How Reverse Focus’ Sales Engine Helped Make it Possible
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Steve Eastman is a successful and well known reverse mortgage originator in Maine working with Security One Lending. Like most anticipating the changes to the HECM Product he made it a priority to reach out to those who may have expressed interest in a reverse mortgage but had not moved forward…yet. Using Sales Engine (CRM) he was able to mine his past leads and generate 42 applications in the month of September.
4 Comments
I am proud to call Steve Eastman a colleague. He is a consummate reverse mortgage professional. He and Deb are a terrific team and have helped so many seniors to enjoy a more comfortable retirement. He deserves this success! I am very happy for him.
My question is what did Steve do to generate the Leads in the 1st place?
That, I think is the Industry’s Big Question: what Lead Generation is working best, what closing ratios, and what cost per Lead/Close?
Jerome,
We will see if Steve can post an answer here as to where his original leads came from. He was able to take those who were sitting on the fence and move from from a prospect to application though using SE’s search and tracking tools.
Jerome,
The problem with leads, their costs, and their closing ratios is that they are constantly moving targets. The best lead generator I ever used was Senior Lending Network (“SLN”). Those leads were not cheap and even though my closing ratio was over 16% at the peak of my use, that ratio fell off substantially as SLN moved to a required use of Vertical Lending for funding. Where is SLN now?
Unless I misheard Steve, the leads were not new but were rather prospects he had worked with in the past. It was not quality of the lead in its current depiction of the lead which allowed Steve to turn the prospects into counseled applicants but rather his judicious use of a CRM with some sweat equity in making a diligent review of the captured data to determine if a change in products would trigger an application and counseling.
While I strongly doubt if all 42 applications will turn into closed HECMs, there is little doubt that a vast majority of them will. Hard work pays off.
So while good lead sources are very desirable that was not the primary message of the interview.