sales funnel

How to Effectively Convert Leads Into Borrowers Using CRM Software

The typical mortgage broker will have spent some time generating leads through telemarketing, sending direct mail, or even buying leads. Even if you have leads practically knocking down your door, not all of them will turn into sales. No matter how much mortgage brokers pay per lead, they won’t turn into borrowers if you don’t manage them effectively.

Regardless of the number of leads you get, you need to convert them into borrowers as soon as possible, or else it will cost you money and your business. Whether you receive your borrower’s information through a real estate agent, a lead provider, or a customer referral, managing your leads takes a lot of effort. If you’re not sure how to do that right, here a few steps you can follow:

Encoding Your Leads in Your Database

This is the very first step you must take whenever a lead presents itself to you. Entering your lead in a CRM system is critical to your lead conversion process. 

A Customer Relationship Management (CRM) software is a tool that can help businesses and even mortgage brokers better organise and access customer data. It works best for your needs since it offers a lot of functionality that mortgage brokers can take advantage of. Consider looking for a CRM that allows you to track deals and respond to your customers automatically, whenever possible. 

Our very own Effi is a state-of-the-art CRM system that will enable you to do just that including a sleek portal access link sent to your customer (both via email and SMS) for information collection and so much more, including automatic updating of calendar invites and status changes. Investing in a CRM will allow you to manage all your mortgage broker leads efficiently.

Integrating Your Lead Provider Into Your CRM

If you receive lead data from an online provider, it tends to consume a lot of time because of the double data entry. You need to find a way to integrate your lead provider with your CRM to make your process a lot more streamlined. Doing this allows any new leads to go directly into your CRM, and any succeeding tasks, appointments, and status changes are all automatically triggered. As such, you will be able to respond faster and work more efficiently since the CRM will do all the heavy lifting for you! All you need to focus on now is to convince your prospect into sending a loan application to you.

Whenever there’s a rise in customer volume, you need to be able to keep up with all that’s happening to make sure you provide the best possible service to your customers. After all, if you cannot follow up with a potential borrower in a matter of days, you’ll lose that person to a competitor. This is how your CRM can help you manage everything. It’s almost like having a virtual secretary you can rely on!

Nurturing Leads

Once your lead is in the system, it’s time to start nurturing that relationship by contacting them. Being able to respond and call back in a matter of hours could significantly boost your conversion rate.

After the first phone call, you need to maintain regular contact with your prospective buyer. Your CRM will help you work around a schedule so you can always keep in touch with all your prospects, even if you have a lot on your plate.

Converting Leads Into Borrowers

Now’s the time to reap the benefits of your nurturing techniques by converting your lead into a borrower. This milestone in your CRM should reflect a change in the contact’s status from being a prospect into a paying client. From then on, it’s just a matter of nurturing that relationship with your new client until they get their application fully approved!

Conclusion

How you choose to manage and nurture your leads, especially when you have your hands full, will ultimately determine how successful you are as a mortgage broker. By integrating a CRM system into your process and following the steps mentioned above, you can bring in more clients and be one step closer to success.

Don’t waste time trying to keep track of all your mortgage broker leads manually. Revolutionise the way you do business by using Effi, the smartest mortgage broker software ever built. Effi was designed to provide efficiency and make you more productive with all its built-in features. Connect with us now and request a 14-day trial today!