With mortgage rates at an all-time low in the US and average interest rates on a new 30-year fixed mortgage falling to just 3.23 percent, there could not be a better time for mortgage loan officers and lending business owners to start automating lead generation as falling rates lead to an influx of refinance applications. The increased demand has provided lenders with the opportunity to pick and choose applicants and charge higher rates, which opens further opportunities to those lenders available to pick up the applicants shopping around for cheaper rates.
As a mortgage loan officer, managing a sales pipeline to close more deals is an important part of your daily workload. While each agent will have their own processes, it is likely to include a combination of email marketing, face-to-face interaction, social media and website optimization in varying proportions. Regardless of how you tackle your pipeline, an active one is crucial to securing success.
Mastering your lead generation will allow you to track deals at each stage of the process, calculate whether you have enough in the pipeline to meet your goals and set priorities for your time. A pipeline worth $200,000 will only deliver $10,000 at a five percent conversion rate, meaning you need to get twice as much in the pipeline to meet a goal of $20,000. However, managing your sales pipeline effectively, using a tool like Pulse CRM, can provide you with the process to work smarter with your leads and increase conversion rates, instead of working harder to generate new prospects.
By identifying improvements in your pipeline, you will be able to move prospects through the funnel more quickly and in a more streamlined manner, ultimately increasing revenue growth.
If you still need convincing that an automated sales pipeline is the way forward, a Harvard Business Review study found an 18 percent difference in revenue growth between companies with and without a formal sales process and a further 28 percent in companies who had mastered three specific pipeline practices.
How are you managing the increasing demand of refinancing applications? Join the discussion below.
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