Honor Your Contract with the Consumer

Are you buying leads? What does that mean?

Well, basically a consumer went to the Web and said, “I want lenders to contact me, at my convenience, to my answer questions about mortgages and possibly even qualify me for a loan.”

Do you have an obligation to that consumer? Absolutely! However, we often forget that implied contract. In purchasing that consumers’ information you are agreeing to actively follow-up with that consumer.

What does the consumer expect?

  • Prompt replies
  • Diligence making initial contact, at their convenience
  • Not having to chase down the loan officer to talk (i.e., returning voice mails and playing phone tag)
  • A loan officer that listens first, then provides expert advice on their unique scenario
  • Active follow-up through-out the process

What does the consumer often get?

  • Brutal barrage of initial teaser rate emails and phone solicitations
  • No follow-up after initial attempts to “see if there is life in the lead”
  • A pushy loan officer pitching whatever gives them the highest split without ever listening to the consumer’s needs
  • A loan officer that can’t remember, and may not care, who you are
  • A loan officer that goes silent after your file is handed to the processor

How to deliver consumer expectations that convert:

  • Receive and respond to your new leads within moments
  • Identify yourself, your company, and your sincere interest in answering any questions they have about mortgages
  • Leave a voicemail with your telephone number, but tell them you know they are busy and tell them when you will try again–follow-through on that promise
  • Listen, take notes, and make sure your use your expertise to get them the right options
  • Study your notes before each follow-up–open the call with a bridge comment–“so, how did Johnny do in his baseball game Tuesday night?”
  • Follow-up, even when you have nothing to report or ask for

If you treat leads like an impersonal name and phone number that is the way it will convert. However, if you treat Web consumers with the same respect you would a past client calling you directly for mortgage advice you are guaranteed to convert those Internet leads at an industry crushing rate!

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