Conversion rate is approximately 5 and 25 percent depending on the skill of the broker. This does not include referrals, cross selling of products and returning clients.
The skill of the broker depends on the following;
Your communication skills. This how you write emails, speak on the phone and how you present in person.
Your knowledge, experience and what you can offer the client. Those that are inexpereinced and lack knowledge are quickly found out by the client especially when the deal becomes more complex.
Your professionalism. This is how you present yourself and your business to the client.
Lead conversions are enhanced if the following protocol is adhered to;
Contact the client as soon as possible either by phone or email. Respect their preferred time to call if listed on the contact form..
Leads should be seen as a long term solution to gaining clients and sales. Adopting a short term approach, that is, expecting to convert a lead upon first contact will lead to failure and frustration. You will only experience success in this business if you adopt a long term approach
The lead purchaser should do the following enhance successl;
Treat every contact as a potential sale for now and the future. Even if they do not qualify instantly they may qualify 3 months or even 2 years time. Always offer your time and advice regardless of obtaining a sale.
Provide a professional service regardless of obtaining a sale. Always offer assistance even if they do not use your service. This can lead to referrals to family, friends and work colleagues.
Sending monthly newsletters and market updates is another way gain trust and to keep in constant contact with a potential client. You will need to develop an email list and create a monthly newsletter to implement this. There are many other marketing strategies which goes beyond the scope of this website.
Geographic location is important for higher conversions. Providing a service in the same city as your client holds a significant advantage over securing clients interstate.
The mortgage industry is a competitive market but if you follow the above and adopt a long term view, you will gain the trust and respect from a potential client. This can lead to referrals and obtaining business from other brokers or banks if they provide poor service.