Quality Lead Gen Boosts Company Morale
Lead generation is a significant method that helps mortgage companies expand into new markets and supplement their referral flow from real estate agent relationships. In mortgage call centers, lead gen is the heartbeat of the sales team. Sales is a challenging vocation in every business sector. Some would argue that it isn’t consistent, or reliable. There have even been comparisons to gambling from the salary steady peanut gallery. A career sales professional likely wouldn’t compare it to gambling but there are some parallels. If a sales professional is reliant on leads for sales to make their living the need for them to be of high quality is imperative. This can be quite the roller coaster ride of conversation, pitches, wins, and losses. There have been quite a few studies focused on gambling that indicate that even near misses, close calls, or near wins create the same euphoric sensation as a win. A week in the life of a salesperson is an emotional rollercoaster, but the upside is enormous. So they grind it out. How does lead generation impact the emotional well-being of your mortgage loan officers? Let’s break down a couple of ways to help navigate the ups and downs of being a mortgage loan officer living on the online lead. Intent – There are several markers to tell if a lead that is generated has a high intent to purchase. Keywords, form fill length, funnel sequence, and time spend reading reviews. High intent should also correlate to high conversion rates to a closed loan. The fewer calls a loan officer makes to have a quality conversation and connect with a person that is interested in applying for the mortgage the better. There is only so much dog shit one can shuffle through before all hope is lost. This is applicable when buying leads – ask about the lead intent. You can do this by asking - “what is the average conversion to closed loan average?”. Nurture – If leads are not ready to buy or not qualified to buy there are several retention services, lead scrubbing companies, and email/text service providers that will help you make sure you stay top of mind. A strategy to continue to reach out to your leads is a great investment and will bring down your cost per funded loan. To increase morale, these leads as they mature throughout nurture must go to the same mortgage loan officer that placed them in nurture. This not only allows for a level of reconnection, but this personal touch will also increase your conversed to closed loan average. Training – Whether call center or distributed retail mortgage loan officer – both need training. All leads are not created equal. There are tactics to approach different lead gen sources, levels of intention, circumstances, and lifestyles, and geographical locations, culture, and loan products. Evaluate all these variables and pay close attention to which leads your loan officers to close at the highest average. In certain cases, they may need training, or maybe shouldn’t receive certain types of leads at all. Either way, this should be an ongoing investigation, and work of optimization to make sure that both borrower and mortgage loan officer is enjoying the experience. If your salespeople are staring at their shoes while walking around the office, it’s time to make some changes. Sales morale can completely be boosted by improving your lead gen flow, providing proper insights, curating meaningful relationships, and buying some leads that don’t suck. Leads work. Online leads work. It’s big business. Do it right and you’ll kill the game. If you don’t, your loan officers will find someone that does.
November 15, 2021 10 minutes
It is Shopping Season for Mortgage Lenders
Maybe waiting until Christmas to send your clients that special thank you gift is not the best idea. October is the shopping season in the mortgage industry. Mortgage Advisor Tools traffic is spiking. This is not an accident. Check your analytics and it’s likely you are also seeing a spike in web traffic. Why? Very simple. You are being shopped. This is both good and bad. You are likely on the cusp of picking up a couple of new customers. However, you are also on the cusp of losing a couple as well. I’m sure your retention rate is awesome and you are doing everything right for each client. Let’s break down the 3 reasons why mortgage lenders are shopping for new mortgage technology in October. 1. The current vendor F&*%ing blows. If you haven’t had a chance to check out our CRM commercial . . . you totally should. The lender has likely provided you with some signs that they aren’t going to renew. If you haven’t provided adequate reporting on how you are effectively solving their problems – this is another sign that the lender might not understand your impact on their organization. Lastly – Loan officer complaints – if you are causing more work for anyone that has the power to make the decision – see ya later. 2. Budget. Does this technology vendor make us money? Do they save us time, which saves us money? Is there a cheaper solution that does the same thing? So, if you haven’t managed your client relationship properly, they will at some point (even years) start to develop buyer’s remorse. Older cases of buyer’s remorse will break down in our last point. The mortgage business has a 30-day brain and a severe case of amnesia. If you aren’t constantly explaining your value proposition and how it equates to profit regularly you are susceptible to being replaced. 3. Innovation. How has your service/product offering advanced? Have you worked to innovate your technology? Have you taken the input of your clients and built the features and solutions they requested? Mortgage technology will continue to get more competitive and if you aren’t innovating at a pace that is making a substantial difference in your engagements – someone will. Entire new technology companies are built by former employees who listened to the market. Make sure your roadmap includes your client’s input to some degree, and that what you are working to implement will improve their overall engagement. It is shopping season! Send your edible arrangements, gift cards, and weird seasonal gifts before everyone else. If you do blow – find out why right now. Fix it. Commit to change. Innovate. Justify your value. Figure out a way to be more valuable. Play nice with others. Remember, the mortgage industry is huge but very small all at the same time.
October 13, 2021 10 minutes
How Mortgage Advisor Tools is impacting the mortgage Industry
Mortgage Advisor Tools has been live for over 6 months now. We have been feverishly working on ways to provide value to both website visitors and our mortgage software customers. To be transparent – helping software companies understand they are being searched online has been interesting. We have continued to signup new companies every week, but we have a long way to go to really make the impact we desire. Here are some of the things we have done to bring attention to our customers and let the mortgage industry know what we aren’t F*&$ing around: All our media postings in the last 6 months Dave Savage LinkedIn Post – Steven Cooley is a Guru (too kind) Dave Savage - How to Search and Select the Right Technology Lykken on Lending – Marketing Business Intelligence Startup Conviction – Helping Mortgage Advisors find the Right Technology Fintech Fridays Lykken on Lending - Mortgage Technology Disruption Shred Media - Tools of the Trade for Mortgage Brokers Rob Chrisman - Mortgage Advisor Tools Launch Mortflix Have you seen our commercials? Over 50,000 views between both of them. Special thanks for Cameron Sprinkle! Mortgage Advisor Tools - Branch Manager CRM Category Website Metrics over 6 months: Unique Visitors: 19,200 Average time Spent on Site: 32 seconds Page Visits per session: 4 Top Categories: CRM and Lead Gen (over 1000 visits per category) Top Company Profiles: Podium, Homebinder, MBS Highway Blog Visits: 1221 (thank you for reading) I need to get permission from Clayton, Molly, and Kevin to share their kind words about how Mortgage Advisor Tools is kinda awesome. Hopefully they oblige… We have very exciting announcements coming up in this last quarter and a couple dope ass videos to push out. I really appreciate the overall support and look forward to building a resource that helps mortgage advisors, mortgage lenders, and technology companies find each other. Special thanks to Capterra as well – they love our videos….
September 28, 2021 10 minutes
How can Mortgage Advisors Accelerate their Sales?
There are loan officers that can be dropped in the middle of nowhere and they would figure out how to sell mortgages. They don’t need assistants or technology or whatever. They are ultimate sales professionals. They are usually the loan officers that we all look up to and aspire to be. However, the truth is that most loan officers need and can only arrive at their full potential with considerable assistance. This shouldn’t be viewed as negative. There are levels. Trying to get to the next level might involve some new skills, relationships, and technological resources. We developed the Sales Accelerator category. This category encompasses technology and service companies that don’t traditionally fit into an existing category. These are important resources. They offer a wide variety of services that can help you reach your business objectives. Increase your sales. Save you tons of time and improve your overall life. Let’s break down three different ways a technology company may fall into the Sales Accelerator category. It is important to understand that most software companies feel like they fit into more than one category. While that may be true – people tend to search to solve one problem. Rarely do you write a paragraph search inquiry to get solutions to the challenges you are facing. Understanding how people search and identifying with a primary category allows both tech company and buyers to find each other. Here are a couple ways technology companies may fall into the Sales Accelerator category: Information and data – This may vary – Rate data, scenario data, housing data, inventory, etc. The information that you have at your fingertips allows for a level of professionalism with both referral partners and borrowers. There are several amazing companies that provide these resources at a high level to help you look like a pro. What one may lack in experience, can be supplemented with the right data resource. Automation – In every loan transaction there are a collection of processes that are redundant. These redundancies span from the front end of the mortgage to the backend – all the way to securitization. Not every mortgage lender has a tech stack that covers every part of the process, therefore forcing loan officers to continue to manually engage in tedious processes. These may overlap with other categories or provide filler where other technology companies fall short. Borrower Engagement – We aren’t talking about marketing, or advertising or lead gen – we’re talking about truly optimizing borrower engagement. In some cases, this may be before the transaction or through borrower journey insights, but sometimes it is about adequately communicating with current borrowers while in process. Avoiding fallout. Increasing borrower confidence – therefore increasing review scores. Providing new understanding of what borrowers need in the moment to make their mortgage transaction successful. We want to help mortgage advisors, loan officers, and mortgage lenders solve problems with technology. There will be an evolution of mortgage technology categories that will change the way we do things. Sales Accelerator category is here to help mortgage professionals improve their process, and add valuable resources to their tech stack. How can we enhance the experience for our borrowers? By enhancing our resources – and aligning them with our objectives. Information, automation, and engagement is how to scale, and accelerate!
September 09, 2021 10 minutes
Co-Branding Technology is HERE!
We have all heard or read how technology will disrupt the mortgage and real estate industry and replace Realtors and Loan Officers in the coming years. While technology is changing the way mortgage and real estate businesses operate, it is far from replacing us. Instead, technology has created an environment for co-branding and referral relationships between realtors and mortgage officers over the last ten years. Thanks to the need for broader reach and the advent of technological solutions, thousands of mortgage companies and real estate brokerages are strive to co-brand to access more share of the potential homebuyer’s market. Companies like Zillow are at the forefront of this movement, thanks to the introduction of its co-marketing feature. But the question is, how is Technology impacting the average mortgage officer or realtor looking for more business through co-branding? This article will highlight three primary ways technology is impacting co-branding between loan officers and real estate agents in 2021. 1. Wider Reach With millions of potential homebuyers needing a mortgage to either buy or refinance their home purchase, co-branding between loan officers and realtors is a strategic way forward. There are several technological solutions that leverage different tactics to help you make more sales as a collective. In recent times, companies like Rocket Mortgage partnered with Realtors.com ─ bringing together two of the biggest brands in real estate and mortgage. Thanks to co-branding relationships like this, agents can now connect easily with financially-ready home buyers and receive insight into the client’s mortgage process. On the other hand, loan officers now have access to millions of potential home buyers via the Realtor.com platform. 2. Build Stronger Relationships It is no longer news that the relationship between a realtor and a loan officer can sometimes be the best of both worlds — like Batman and Robin, Frodo and Sam, or Woody and Buzz. Thanks to the involvement of technological solutions in co-branding, referral relationships between realtors and loans officers have been strengthened over the years. The introduction of technological solutions has provided realtors and loans officers with direct access to intelligent CRM, lead management service, and expert lead generation solutions. This partnership allows lenders and realtors to work hand-in-hand and increase their respective sales income. 3. Easier Marketing Strategy The investment of technological solutions can be an expensive investment, which is bettered considerably when both loan officers and realtors’ mutual work together to develop a marketing strategy. The referral relationship is the lifeblood of the real estate and mortgage industry continues to thrive in every market and the technology tools find new and innovative ways to enhance these dynamic teams. A good example is the co-market feature on Zillow, one of the worlds’ biggest real estate listing platforms. Lenders and real estate agents can now take advantage of the co-marketing landing page feature to jointly advertise. The introduction of technological solutions in co-branding reduces marketing costs and makes marketing easy for all the parties involved. Conclusion Today, thousands of mortgages and real estate companies are taking advantage of co-branding-targeted technological solutions to increase market reach, sales income, and achieve greater customer trust in their services. For lenders and realtors hoping to achieve more business success, increase their customer base, and enhance their service image, taking advantage of these co-branding technological solutions is the way forward. However, before adopting any co-branding targeted technological solution, you must find out how it can impact your business relationship in the long run.
July 27, 2021 10 minutes