If you are a loan officer or a mortgage broker, and you are currently using a mortgage lead provider, or you are considering investing with one, one of the most important things you should take into consideration, is the closure ratio.
If you are closing anywhere from 5% to 12% of the leads you purchase, than you are doing very well according to the industrys standard.
Here are a few helpful hints to increase your closure ratio.
Keep in mind that a lead provider does just that, they provide leads. It is entirely up to you to make the sale. Just because you were provided with a fresh lead doesnt mean you dont have to work to close the deal.
Most lead companies will sell their leads up to five times, so you are competing with other loan officers.
So, if you come across an objection over the telephone such as I am no longer interested, it is most likely because they are dealing with somebody else at that point.
Here is something you can counter with . . .
Oh, thats to bad, after looking at your on-line profile, I was able to fit you into a really nice mortgage program with one of our lenders.
I can just about guarantee this...
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