THE LOAN OFFICERS’ INNER CIRCLE
MEMBERS ONLY EXCLUSIVE NEWSLETTER
LEADING LOAN OFFIC RS TO FREEDOM
OR SOMETHING ELSE? DO YOU NEED MORE LEADS?
INSIDE THIS ISSUE
2 | The 7 Core Beliefs of Very Successful Loan Officers 3 | Script of the Month! 4 | Your Investments Reveal Your Values
5 | What Freedom Means to Me 5 | Spring-Cleaning Your Data 6 | To Build a Fire
7 | Your PAALs 8 | Tool Time
In our mortgage business, there are five things we track with great accuracy; we track leads, conversations, credit pulls, pre- approvals, and locks. We’re focused on measuring how many leads we get in, how many of those leads turn to conversations, how many of those conversations turn into credit pulls, how many of those credit pulls were pre-approvable, and how many of the people we pre-approve end up with a locking or contract with us.
measure where we are with each one of these steps, so we know where we’re succeeding and where we might need some help. CONVERSATIONS Our first step is a conversation, and I mean a true conversation, not emailing or texting. I’m talking about getting someone on the phone and having a chat — that’s a conversation. So, if you’re getting leads but are unable to get conversations with them, where’s the problem? Most likely, there’s an issue with follow-up. A lot of people make the mistake of calling once or sending a message, but that’s definitely not enough. Some people ask me how many times they should follow up; the answer is constantly. Following-up with your leads is an ongoing thing.
I would say that the bottleneck from those five runs is about 20 percent each. But, if I were to ask loan officers what or where their bottleneck is, almost all of them would point to their leads. In reality, leads cause the bottleneck roughly 20 percent of the time, just like the other steps. We want to
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