Even after 24 years in the mortgage industry (as of April 23, 2021), I found that I was still trying to improve upon my follow-up system. There are so many systems out there to choose from, so many suggestions and recommendations that all sound great, until of course you attempt to try them out for yourself.
Some systems of course tend to work short term, but with others you painfully discover that they’re simply an all-out waste of time. Now, any seasoned mortgage professional knows that your biggest expense in this industry is undoubtedly leads, so it’s understood that in order to recoup your investment you need to have a solid system in reaching the homeowners associated with each lead.
Let’s face it, even in this world of technology, it is very difficult to reach prospective clients. Emails are filled with spam, cell phones are still getting bogus local caller ID’s to entice you to answer your phone, and no one bothers opening their “junk” mail anymore, so…
– How do we improve on the norm?
– How do we reach people who have several ways to be reached, yet they simply don’t respond?
– How do we differentiate ourselves and our product from our competitors who are using these same tactics to reach out to the same prospective clientele?
Being that necessity is the mother of invention, I realized I had to venture a little outside the box. What I discovered through research is that consumers prefer to be reached by text more so than by calls or email. What percentage you may ask? Well, out of 100 consumers, 98% said they preferred to communicate via text for their sales inquiries.
While it initially appeared to be a bit impersonal, I realized we had to integrate this tactical form of communication to our overall follow-up protocol. The question was how?
– Do I ask my loan officers when they get leads to start texting instead of calling or emailing?
– How do they follow-up?
– When is it too much?
– Do we still use email?
– Do we call?
– Do we do them all at once?
We invested months of research and found there is actually a calculated science to it after all. A proven methodology, strategic mix and balance that has consistently resulted in a 37% increased response rate from our clients that our loan agents have come to thoroughly enjoy. Bottom line… we have been able to experience more loans funded and of course, more revenue earned.
An added bonus is that our loan agents now have a lot more time to work with clients’ and structure deals by not being bogged down with tedious processes that simply proved to be ineffective.
Sometimes it isn’t about outdated or ineffective pre-packaged systems, it’s about an outdated mindset and one’s willingness to adapt. It’s combining the evolution of business with the sensitivity of human needs and allowing yourself to step back and explore the possibilities of a better way. For us at Evoque Lending, we’ve come to refer to it as just another day at the office.
If you would like to join our Team of Performers and benefit from the exhaustive research we’ve conducted that can affect your bottom line, click here and set up a time for you and I to speak one-on-one.