42 Applications in September?

How Reverse Focus’ Sales Engine Helped Make it Possible
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Generate Reverse Mortgage Leads
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.

Who converts faster?

When it comes to leads the most popular discussions center on what’s the best type of lead.  The merits of lead sources could be debated endlessly since there are a variety of factors that come into play and all salespeople are not created equal. Assuming you are already purchasing or committed to buying reverse mortgage leads have you ever asked “Which leads convert faster?”. In other words who is more likely to become a closed loan more quickly?

Reverse Mortgage Leads Conversion

Lenders using the call center (centralized model) often field lead inquiries from both television and the internet. So who converts to from a prospect to a bonafide borrower more quickly? Internet leads. Television leads give great exposure and often motivate the mildly curious to call requesting more information. It’s more of a precursory look into the product with little commitment on the part of the viewer. Contrast this with leads from the internet. These trend toward serious prospects who are looking to make a decision in the near future and they are committed enough to enter in some basic personal information.

Both internet and television leads have there place in an overall marketing plan but care and attention should be given to the timeframes of investment and return. Successful marketers not only purchase one campaign, but several knowing their lead conversion ratios and future income. Another key element is tracking and followup. Disciplined use of a CRM (Customer Relationship Manager) is key in nurturing leads into closed loans.

Both TV and internet are effective lead generators. The trick is to draw from both and execute your own carefully thought out marketing and follow up plan. What’s your plan for leads in 2013?

Bad lead or something else?

Purchasing Reverse Mortgage LeadsIf you’ve ever purchased reverse mortgage leads or spoke to someone who has you’ve probably heard or even said the words yourself… “those leads were no good”. Some have taken this mindset to heart and have convinced themselves one should never purchase leads. The largest reverse mortgage lenders in the country consistently purchase leads and would not do so ifContinue reading

No Lead Left Behind

It would be nice to say that we never lose a reverse mortgage lead (potential sale) due to a lack of follow up, but how does one truly live up to the motto “no lead left behind”?

With the lead costs per funded transaction skyrocketing due to lower response rates and media costs, here are just a few ways you can create an air-tight system of reverse mortgage lead management.

Persistency:

Just how many “touches” or contacts with the prospective borrower does it take for them to make a decision whether or not to proceed? Studies show that you must touch your client a minimum of seven times before you can truly get a commitment. With this in mind creating systems for following up with your prospects is no longer optional. What counts as a point of contact? Mailing, phone calls, messages, emails are just a few ways to stay in front of the potential borrower. Each one cements in their mind your professional presence and commitment to follow through. That brings us to technology…

Technology:

If you serious about managing your sales process and never missing a call back then a CRM (Customer Relationship Manager) is a must. Reverse Fortunes has developed RmCRM as a web-based CRM customized for reverse mortgage sales. Being able to track conversations (most of us don’t bother when we have to write down notes), schedule call backs and automate follow up tasks will keep any lead from slipping through the cracks. In fact, over the last six years I have averaged a minimum of one additional loan per month (sometimes 2-3) just by working my database. There’s nothing better than resurrecting what was once a ‘no-deal’ and turning it into a funded loan.

Systems:

Every successful business has a system to selling. Not just an idea, but an iron-clad, duplicate-able and non-wavering approach of how to approach every potential sale. Nothing is left to chance. What is your work-flow or predetermined sales path? If you supervise other originators, do they know this approach and are they accountable to employ it. What happens Day 1, Day 2 and beyond after initial contact has been established?

Sales is part science (the systems) and partly art (the magic of human communication). The more we can take uncertainty out of the process the more we can focus on the art of selling and effectively communicating with our prospective borrowers.

These are just a few ways one can insure “no lead is left behind”. If you would like additional training or information on this topic, contact Shannon Hicks at Reverse Fortunes.

Insights for Reverse Mortgage Leads

Reverse Mortgage Leads

Reverse Mortgage Leads

Need Reverse Mortgage Leads?

Calling all reverse mortgage originators!

What are your best insights into getting and converting reverse mortgage leads? The goal of Reverse Mortgage Leads Central is to provide the best-of-best practices for building your reverse mortgage business, so we thought we’d start this week by reaching out to our members to tap your experience.

  • What have you found to be the best way to get reverse mortgage leads?
  • Any great tips for converting leads?
  • What are pitfalls to avoid?

So if you have a great tip about managing reverse mortgage leads, let us know and we’ll compile everyone’s expertise into a future article.

What is Reverse Mortgage University?

Reverse Mortgage University is the foundation on which I have built my successful Reverse Mortgage company. The foundational building blocks on which I have built my business are universal and can work for anyone who wants to be a successful Reverse Mortgage Loan Originator.

We have developed systems which are time-tested and proven to help you get more reverse mortgage leads and turn those leads into reverse mortgage sales. The different modules of Reverse Mortgage University include Reverse Mortgage Knowledge, Reverse Mortgage Skill Sets, Reverse Mortgage Marketing, Reverse Mortgage Operational Systems, and Reverse Mortgage Leadership. You also get access to powerful tools such as our Reverse Mortgage CRM RmCRM, Reverse Mortgage Websites, Reverse Mortgage Marketing Strategies and Reverse Mortgage Leads Central, to name just a few. This is a comprehensive and ever-evolving platform.

We at ReverseFortunes.com hope we can be part of your growth and expansion in this ever growing, and exciting Reverse Mortgage Market.

Best regards,

Eric A. Hiatt