by visiting MastermindRetreats.com.