These business practices can provide your loan modification firm with the competitive edge needed in today’s competitive economy. Apply these 10 tips today and you’ll help more homeowners avoid foreclosure, reach your goals and experience success. Start closing more loan modification leads by taking the following actions:
Align With A Credible Loan Modification Lead Generator By Asking Questions
How are they generating their leads?
Who’s doing their marketing? How good at it are they?
What are their quality control methods and how are they monitored?
How can they prove their lead’s success?
Can you see their loan mod landing pages and advertisements, including email mailers? Does their offer seem credible? Is it packed with lies and edgy inducements?
How many times is each lead distributed?
Are the leads exclusive or shared?
Can the leads be posted into your lead management system or CRM, and would they be willing to pay for any necessary programming involved?
Have they been sued or are they involved in any lawsuits or legal troubles?
Would they allow you to place a very small order to sample the lead’s quality?
Can they provide testimonials and referrals to their current loan modification clients?
Do they offer returns and is there a cap on how many they would accept, and in what time period will leads be allowed to be returned?
Immediately Email and Phone Verify Each Lead
When it comes to loan modification lead generation, you can’t take any chances. Don’t let leads sit. Immediate contact of each lead should take a priority over almost everything in your business. The last thing you want is for the contact to say they’ve just started working with a competitor who called right before you, unless your strategy is to deliberately be the last to make contact since your offering is so extremely compelling and you’d benefit from a comparative.
Use Lead Management Software
In any business if you don’t track the progress of clients/leads they will inevitably fall through the cracks. Often, once lost in your system they’ll end up working with your competitor. There’s a slew of intoxicatingly simple software available for a fraction of what higher end systems charge. And the funny thing is that some of these offerings are far better and more usable than their more pricy and feature rich cousins. An example is 37Signals.com’s Highrise. Its simplicity can entice even the most software averse employees into making it part of their business day. With reports of user adoption being very low with complex software systems that supposedly do it all, it’s better to have something ridiculously simple that everyone will enjoy using. Loan modification leads cannot be managed within an email program. Anyone who’s using Outlook to manage their lead flow and make decisions accordingly is doing so at great peril to their business. The bottom line is that some type of lead management software, preferably one that specializes in loan modification leads, needs to be religiously used and tracked. You have many outstanding options to select from.
Train and Test Your Employees Contacting Leads
Emails can be made into templates and integrated into lead management systems. Make sure to spot check the emails your employees are crafting since many of even the most educated people have lazy grammar, horrible punctuation and spelling. Considering that every loan mod lead is an important sales opportunity towards reaching your company’s goals, present an extremely professional front to the world. You have one chance to help a lead you’ve received (the same lead that your competitor may also have just received) so making a strong impression through that initial email interaction is essential.
Regarding calling leads, some companies like have their staff memorize scripts. The issue with scripts is that they can rob the conversation of its natural flow as most sales associates can’t seem to weave a truly natural conversation when parts are canned. As a result rapport is stiff and labored. Instead, consider providing staff with high level training and redundant roll playing and testing towards helping consumers approaching foreclosure understand their options.
It’s incredibly important to provide ample training to each carefully hired employee. Many will need remedial training and ongoing retraining during their first weeks and months. Everyone learns at a different pace so patience and oversight is key. Through controlled sales call-ins you can “test” staff on how they handle themselves in real world situations speaking with loan modification candidates. It’s the experience of this author that if an employee needs much remedial training or they don’t have the right natural vibe they never will and should be terminated after a relatively short period of time if they fail to meet minimum standards. They may have social fear, call reluctance, low living standards that don’t require them to want to get out of their comfort zone, a shallow memory or perhaps they had embillished their skills and accomplishments on their resume and interviews. Regardless, don’t waste money providing bad salespeople with leads, not even worthless, cheap leads. It wastes your time, the resources of your organization and is a complete morale buster for all involved. Hire slow, fire fast.
Status Every Lead
When you’re working through your leads, find a consistent and simple way for everyone involved to status each one. This way you can track your progress, sales, and the viability of each lead source. When leads aren’t closing it can be the leads, your staff or both. Having a historical record of lead statuses by lead source and sales rep is essential to decipher the problem’s genesis and implement an immediate solution.
Develop Lead Nurturing Workflow
Don’t just call or email the consumer once. Set up an aggressive follow-up pattern. It’s called re-marketing and many successful firms find most of their profits coming from their strategic re-marketing efforts. With loan modification leads, you need to be able to follow the client along their thought process and steps.
Progress With Value, Not A Hard Sell
Everyone rejects a hard sales approach. For borrowers under financially stress trying to avoid foreclosure this is especially true. By providing true value and a sense of understanding they’ll easily perceive you have their best intentions at heart. What makes your service different? Are you an expert? How compelling is your offering? How are you presenting the loan modification, short sale and loss mitigation process? Are your services the same as your competitors? To attract their attention something unique needs to be presented. All the employee training and great leads won’t do any good if your offering isn’t compelling and attractive in the marketplace. Be different and create a new path.
Partner With The Right Back-End Processor
Whether you’re processing files in-house or outsourcing, make sure that all your loan modification deals are progressing through the approval pipeline. If a processor is backlogged, find a new one or hire staff to do it yourself. Don’t accept mediocrity.
Follow-up, Follow-up, Follow-up
The needs of prospects change and so does their timing. Diligent and repeated follow ups will make sure you’re there when that change occurs. Call in the day, call at night, email from various addresses, shift styles, reassign the lead, change. Keep changing approaches until someone reaches the person and they say they’re no longer in the market for your services. And then find out why. Take the opportunity in speaking with them to learn how your approach could have been more palatable and what you might change in your overall sales approach. This is also an opportunity to learn the marketing techniques of your lead provider. If you’re having a hard time reaching a lot of prospects, inform your lead source and ask for their help in correcting the problem. If the issue’s not corrected within two weeks it’s probably because of their marketing methods, and if they haven’t changed your result within that period of time start looking for a new lead source. On that note, be aware of lazy employees not really working hard to contact the leads you’ve given them. Some employees will spend valuable time updating a lead management system with false information to make it appear as if they’re working hard and the problem’s with the leads. A report by a company who calls leads for companies backs this up, Lead Qual. In their experience of calling leads they’ve found that over 50% of leads have never been called and the loan modification candidates are frustrated having completed forms in good faith only to be left hanging.
Do a Great Job For Each Consumer Seeking Help And Get Free Referrals
Grow organically after your firm reaches critical mass. After you’ve done a a good number of loan modifications and have the right number of leads in your system you’ll be receiving daily referrals from past clients.