One of the most overlooked challenges a mortgage professional faces in their day to day sales cycle is the fallout that occurs when sending application packages out to prospects for approval. From my own experience coaching mortgage professionals, it's reported that as many as 30% of the packages sent are never returned.
Imagine you owned a grocery store and you lost 30% of your inventory to thieves. How long would you expect to be in business?
The mortgage industry enjoys relatively high profit margins. As a result, we tend to focus on the “low hanging fruit" and don't put much effort into our prospects that require some follow up. In this changing market that's a BIG mistake.
Part of operating your mortgage business includes developing systems to plug the wholes in your sales funnel. 99% of your time is focused on getting the phones to ring. It would shock most to learn that plugging the wholes in your follow up can dramatically increase your overall closing ratio and bottom line profits.
The good news is that it's actually cheaper and easier to bring back a lost borrower to your pipeline than it is to find a brand new one. All you need is to develop a system to stop or slow the fall out, like a grocery store security guard, and make it part of your standard operating procedure.
A great place to start is http://www.lostborrowercampaign.com where you'll find a free report that explains why prospects don't return their applications.
To summarize, try taking a step back and looking at your business from a new perspective. A pure volume business model may not be your best strategy moving forward. Your business strategy has to change with the market if you want to survive.
Want to have more of your questions about mortgage marketing answered for you? Just go to http://mortgagemarketingprogram.blogspot.com
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From Brian Diez