Morgan Brown gives us another excellent post on The lead to loan cycle of an Internet lead aka Distrust Mountain.
When you read the full post I would pay particular interest to these comments:
We’ve developed and implemented systems and processes to effectively convert Internet leads in to customers and those customers in to repeat and (hopefully) long-time clients.
When you are working with an Internet lead never lose focus on the objective of winning that client as a long-term professional relationship. I can’t tell you how many LOs that I see focus only on the monthly quota and never build a sustainable book of business.
As an originator, when you first receive an Internet lead, you must understand that although that person has expressed a varying degree of interest in some part of the refinance or purchase transaction they haven’t expressed any interest in you or your company.
You and/or your contact team must immediately begin building a base of trust and rapport around you and your company. Intermingle this conversation with short burst of integrity and credibility statements and longer burst of listening. Prospects will generally give you hints very early into the call about their fears. That where you start.
This is the most difficult part of the transaction for inexperienced loan officers. The ability to climb that first, nearly insurmountable, face of defense on Distrust Mountain is what separates the good loan officer from the average one who is struggling to earn a paycheck. I call it scaling the face. Scaling the face requires all sorts of special talents including building rapport, telling a compelling story, having a unique selling proposition, displaying excellence and professionalism, building on small commitments, and numerous others. The tactics for doing so is a topic for another post, but needless to say, that wall is there and needs to be scaled.
Are you building these skills in your personal growth plan?
Each phone call returned, each action that occurs when it is supposed to, each reassuring communication and positive step towards the completion of the loan brings you down Distrust Mountain towards trusted advisor.
My only direct and shameless plug–this is where a high quality lead management system is critical. We make sure you are spot on in fulfilling everyone of those trial and benchmark commitments along the sales process.
There is a lot more good stuff in this post. Read it now.