Turning Leads Into A Line Of Hungry Customers – Loan Officers

by | Follow Up, Leads, Loan Officers, Small Business, Social Media

It’s frustrating. You’ve worked hard to get leads. 

Maybe you’ve spent time cultivating relationships with a number of Realtors. Maybe you’re buying Zillow shared leads or dealing with Lending Tree.

Maybe you’re advertising. Maybe you’re buying lists.

Maybe you’ve got a range of referral systems.

But then, nothing.


I mean, you’ve got a system in place. You schedule time to call and follow up with your leads. After all, you’re a good Loan Officer. You know how to do your job and get great deals for clients. You just need to get them on the phone.

Maybe they’re call screening you. Maybe it’s not a good time for them. Maybe they’re on vacation. Maybe they’ll be ready to talk next week.

Or maybe another Loan Officer never stops calling and eventually gets through to them before you do.

Now all that hard work is wasted. Another potential client lost. Another lead wasted.

But what if there was another way?


The 2018 Method


I’m going tell you what we did in 2018 to solve this problem and what we’re doing in 2019 that boosts it further. This is something you can do yourself to build your business so follow along.

There’s no longer a need for you to be chasing down your leads like you used to. If you’re using our service then you already know that the leads that Wizard Room generates are exclusive to you – they’re never shared with another Loan Officer so you don’t have to worry about someone beating you to them.

But, just because someone else isn’t necessarily chasing them down like they might be from a shared Zillow lead, it doesn’t mean you shouldn’t work hard and prove your diligence and sense of urgency to a future customer. You need to reach out to them now.

This doesn’t need to be hard work. In fact, you can automate the process so much that the client will actually call you.

Imagine that.

Imagine having your phone ring with a hungry customer anxious to do business with you. No longer are you having to chase new customers around. They are the ones doing the chasing.


The Follow Up


It’s all in the follow up. It’s all in that initial engagement.

We automate the process using a series of voicemail drops, emails and text messages (SMS). As soon as we get a lead the sequence starts. It’s all about engagement. We want to engage with the potential client.

It’s also about multiple touch points. They get the very personable aspect of your voice on the voicemail (which makes it seem like you’ve already tried to call them). They get the email which we’re all used to. They get the SMS which is quick and easy to respond to (and has insanely high open rates).

The customer gets to choose how and when they respond. And respond they do, at a rate of 40% to 60%. This is huge. Suddenly, these leads that you’re paying a lot for (in either time or money, or both) are even more valuable as you’re able to get so many more of them on a call.

Here’s what our follow up system looked like last year.

Immediately, your lead, your potential client, receives a voicemail from you.

“Wow,” they think. “This Loan Officer is good. They’re following up with me straight away. They must care about me. They’re attentive. They’re going to look after me. I’ll call them back at lunch time.”

They check their email and see you’ve also sent them an email following up.


Ten minutes go by…

“Wow! I just got an SMS from the LO. This is great. They’re not too formal with communication. If I have a question I can just text them. I’ll give the Loan Officer a call right now.”

This is how it goes. The lead becomes a potential client that wants to work with you. They’re not just a warm lead when you get them on the phone. They’re a scorching hot lead.

Now, let’s say they forget to call you at lunch time. No problem. That’s what the Day 2 and Day 3 follow ups are for.

This is all about getting them to engage with you. The beauty is, as soon as they respond, on whichever medium they choose, they’re dropped out fo the sequence. They’ve engaged. You, the Loan Officer, now reels them in and, in roughly 30-45 days, you’ve App’d them.

It works beautifully.


2019 – Follow Up on Steroids


If this works so well then how can we improve it?

We spent time testing and optimizing schedules, scripts and more. We wanted to squeeze every last drop out of each lead. Every bit counts. The better we could follow up the better the lead quality really was.

Of course, we’d already coached our Loan Officers on the finer points of voicemails they record. Making them seem natural, less robotic, like they’re talking to a friend. But what else?

We realized that people would go on vacation. Life events happened. Work happened. Anything could happen. 

But the leads were still interested. We knew they wanted that follow up. Particularly the leads that we generate. The potential client has filled out an in-depth form with 15+ points of detailed information. You don’t do that if you don’t want someone to follow up with you. You don’t do that if you don’t want someone to call, email and/or text and tell you how they can help you.

We tested this later in 2018 and we’re rolling it out for all clients in 2019.

Here’s what our new schedule looks like:

You can see we go out to 9 days. It works well, especially for us – the leads we generate are exclusive so no one else is chasing them down unless they’re actively searching elsewhere (and they’re probably not if they keep forgetting to call you back).

In fact, when we tested this we were surprised to see the number that were responding on Day 9 – leads that we thought we really had lost.

Of course, the script makes a big difference too but still, they were hungry on Day 9.

Sometimes there were on vacation. Other times they were busy. One had a baby! There are a ton of other reasons – we didn’t ask everyone.


And The Future?


We’re not stopping there. This is just our standard schedule. This is where we start. We look at each client that we take on as a new case. We customize the customer journey for each new client and customize this Engager Follow Up system accordingly.

We keep testing. That’s at our core. It’s about innovating and finding the best solutions to help our customers build their businesses exponentially.


Want To Know More?


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