... COVER CONTINUED Another possible issue in creating those conversations is the source of our leads. Online leads often have a lower conversion rate into conversations, especially if the leads were tricked into opting in. Maybe someone posted an ad that expressed false facts, something we highly recommend not doing. CREDIT PULLS Once leads start to come in and turn into real conversations, you may start facing low credit pulls. What’s the problem now? The answer is simple: scripting. If you have leads that are engaged in a conversation with you or your employees but aren’t resulting in credit pulls, there’s something going wrong with your scripts. This can be one of the easiest problems to identify and face, as it only requires a little help in training with scripting. PRE-APPROVALS You’ve taken all this time collecting leads, starting conversations, and getting credit pulls, only to find out that they’re not pre-approvable. This problem occurs when the source of the leads is bad. There are two stories I’d like to share with you that describe this perfectly. Once, when I was at a flea market, I couldn’t help but think about how many leads I would get if I had a booth set up there. So that’s what I did; I set up my own booth and collected a lot of leads. Unfortunately, I soon learned that quantity is not the same as quality. Even though I got lots of leads and plenty of conversations that led into credit pulls, none of them were pre-approvable. I learned the hard way that flea markets aren’t the best place to find our next buyers. My second story emphasizes the importance of tracking how many of the credit pulls are pre-approvable for each referral
source you work with. I had this agent who I thought was excellent. I was getting constant business from her and spent a lot of time and resources following up on the leads she sent my way. Then, Diane pulled me to the side and told me, “You know, we’re not closing any of the leads this realtor is sending over.” I was astonished! But, when I sat down with her and Diane and started going through and looking at the tracking, it confirmed Diane’s story. This agent was a great source of leads that turned into conversations and credit-pulls, but none of her clients were pre-approvable. If any issues come up with your pre-approvals, you should check your source. If I’m facing problems like these, I look at where and what the sources are, not just for the whole of the company, but individually, as well. LOCKS Now, if you’ve gone through all these steps but still aren’t able to get these people into contracts, what’s left? Well, if you’re getting pre-approvals but no locks, you’re likely not following up with those pre-approvals. Again, it’s just like when you have a lead with low conversation rates: You need to follow up with your leads. If you’re having trouble turning your pre- approvals into locks, just take a look inside this newsletter. I’ve written another article specifically focused on this issue. Thank you all for taking the time to read this article, and have a great month!
THE 7 CORE BELIEFS OF VERY SUCCESSFUL LOAN OFFICERS Often, business success doesn’t come down to tactics and strategies but, instead, your core beliefs. Having worked with elite producers from all over the U.S., I have learned that there are some core beliefs these very successful loan officers hold that make the difference in their performance and productivity every day. First, they believe success comes from service. Service is about keeping your clients and agents informed about what’s going on and what they can do to help expedite the loan process. It means being available when needed, even if it’s not during banker’s hours. It means making sure your clients have what they need and want throughout the deal, which may include having one of your team members
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