The key to growing your business is learning effective mortgage lead conversion strategies. However, adding prospects to your pipeline only marks the first stage in the lending journey. If you want to turn leads into clients, you need to master the art of conversion. Here are some of the best practices when it comes to converting mortgage leads to help you earn more business.
The Importance of Converting Mortgage Leads
Mortgage leads cost time and money. If you aren’t converting prospects, you are throwing money down the drain. This holds true no matter how you are sourcing potential clients.
Building out your own lead funnel involves creating a great website and publishing quality content. Both of those tasks distract from your core responsibilities. If you are consistently converting those leads, you can justify the time commitment. If not, your business won’t grow.
Communication Strategies to Enhance Conversion Rates
Mortgage lead conversion comes down to communication. You are already great at talking clients through the lending process. Now, you need to apply those skills to lead gen.
Focus on delivering value to your audience first and asking for business second. Apply this concept to all of your marketing content, including blogs, emails, and direct messages. You need to showcase your expertise and educate audiences. After you do that, many prospects will be eager to work with you.
So where should you connect with prospects? Don’t rely on just one channel. Use a multifaceted approach. Consider mediums like:
- Text
- Social media
- Paid ads
- Your website
These channels are interconnected. Treat them as such. Use the same tone throughout and steadily nurture prospects through the conversion funnel.
Most importantly, choose the right messaging frequency. Don’t blow up a prospect’s inbox with a dozen emails in the first week. Choose a frequency that keeps your business top of mind without overwhelming your audience.
Mastering frequency, tone, and delivery methods will go a long way in maximizing your conversion rate. With BNTouch CRM’s prebuilt marketing campaigns, you can effortlessly implement these strategies and guide your leads through every stage of the funnel, ensuring no opportunity is missed.
Five Key Reasons Your Leads Aren’t Converting into Closed Loans
1. Pace: Speed is Key to Success
Leads are a fresh commodity that can’t wait for you. The level of interest from a prospect drops dramatically after just one hour, and what seemed like a great idea initially may no longer be a priority. That’s why it’s crucial to establish internal routines for handling incoming leads promptly.
2. Qualify: Understand Their Goals
To make a strong first impression, it’s essential to qualify the lead before reaching out. You won’t close deals if you contact a lead that isn’t ready, and you risk putting them off by coming on too strong. Take the time to get to know them, have a conversation, and understand their goals.
3. Nurture: Avoid the Common Broker Mistake
Even if you call a prospect within ten minutes of them completing a web form, they may not be ready to move forward. However, they’ve shown interest in your service, so don’t miss the chance to keep them engaged. For example, ask if they’d like to be added to your mailing list to nurture the relationship until they’re ready. Systematic follow-up can increase your chances of securing that client by 80%.
4. Multi-Channel Follow-Up: Discover Their Preferred Communication
Relying on just one communication method can kill a lead. If you only send emails and they end up in the recipient’s junk folder, it’s as if you never followed up. Don’t be lazy—use every available channel, from Facebook and LinkedIn to phone calls, emails, and SMS. The power of using multiple communication channels should never be underestimated.
5. Sell the Lead: Guide Them to the Best Option
Leads still need to be sold on your service. Just like in a grocery store, where extra products need to be sold to the customer, your leads require reassurance and guidance to make a decision. Don’t rely solely on emails—pick up the phone and provide the personalized attention they need to feel confident in choosing your service.
Understanding these five crucial factors can help you master the art of converting leads into settled loans. By addressing these issues—whether it’s speed, qualification, nurturing, multi-channel follow-up, or the art of selling—you can significantly increase your conversion rates and close more deals.
How CRM Features Aid in Mortgage Lead Conversion
The best lead mortgage tools allow you to create custom campaigns to nurture prospects. Customer relationship management (CRM) solutions like BNTouch provide a one-stop shop for tracking leads and building relationships with your clients.
A CRM assists with all phases of mortgage lead nurturing. You can capture leads with emails or social media forms. From there, you can build relationships using personalized communications. You’ll also be able to follow up with past clients in your CRM. Staying connected opens the door for repeat business.
Nurturing Leads to Improve Conversion Rates
Lead nurturing involves developing and maintaining relationships with customers over time. You’ll do this by delivering marketing content using a CRM and other tools, such as your social media pages.
Some relationships develop fast. Others require months of hard work. Either way, it’s important to consistently deliver value to your audience. Don’t stop nurturing a lead once you’ve won them over.
Analyzing Conversion Metrics for Strategic Improvements
Conversion rate data helps you identify if your mortgage lead nurturing strategies are working. There are many different data points to consider, but the big three are:
- Cost Per Conversion (CPC): The average you spend to acquire a new client
- Lead Conversion Rate: The percentage of prospects that turn into customers
- Revenue: How much income you generate
Use these and other metrics to understand the customer journey and get better at driving conversion.
Win More Clients With BNTouch
BNTouch is a robust CRM that helps with lead acquisition and nurturing. Schedule a demo and let us help you build your mortgage business.
Contact us to book a free demo today!
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