Quality Lead Gen Boosts Company Morale
Writen by on November 15, 2021
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.