If at first you don’t convert leads, try try again.
In a new webinar, “Finding Gold in Your Aged Leads,” Raymond Bartreau, mortgage marketing expert and founder of Best Rate Referrals, is going to discuss aged leads, and how originators and lenders can maintain their volume through the rest of Q4 by accessing and monetizing data that they already own.
“A lot of times when someone enquires about a mortgage, it’s timing,” Bartreau said. “Conversion is only about 7-8%, so that means 90-92% 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.”
In the webinar, Bartreau will outline some multi-channel-engagement strategies that could help originators get more business from aged leads, lower their cost per acquisition, and flood the pipeline with new business.
It’s not that originators currently ignore aged leads, or think they aren’t worth pursuing. In fact, Bartreau said, originators often have nurturing campaigns that hit aged leads as an occasional “once-off” but they aren’t as aggressive with those because their focus is elsewhere.
“The loan officers don’t do a good job of working aged leads because they’re always getting fresh leads daily,” said Bartreau. “Sometimes doing a large scale aggressive, tactical touch to those people multiple times will get them right back into the funnel.”
Reengagement, then, is all about accessing and unlocking those leads that have stacked up in an originator’s system over time for whatever reason. They won’t all close, but it’s cheap to touch on them from a digital perspective.
Because of the recent rate increases, everyone’s looking for that “new, shiny penny” when it comes to driving in business, and they overlook the change that’s already in their pocket. Bartreau says that originators are going to have to start thinking outside of the box, reactivating and reengaging people in order to go from paying between $1,000 and $2,000 a fund to less than $500.
“Traditionally in mortgage lending and marketing, aged leads is by far the lowest cost per fund, you won’t get loans any cheaper.”
The webinar, “Finding Gold in Your Aged Leads!” takes place on Oct 30, 2018, 12:00 PM Mountain Time (2:00 PM Eastern). Register today!