Back during my loan officer deals, agents used to tell me they loved sending me referrals because I was “hungry.”
They all assumed my relentless follow ups and high conversion rates were a result of me being “hungry” for more business.
But, my follow up skills were less a result of me being hungry and much more a result of me just being highly organized and disciplined.
I used my notebook, CRM and calendar to make sure I followed up relentlessly.
As I got busier and busier, however, my system became ineffective because I was unable to stay on top of all my leads over time.
My referral partners didn’t realize this though because I remained very aggressive and was in fact “hungry.”
But my conversion rate would have been much higher if I had employed technology more effectively.
I only realized all of this once we set up our own highly customized and personalized lead follow up system in Salesforce.
JVM’s Lead Follow-Up System
The below is a loose description of JVM’s lead follow up system.
- 5 different and highly personalized “sequences” – optimized to convert (a “sequence” is a set of automated follow-up steps including a mix of calls, emails, and texts set to a specific cadence for every lead).
- Each JVM sequence includes 14 touches including additional calls, text messages and emails spread out strategically over 90 days.
- Our messages are a balance of friendly communication, valuable information and compelling Calls to Action.
- We also employ sophisticated A/B testing and monitoring to continually enhance our sequences. We closely monitor:
- Our sequences are of course integrated closely with our entire website, our online forms, our CRM (Salesforce) and our Loan Origination Software (Encompass).
- After 90 days, every referral gets a monthly email pretty much forever.
It took us months to fully build out and customize our complete system, and I am certain that we now have one of the highest lead conversion rates in the industry.
The key is customization I think because we demoed numerous CRMs with out-of-the-box sequences, and each one was stunningly awful because the sequences were so canned, cold and impersonal.
Key Points & Takeaways
There are two points to this blog:
- Agents should make sure their lenders have customized and highly sophisticated lead-follow up systems in place, or they are likely losing valuable deals; and
- Agents themselves should never underestimate the value of setting up an air-tight lead conversion sequence.
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