Preparing your client for a lock-in the first day they land in your inbox is not possible with every mortgage lead. In fact, the majority of the leads come to one cold – they could have filled out a form, have clicked an ad, or downloaded a guide, but they have not responded to your outreach and made the next step. The good news? Cold doesn’t mean dead.
Using a suitable strategy, even the coldest of mortgage leads can be won. Whatever the case – buying your leads from best mortgage lead companies, or generating your own – effective following up is the most important thing for realising value.
Let’s explore how you can turn silence into opportunity.
Understanding the Nature of Cold Leads
Cold mortgage leads are nothing but prospects who had not responded to your first contact. Perhaps they were moseying along through the early stages of mortgaging out their homes, or, who knows, life got in the way. It is important to note that a timing factor takes a huge role in a buyer’s journey.
The fact that an individual is not ready today does not mean that he/she will not be ready in a month or an entire year. Skilled professionals of the mortgage world understand methods of remaining top of mind without being intrusive.
Stay Consistent, Not Pushy
It is the worst thing if a lead becomes quiet and you get discouraged too soon. There is however thin line between being persistent and being pushy.
Rather than sending the same “just checking in” email over and over, mix things up in terms of communication. Send tips, updates on the mortgage market, or relevant blog articles that are useful. This makes you a resource and not a salesperson.
Down the road, persistent, friendly contact wins trust — precisely what reluctant borrowers require to go ahead.
Make It Personal
The same attitude towards mortgage lead follow-up is one of the commonest mistakes. If you make them feel as if you’re speaking to them personally rather than just firing a script, people respond much more than they would otherwise.
Even a little personal touch – talking about their neighborhood, why they contacted you, or the type of loan they showed interest in – can help a lot. If you are dealing with a mortgage lead generation companies that provides background data, use whatever data you get to adjust your style. This type of personalization displays, you are listening and rekindles the discussion.
Use Multiple Communication Channels
Email is helpful, but using it as the only way to follow-up would not be. Some of the clients prefer text messages while others may respond positively to a call made. Others might even talk more with you on social media.
The secret is to get to where leads are most comfortable. Perhaps, you should begin by an email and and follow it in a few days by text. If you haven’t gotten any response after that, a friendly voicemail or even a LinkedIn connection request might be the push they were waiting for. Variation in your communication will allow you another chance — and prove you are available, accessible, and responsive.
Time Your Follow-Ups Strategically
Lead conversion is highly dependent on the timing. Following up aggressively can be construed as following up too often and too fast. Hanging on for too long and the lead may forget who you are entirely.
If possible, the follow-up should adhere to a strategic pace. For instance, send a useful message two to three days after the first contact, come back in a week, and then postpone the next communication to a longer period of time – unless the lead replies in the meantime. Working with best mortgage lead companies frequently comes with the service of automated workflows that would help you stay in contact consistently without getting exhausted.
Focus on Education, Not Just Sales
The majority of cold leads requires further information before they are ready to act. It is because of that why educating your prospects should be a crucial part of your follow-up strategy.
Rather than using rates or promotions as the main points of attraction, provide clarity. Provide share guides on pre-approval, discuss the current trends in mortgage, or teach them about the various types of loans. If your communication is useful — and those leads feel like you’re actually helping them — they’re likelier to engage — and trust you when they want to proceed. Remember: people do not want to be sold to but rather be guided.
Track and Learn from Your Efforts
Not all leads will be converted, and it’s fine. However, monitoring your results is essential if you are to improve. Pay attention to what messages receive the best response, what subject lines bring opens, and what channels result in actual conversations.
This insight will help you polish your ways and improve in the process. If you are using a CRM or even working with mortgage lead generation companies, use built-in analytics to track effectiveness and adjust accordingly.
The Long Game Pays Off
Too early giving up on mortgage sales is one of the greatest missed chances in mortgage sales. Cold leads do not always turn hot, in a week, sometimes months of light, strategic nursing are needed.
However, when the prospect finally feels that now’s the time to buy a home or refinance, he or she will remember the professional who kept in touch, provided value, and took a respectful approach to relationship. That could be you – if you have followed up right.
Final Thoughts
All cold leads are capable of turning into piping hot ones – if one knows how to go about. By being consistent, personal, helpful, and strategic, you will differentiate yourself from the direct competitors who will give up.
If you are working on your own leads or you buy mortgage leads from the best mortgage lead companies, bear in mind that your follow-up strategy would be the real magic!
Do not let cold leads go down the drain. Pamper them, lead them and when the time is right, they will come to you.