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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.Mining Existing Lead Sources Makes a Difference in a Competitive Environment
I recently visited two direct lender shops for a warehouse FOCIS review study. These lenders generated leads from two different sources: Radio and Internet
Overall the two companies shared similar lead conversion rates, paid the same amount for their leads, and L.O compensation plans were comparable. There was one major difference between the two operations though, one shop originated 60% of their loan volume from their past client database while the "other company" did not. Instead, their strategy was to convert new leads into new loans and move on after closing, they did not make an attempt to mine their existing pipeline. This is a trend we've noticed lately, most
of the direct lenders we've visited are doing very
little marketing to their existing database.
The company that followed up on their existing database originated more loans and was much more profitable than the "other shop". How might these results be replicated?
- Strategy: Create a long term strategy to market to your data base. Make sure everyone on the list receives attention
- Technology: Use technology to manage a drip marketing campaign
- Monthly email newsletter: These are captured when the lead is generated. Make sure you have an email opt out
- Outgoing calls: Call previous leads and loans in your data base on a regular base. Loan officer should be required to touch basis with folks often.
- Mailers: Post cards and mailers on a regular basis
While there were a few variables
that contributed to higher production volumes and greater
profitability, the shop that dipped into their entire referral base had
far less marketing costs and greater bottom line revenues and top line profitability. Each lead or loan
they had already worked on created an opportunity to generate a new lead and potential new closed loans.
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This email was sent to you by:
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Mortgage News Daily
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Anonymous Anonymous |
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Message:
YOUR MESSAGE HERE
Mining Existing Lead Sources Makes a Difference in a Competitive Environment
I recently visited two direct lender shops for a warehouse FOCIS review study. These lenders generated leads from two different sources: Radio and Internet
Overall the two companies shared similar lead conversion rates, paid the same amount for their leads, and L.O compensation plans were comparable. There was one major difference between the two operations though, one shop originated 60% of their loan volume from their past client database while the "other company" did not. Instead, their strategy was to convert new leads into new loans and move on after closing, they did not make an attempt to mine their existing pipeline. This is a trend we've noticed lately, most
of the direct lenders we've visited are doing very
little marketing to their existing database.
The company that followed up on their existing database originated more loans and was much more profitable than the "other shop". How might these results be replicated?
- Strategy: Create a long term strategy to market to your data base. Make sure everyone on the list receives attention
- Technology: Use technology to manage a drip marketing campaign
- Monthly email newsletter: These are captured when the lead is generated. Make sure you have an email opt out
- Outgoing calls: Call previous leads and loans in your data base on a regular base. Loan officer should be required to touch basis with folks often.
- Mailers: Post cards and mailers on a regular basis
While there were a few variables
that contributed to higher production volumes and greater
profitability, the shop that dipped into their entire referral base had
far less marketing costs and greater bottom line revenues and top line profitability. Each lead or loan
they had already worked on created an opportunity to generate a new lead and potential new closed loans.
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.