December 12, 2013 | By RGR Marketing Blog

In order to convert more mortgage leads, lenders will need to think outside of the box in their approach to marketing. To be effective in this task, brokers will need to establish what the rest of the market is doing and then take the common approach to the next level, by doing things better than their competition. This will ultimately lead mortgage lenders to a marketing campaign that is targeted, driven and successful. The following facts offer valuable insight for brokers who wish to break the ceiling and enjoy high conversions on their purchased mortgage leads.

 

 

Noteworthy Facts to Make You Think

In 2007, prospects could be reached in an average of 3.39 attempts. 5 years later in 2013, it takes up to 8 attempts to reach prospects – This information highlights the importance of a mortgage lenders persistence. Failure to try and keep trying to contact a prospect could mean all the difference between converting a lead and losing out.

People believe in global warming more when it’s a warmer dayA study in 2011 by Ye Li showed that people when asked about their beliefs on global warming along with the temperature of the day, those who thought the day was warmer than usual would also believe in global warming and gave more to global warming charities on warmer days. This goes to show that people will always be more willing to respond favorably to an idea if it will help them deal with a problem they are experiencing in that moment. Therefore, if a prospect shows interest in financing or refinancing their real estate, then they are thinking of that problem. To yield higher conversions, mortgage brokers should contact their leads immediately and offer them a solution to the problem there and then.

Too many choices makes for poor lead conversion – When customers in an upscale supermarket in California were faced with a jam taste testing counter, researchers found something interesting. Taste testers that only had a choice of 3 jams to test were ten times more likely to make a purchase than those who went to a stall with 24 flavors to choose from. It seemed that the choice gave customers too much time to think which meant that they walked away to regroup. In terms of mortgage leads, it’s essential to know exactly what the prospect is looking for. Reading the information that is given by with the lead information along with listening carefully to the prospects questions will allow brokers to offer the mortgage options that will truly value the borrower.

Offer Prospects What They Need

Quality mortgage leads make the process of brokering mortgages incredibly easier. However, lenders need to ensure that they are persistent in their efforts to reach out to their prospects. Then, once the prospects have been contacted, lenders will need to offer valid solutions to the borrower’s dilemma. The follow-up strategy needs to be strategically planned and executed if brokers wish to be successful in their attempts to convert their mortgage leads.

 

 

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