Mortgage Leads, What Not to Do

Anyone that works in the mortgage industry knows just how important it is to have mortgage lead sources to keep your pipeline filled. But it is not only how we obtain the mortgage leads that is critical, it’s what we do with the mortgage leads once we get them.

One of the most critical mistakes a sales person can make once they receive a mortgage lead, is not acting on it immediately.

I once worked with a guy who belonged to a networking group, the main purpose of his joining this networking group was to receive mortgage leads. This group wasn’t dirt cheap either, he paid $500.00 annually to be a member.

He would come back from his weekly meeting with a mortgage lead in his hand and pin it to the bulletin board above his desk, and there it would stay until he noticed it a couple of days later.

It drove me bananas!

In sales, and it does not matter what you are selling, every day is just as critical as the other! At any moment, your competitor can call your customer and walk off with the business.

Another common mistake I have witnessed a number of times, is contacting the mortgage lead in a timely fashion, but having absolutely no enthusiasm once you make contact with the customer.

When you call a potential customer, smile as you speak to them, the customer will pick up on the inflection in your voice and respond to it enthusiastically.

Don’t act as though the customer is a burden to you, and that you are doing them a favor.

Remember, you are the expert when it comes to your mortgage products, don’t expect your customer to know everything, if they did, they wouldn’t need you. So make sure they know that you are happy to be helping them.

Another no-no when following up on a mortgage lead is to yawn, sneeze, or cough into the receiver of the phone. I understand that these are normal and common bodily functions, but there is no excuse for doing it directly into the receiver, this is a great way to loose the sale, the yawn alone will most likely make your potential client hang up the telephone.

Always put yourself in the shoes of your customer. Imagine meeting someone for the first time over the telephone and your conversation is being interrupted by yawns, and sneezes, I doubt you would be gung-ho about doing business with this person.

Following up with a mortgage lead and then putting that person on hold is another common mistake I have come across. Although your reasons for putting your customer on hold may seem very important to you, your customer will find it to be annoying regardless of your reasons. So be sure to set aside a time to call your mortgage lead when you know the interruptions will be few.

So the next time you receive a mortgage lead, act on it immediately, let your customer know that you are happy to work with them, speak clearly and avoid interruptions, and watch your sales productivity increase!

Jay Conners has more than seventeen years of experience in the banking and Mortgage Industry. He is the owner of http://www.jconners.com, a mortgage marketing and resource site for loan officers. He is also the owner of http://www.callprospect.com, a mortgage lead company, specializing in real time mortgage leads.