Work Quickly to Convert Mortgage Leads

If you're in the highly competitive mortgage lending business you know the importance of gaining mortgage leads.

But getting leads is only the start. Whether you generate leads yourself or buy mortgage leads online you need to act quickly and decisively to have the best possible chance of converting leads into actual money-in-the-bank business. With high quality leads and hard work on your part you should be able convert around 10% of your leads into loan sales.

Act Quickly, Even if You Can't Make Contact Personally

Fast action on all your leads is crucial. Potential mortgage borrowers will not wait around for you to contact them and there are other brokers out there anxious to have their business. If you find you simply do not have enough time to contact your leads promptly consider hiring an agent to make calls for you.

This agent does not have to be a trained professional.

While having a trained agent make the initial contact with your leads is certainly desirable it is better to make contact with the lead quickly, even if this means using the services of untrained family members or students. Have your agent simply make a friendly call and set up a time for you to get back to them. This will establish your interest in providing mortgage funds, get your name into the leads memory banks and help you to prioritize your telephone schedule. If you wait two or three days to make any contact on a hot lead, chances are another mortgage broker will have closed the sale.

Be Sure to Follow Up

Once you have established a time to call back to your lead, make sure you are prompt. Mortgage lending is about personal service and a potential borrower will not appreciate being kept waiting for your call. If you do not make the sale on your first personal contact with the lead be sure to call again. The borrower may not find the terms he or she is looking for right away.

And Then Follow Up Again

If you do not close the sale with a potential client don't strike them off your list. Anyone who is interested in Real Estate is a potential client. Follow up a month after initial contact and then again after six months. Conditions may have changed for this potential borrower putting him or her back into the Real Estate market. Or they may have friends or family that are looking for a mortgage.

To convert mortgage leads effectively you need to make contact quickly and often. The few minutes it takes to make a call could make your mortgage lending business a lucrative one.