July 28, 2021 | By RGR Marketing Blog

How to Convert Mortgage Leads Successfully

buy Mortgage LeadsThere is a lot that goes into successfully converting a mortgage lead into a sale. From how you initiate contact to the tone and content used in your marketing messages, everything you do plays a role in either making or losing a sale.

But given everything you can, should, and will likely do, it is arguably the speed with which you make that first touch that makes the biggest difference in your conversion rate.

What Is Speed to Lead?

Speed to lead is a simplified metric used by marketers that totals the amount of time spent between receiving a lead and responding to it. For example, if you receive a lead from the contact form on your website and your sales team does not reach out to that lead for eight hours, then your speed to lead time for that particular mortgage prospect is eight hours.

To determine your average speed to lead over a certain period, you simply add up all of the different lead response times over the period you want to measure, and then divide that number by the total number of leads received during that time.

Why Does Speed to Lead Matter?

Patience may be a virtue, but when it comes down to making the sale, you do not want to test it in your prospects.

Think about it – if you stop at a gas station to fill up and after waiting a few minutes no attendant shows up to help you, what do you do? Suddenly that gas station across the street, where you can see the attendant actively pumping gas, looks more appealing and so you take your business over there.

This gives the competitor the sale, and not only the current sale, but most likely future sales as well because that one bad experience will forever stay in your mind. You may subconsciously (or consciously) choose to patronize the gas station that served you the best.

The same premise applies to how quickly you respond to your mortgage leads. According to Qualified.com, leads that are contacted within five minutes are 100 times more likely to connect and 21 times more likely to be qualified as leads that are contacted within 30 minutes. Every minute counts! If your sales team is not reaching out to new leads within five minutes, your odds of qualifying that lead and closing the sale declines.

How to Maximize Your Speed to Lead Rate

One of the most important things you can do to improve your speed to lead rate is to identify what is standing in the way of your sales reps making that initial touch immediately. Often, it is just a case of certain leads being neglected because other leads may appear more promising. Regardless of the reason, however, leadership may need to step in and provide additional training to help improve the skillsets of their sales reps to help improve their confidence.

Another thing you can do is to route leads to different reps based on their unique strengths or areas of expertise. For instance, if you have a rep who excels at converting leads interested in refinancing but who isn’t as strong converting first time buyers, then set up a system so that rep mostly deals with refinance leads.

Lastly, automating your lead processing activities can pay off huge rewards in helping you streamline your speed to lead rate. Automating certain processes eliminates the cost and time it takes to get your leads into the hands of your sales reps. With automation, leads are significantly less likely to be left behind, lost, or forgotten. The faster your sales reps get the leads, the faster they can reach out to them.

Buy Mortgage Leads From RGR Marketing and Accelerate Your Speed to Lead

RGR Marketing has over 20 years of experience providing mortgage companies with verified mortgage leads that have been pre-scanned for accuracy. We provide you with up-to-date, complete leads, so you do not have to waste time dealing with things like missing details, incorrect contact information, or duplicate leads. When you get our leads, they can be seamlessly added to your CRM, so your sales reps can start reaching out to them immediately.

If you want to see an increase in your lead to speed rate as well as your lead conversions, then contact RGR Marketing today and see for yourself the difference our targeted, high-quality mortgage leads make.

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