You’ve been diligently working your internet leads.  You finally have them on the phone.  The conversation seems to be going well.  You’ve baited the hook and believe they are ready to bite.  You ask them to take the next step and fill out an application and they disappear.  People you months later find out went another loan officer who convinced them to do an app and have already bought a home

Why does this seem to happen so often?

It isn’t your personality or your crappy leads.  You may be missing a few important steps that could have led them to fill out the application.
One of the best parts of the marketing automation program we at Empower LO put in place for our clients is the ability to playback the conversations they are having with their leads.  These setbacks allow us to learn. The coaching we provide includes examples of both what they can improve on as well as real conversations of successful phone calls where another of our clients did it right. There are 3 mistakes that we have put our finger on that, taken care of, will improve your rate of pulling apps.

#1: Worrying More About Getting an Application Than The Person On the Other Side of The Call

Keep in mind that everybody wants to buy a home someday, but nobody likes to talk about a mortgage. With that in mind, you must build rapport, and a great way to do that is by asking them about what they want: A HOME!  Ask them about where they’re looking to buy, what they’re looking for in a home, etc. Use the call as an opportunity to position yourself as the person who would love to help them with their dream of owning their own home.  Be the person who can put together a game plan to make that dream come true.

#2: Steamrolling The Prospect Right Out of The Gates

We often see loan officers that fall into the trap of hearing a couple sentences about a lead’s situation, and then immediately diving into “here’s what you need to do” vs. opening up the floor for them to tell you what they want.

Allow them to introduce themselves and ask some questions.  Be an active listener.  For example, if they mention schools where they are looking to live, get around to asking about their kids.

Don’t get me wrong, there is a time when you need to take the reins and guide the conversation in the direction you want to take it.  You shouldn’t allow the lead to take control of the phone call and ask you questions to the point that you are just a customer service rep and not the experienced leader who is going to help them buy a home.  

You want them nodding their head throughout the latter part of the call and you want to show strength in your ability to help them get qualified. They are much more likely to agree to filling out an application when they have been put into a positive mindset.  To do that make sure to be the one asking the questions after the introductions have been made.  Start with easy questions then build up to the more personal ones.  Be positive with them as they answer (We can definitely work with that or I can help you there). 

#3: Forgetting Their Audience (Who They’re On the Phone With)

Many mortgage leads, especially 1st time buyers are afraid of the unknown. When it’s time to ask them to fill out the app,explain to them the benefits of having their credit checked by a professional as soon as possible.  Downplay the commitment or scariness of doing an application.  After all, you can’t help them with what you can’t see, right? If they still resist, reassure them that you will only run a credit check if and when it makes sense to do so. 

We have found that more applications are filled out when our clients call them questionnaires.  Let them know that this information is necessary to begin to put their game plan in place. 

Put the ball in their court by asking them when they can have it completed and then set a time for the next call.  People are less apt to put things off when they know they have a deadline.

We at Empower LO have helped hundreds of our clients increase their bottom line by working exclusive mortgage leads.  The coaching we do quickly gets the results they are looking for.  Minimize these three mistakes and see your apps pulled numbers increase.

We love talking to LOs who are going down this path of online lead generation, so as always feel free to book a call with one of our mortgage lead gen specialists if you’d like to talk more about the concepts in this article or anything else related to mortgage leads.

As always, thanks for reading and we’ll see you at the top!

Empower LO

Getting nowhere fast with your mortgage marketing? See how our lead generation system and the coaching that comes with it can help you transform your mortgage business.

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