Many mortgage originators think that aged leads are just trash cluttering up their database. But to Raymond Bartreau, mortgage marketing expert and founder of Best Rate Referrals, aged leads are a fantastic potential revenue source. All it takes is the right approach.
Bartreau will discuss strategies to monetize aged leads in an upcoming webinar, “Finding Gold in Your Aged Leads,” scheduled for Oct. 30 at 2 p.m. EST.
“A lot of times when someone inquires about a mortgage, it’s timing,” Bartreau said. “When you look at the conversion rate for leads generated on the internet, conversion is only about 7% to 8%, so that means 90% to 92% of the leads are not converting. So when it gets to the end of the year, as opposed to buying more leads, getting the aged leads that are already in your system will drive loans back into your sales funnel.”
While many originators do occasionally go back to aged leads, Bartreau said most don’t explore the full potential of older leads because they're too busy trying to bring in new business.
“The loan officers don’t do a good job of working aged leads because they’re always getting fresh leads daily,” he said. “Sometimes doing a large-scale, aggressive, tactical touch to (aged leads) multiple times will get them right back into the funnel.”
In the webinar, Bartreau will give originators multi-channel strategies to help loan officers get more business from aged leads, lower their cost per acquisition and bring new business into their pipelines.
“I think it’s very important to attend this webinar because of the recent rate increases,” he said. “The industry’s getting harder … and a lot of people overlook the fact that they have a lot of leads sitting in their system already. In today’s market where everybody’s between $1,000 and $2,000 per fund, I can show you how to get it down to $500 through re-engagement.
While not every aged lead will close, Bartreau said that engaging them properly is a cost-effective way to boost your business.
“Traditionally in mortgage lending and marketing, aged leads are by far the lowest cost per fund,” he said. “You won’t get loans any cheaper.”
To sign up for the free webinar, “Finding Gold in Your Aged Leads”, click here. The webinar will be held Oct. 30 at 2 p.m. EST.