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How fast should you respond to a potential lead?

Mortgage brokers, lend me your ears! 

Here’s what happened recently that made me think about the importance of responding to leads on time. It made me realise that every lead has a fixed “shelf life” and it’s so important to follow up on them promptly.

True story.

On Sunday, I was browsing the internet to see how much it would cost for a regular garden cleanup to potentially hire a service. During my search, I came across this website called ‘hipages’ – a platform where you hire trusted tradies for home improvement. It’s essentially an online lead generation platform for trades people. After filling out the request form to get 3 quotes, I clicked ‘Submit’. Within 10 seconds, I got a phone call from a gardening company and voila, I’ve got myself a gardener who came in the same afternoon. Now that’s efficient! (I have 2 missed calls from other 2 companies)

After that experience, I thought how great it was! From my point of view, the biggest benefit is that I now have all these good services right in my pocket and they really do get the job done. For the tradies, being on the platform had probably changed the course of their businesses.  It’s a win-win. 

So, does your business have a solid lead generation plan and a fast enough lead response time?

Finding platforms to market your business

For mortgage brokers, obviously you also want people to choose your service out of all other ones out there. That’s why you need to invest in lead generation. One of the best ways is showcasing your business profile on high-traffic loan comparison sites or agent rating sites. The reason is people who visit these sites already have a need or at least interest in your service. They are actively doing research leading them to these sites so that makes them a way better lead than a random person you see on the street. 

At the same time, you can promote on social media platforms such as Twitter, Linkedin, Facebook which are free for businesses to use. Additionally, if you’re able to write quality content yourself, you can add this to your website as well. 

Treat the leads with a sense of urgency

According to InsideSales, 50% of buyers choose the vendor that responds first. The chance of the lead entering the onboarding process and becoming qualified are 21 times greater when contacted within 5 minutes versus 30 minutes after the lead was submitted. So now we are aware that lightning-fast speed is the ticket to converting leads. 

The reality is the majority of firms are still incredibly slow when it comes to response time. According to a Harvard Business Review study back in 2011, 63% of businesses surveyed were taking way too long to respond to their leads. Only 37% responded within an hour. 

It’s better you keep on top of your lead response time, as soon as you receive it. Because your lead is also searching somewhere else and whoever reaches out to them first has a better chance to turn that lead into a sale prospect. Most of the time, you are just one of the solutions a prospect is considering. And if that doesn’t convince you, consider how quickly leads go cold. We’ve all been there where you respond to a lead before the day’s over, but you never hear back from them. Showing respect, urgency and importance to the prospect increases your chances of winning the deal. 

We understand that brokers need a leg up when it comes to this matter so we have partnered up with leading marketplaces RateCity and Finty to showcase our brokers’ profiles to thousands of Australians searching for the right home loans on a daily basis. These websites have integrated Effi’s Calendar Sync and Instant Call Feature to make sure customers can straightaway book appointments or call selected brokers instantly. Your team can take it from there. It’s as simple as that. Get started with our 14-day trial and harness the power of Effi!