by Bubba Mills
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“Bring Teams Together”
“Move Beyond the Headlines,”
“You Must Give to Receive,”
There’s an old saying that nature provides the nuts, but it doesn’t crack them for you. Oftentimes, the toughest nuts to crack in business are leads.
Sure, leads by themselves are great. They can be —
and often are — the heartbeat of many who work in
the mortgage industry.
When it comes to cracking those leads open —
converting them into actual business — that’s a
whole different game, however. Some leads can be
tough to work with, no doubt. You can hammer, saw,
squeeze, beg and downright grovel and still not shed
It’s a scenario that plays out over and over. A mortgage
originator will get the first part in place — harvesting
the leads — with an effective lead-generation system
and plenty of pipelines, including digital and traditional advertising, direct mail, telemarketing and all the
rest. Then, few leads get converted into business.
Think of all the time, money and effort that goes
into getting leads only to see them wither away. It’s
nonsense and a complete waste of time and resources.
To make a good living in the mortgage industry, you
have to be efficient. Leaving leads unconverted is the
epitome of inefficiency.
There is good news, however. There are only three
key elements of a solid lead-conversion strategy that
you need to master: speed, persistence and satisfying
You’ve heard the old adage, “The early bird gets the
worm.” Well, when it comes to converting leads, that
saying has never been truer. Studies have shown that
when you’re quick to return a lead’s call, text or e-mail,
you’re much more likely to convert that lead.
How much more likely? Well, research from the
sales software company Velocify shows that if you get
back to a prospect within 30 minutes, a conversion
into business occurs 62 percent of the time. Wait an
hour and that drops to 36 percent. Wait 24 hours to respond, and you get a 17 percent conversion rate. Get
When you establish yourself as the first contact, you
gain a critical sales advantage. Heck, if you just follow up, you’re going to be ahead in the game. Why?
The Sales Lead Management Association reports that
salespeople fail to follow up on between 75 percent
and 90 percent of all leads.
So, lesson one is to make responding a priority. In
essence, be quick on the draw, and you’ll enjoy more
than your share of successful conversions.
Any good lead converter will tell you that you rarely
crack a nut on the first whack. In fact, it may take many
attempts just to get a small crack in the shell.
Solid lead conversion comes down to persistence.
You must accept that you will often have to follow up
with a lead many times. Get this: 92 percent of salespeople give up after hearing “no” four times, but 80
percent of prospects say “no” four times before they
say “yes,” according to small-business consulting company Marketing Donut.
Lesson two is learn not to get frustrated by having
to make several contacts with prospects. It’s just par
for the course. Instead, adjust your expectations accordingly and keep following up. More often than not,
your persistence will pay off.
Sell by satisfying
The final — and vitally important — point in lead conversion is all about how you communicate with prospects after you’ve done all the work of connecting
with them. As you’ve likely gathered thus far, getting
to that point can be a fair amount of work. You don’t
want to lose an opportunity after you’ve put in that
much sweat equity.
Former Harvard Business School marketing professor Theodore Levitt is credited with saying, “
People don’t want to buy a quarter-inch drill, they want
a quarter-inch hole.” Essentially, what Levitt is saying
is this: Stay focused on what’s important to prospects.
If you keep your eye on satisfying prospects’ needs,
you’ll be much more likely to convert them into a client
who uses your services as a mortgage originator. Put
yourself in a prospect’s shoes.
You don’t want to be sold. You want to be helped,
right? Demonstrate that you understand prospects,
and that you’re interested in them and their needs.
n n n
If you follow the few crucial steps outlined here,
you can help ensure that all your work developing
leads on the front end isn’t wasted. Mastering these
steps will boost both your efficiency and return on
As you settle into the flow of 2018, then, it pays
to ask yourself some questions about your existing
lead-conversion efforts if you want to close more
deals. Do you feel you’re converting enough leads to
reach the goals you want to achieve this year? Have
you worked on your lead management lately? Are you
putting enough thought and effort into managing and
converting leads? Are you making changes to improve
your lead management? What specifically have you
done? You can even share your answers with a colleague or a friendly mortgage coach. n
Bubba Mills is CEO and owner of Corcoran Consulting and
Coaching Inc., an international real estate, mortgage and
small-business coaching company committed to helping clients balance success in business, while building value in life.
Mills is a nationally recognized inspirational and education
speaker, coach and mentor to the top real estate agents and
mortgage companies. His articles do not necessarily represent the views or opinions of Corcoran Consulting LLC clients
or other entities he represents. For more information call
(800) 957-8353 or visit CorcoranCoaching.com. Reach Mills at
Master the Conversion Game
When you regularly turn leads into loans, your business life gets much easier
By Bubba Mills