As loan officers, we’re always looking for ways to get home loan leads, right? But do we really need more leads, or do we need to work on the ones we already have? That’s the big question.
To answer it, you have to figure out what you’re currently doing (or not doing) with the leads you’ve already got. Are you keeping track of them? Making calls? Using scripts and following up? Let’s look at two groups of people you might be overlooking in your quest for new leads.
Keep in Touch with Your PALs
The first valuable source of leads are the folks on your Pre-Approved and Looking list. Think of them as your PALs. You need a scheduled day on your calendar every week where you’re following up with your PALs. You’re getting them on the phone and nurturing your connection with them. What might that look like?
- Reminding them that they’re pre-approved
- Asking them how things are going with the agent
- Exciting them about the home buying process
If you’re not sure how to get the conversation started or what to say next, we’d be happy to help you with some loan officer scripts created specifically for your PALs.
Here’s the thing: if you don’t follow up with these PALs, they might end up not becoming a buyer. Or not becoming your buyer. Failing to follow up can also mean you burn bridges with real estate agents. The last thing you want is for a buyer to tell the real estate agent that referred them to you that they haven’t heard from you. There go your future leads from that agent.
Work Your Past Client Database
The other valuable source of leads that’s sitting right there at your fingertips is your past client database. Maybe they’re ready to refinance. Maybe they want to move to a bigger home or to a different area of the country. You need to keep in touch with these clients, keep your name in front of them. Then, when they’re ready, they’ll automatically turn to you.
I follow up with my past database in four ways:
- Email once a week.
- Snail mail once a month.
- Phone call four times a year.
- Run targeted Facebook ads.
If somebody’s really interested in refinancing or purchasing a home, you need to be there. If you haven’t been following up, they’ll use your competition. They’ll walk into the bank or call the credit union down the street. If you’ve been keeping in touch with them, you’ll be top of mind.
I was just chatting with somebody I work with who called 20 past clients from his database. He ended up speaking to 12 of them and got 4 new deals. Your database is a gold mine, just sitting there waiting for you to start digging. And, yes, we’ve got ready-made loan officer scripts for your past database too.
What Will You Do for Mortgage Leads?
Whether you’re just starting out in your loan officer career or have been in the mortgage loan business for decades, the most important step is just to get started doing something. That first step is often the hardest. We build it up in our minds, make it seem so big and overwhelming, that we’re paralyzed into inaction.
What’s holding you back? Maybe you struggle with a lack of confidence. Maybe your reluctance is based in fear of what people will think of you. Are you afraid to sound salesy or pushy? Are you too proud to sound like you’re begging?
Listen, asking for business is not begging for business. Good salespeople think selling is a good thing. Bad salespeople think selling is a bad thing. That’s the bottom line. Think of it this way—you’re helping people solve a problem. You have a solution. Once you understand that, the rest is easy.
Sometimes the only nudge you need is a pep talk with someone who’s been where you want to go. Someone who can help you decide on that first step and hold your hand while you bravely put that first foot forward. I would love to be that person for you. One of my favorite things in the world is sharing my tips and secrets and coaching others on how to be a successful loan officer. Click here to schedule a FREE no-strings-attached strategy call with me TODAY.