Generating mortgage leads is hard, converting them to paying customers is harder. Do you know that 80% of new leads never translate into sales?.
Therefore, 74% of companies say converting leads into customers is their top priority.
Converting your mortgage leads to paying customers should be top on your priority list. This is because mortgage leads are only valuable to your business if you can convert them to customers.
Are you generating mortgage leads but don’t know how to convert them to paying customers?
Don’t worry, we have you covered.
This article contains five tips to help convert mortgage leads to sales.
Tip 1. Respond faster to mortgage leads
One thing seafood lovers’ like is freshness. A fisherman needs to catch his fish and sell it very fresh. Keeping it will make it go bad, thus selling such a fish is not workable again. The same goes for lead generation. Once you generate mortgage leads, you need to sell to them when they are fresh. Leaving them means they will grow cold, and that translates to no sales.
A research carried out by HBR on 1.25 million sales leads received by 29 B2C and 13 B2B companies revealed that:
“Firms that tried to contact potential customers within an hour of receiving a query were nearly seven times as likely to qualify the lead… as those that tried to contact the customer even an hour later—and over 60 times as likely as companies that wait 24 hours or longer.”
When a visitor comes to your website and submits a lead form, they are convinced that you have something to offer them. This gives you an opportunity to quickly respond to them. If you contact them when they are still hot, you are more likely to convert them into paying customers.
This means that spending money and efforts on lead generation only becomes fruitful if leads are promptly responded to and turned into paying customers.
Do you know that taking longer than 5 minutes to contact a lead can lead to an 80% decrease in lead qualification?
Therefore, the earlier you respond to mortgage leads the better conversion you get.
Tip 2. Categorize your mortgage leads
As mortgage leads are coming in through different acquisition channels (Facebook ads, Google AdWords, Blogs, etc) you need to qualify them in order not to waste your money and effort. Start by categorizing your Marketing Qualified Leads (MQLs) and Sales Qualified Leads (SQLs).
The MQLs are leads who have signed up and probably downloaded a free e-book, a white paper or case studies from your website to become leads. They are the people ready to receive more information from you. They may not be ready to buy yet as they are still in the research phase (middle of the funnel). What they need is more information that will help them see the need to solve their problem with your mortgage services.
The SQLs are people who are done with the research stage; they have been in contact with your sales team and ready to schedule meetings to explore their purchasing options. These are mortgage leads ready to close. They need continuous follow up to close them.
Categorizing your mortgage leads into MQLs and SQLs will help you know where they are in the sales funnel and how to effectively reach out with information that will help to convert them to paying customers.
Now you know who to follow, the next tip is to know out how to follow them.
3. Follow up mortgage leads constantly and diligently
You need to develop a game plan to follow up on mortgage leads appropriately. Following up on leads is very important and you need to do it continuously. You can nurture your mortgage leads with emails, phone calls, text messages or set up a face-to-face meeting.
Actually, the follow-up strategy depends on how you get the mortgage leads and what has worked for you in the past. Follow up strategy may change depending on whether you generate the mortgage leads through an online form on your website, Ads, referral or you purchased the leads.
Let’s look at the options.
Mortgage leads: Follow up leads through Email or SMS (text messages)
If you generate your mortgage leads through Ads such as Facebook or Google ads, email follow up will be the most appropriate. Especially if you can sync your Facebook or Google ads with your CRM.
Leadsbridge can help to sync your Facebook or Google ads with your CRM. This ensures that as your leads are coming in, you can quickly send a welcome email or text message (SMS) to them before they get cold. This makes the process faster and easier for you to convert your mortgage leads into paying customers.
Second, you can contact mortgage leads through phone calls.
Mortgage leads: Contact leads through phone calls
If you acquire your mortgage leads through lead forms on your website or you purchase them, following up with phone calls can be appropriate, but you need to map out your strategy. You need an introduction, which should be brief. Ask a few questions about their mortgage needs and then invite them to contact you if they would like to know more. Let them know you will follow up with them soon. Thank them for their valuable time and end the call.
If you have many mortgage leads to call, you could sync a phone dialer with your CRM. This will make the process faster as you need not search for a number and dial manually. This process will also help you call more mortgage leads without getting distracted.
You need to constantly follow up with your mortgage leads again and again. If the first touch is not working, reach out to them again within two to three days. Do it over and again to convert mortgage leads to paying customers. After all, it takes 6 to 8 touches to convert a lead. That means contacting them repeatedly.
Insidesales shows the number of calls and the success of followup in the graph below:
The people surveyed had an average call attempt of 2.8, which is shown to be ideal in the graph. But you need to do more. Follow up aggressively on your mortgage leads in other to turn them to paying customers.
4. Keep track of your interactions with your mortgage leads
Keep track of all your efforts to convert mortgage leads. You can do this using an excel sheet, a word document or your CRM software. Whenever you call, email or send text messages to mortgage leads, record the interaction.
The truth is, what gets measured can be improved. This way, you know the best way to follow up on your mortgage leads based on your success rate with phone calls, email or text messages. It will also help you keep track of when you contacted mortgage leads so you can pick up from there the next time you contact them.
Doing this will make your prospects appreciate you the more.
5. Use mortgage leads data to know your conversion process
The data you gathered while tracking your interactions with mortgage leads is very important. It will help you know which mortgage leads to still continue to follow up and which ones you need to drop. Like the fish analogy at the beginning of this article, if your net did not catch a matured fish ready for food, you need to nurture them more than usual till they are ready to convert to sales.
You need to monitor and update the mortgage leads data in your CRM regularly to make them useful and effective.
When you respond to your mortgage leads quickly, you stand a better chance of converting them to customers. However, converting mortgage leads to sales is a journey. First, you need to categorize the mortgage leads into MQLs and SQLs and then follow them up appropriately. Tracking your mortgage leads interaction with a CRM or excel sheet will help you know what works and what you need to improve. Also, syncing your lead generation source such as Facebook or Google ads with your CRM will save you lots of stress.