Summary
Optimize your mortgage lead distribution by exploring various approaches, matching leads to the right brokers, and adapting your strategy with tools like BNTouch to boost conversion rates.
In the mortgage industry, conversion rates range from 2-3%. The bottom line is that many mortgage leads simply won’t convert into clients. However, you can increase your team’s odds of success by optimizing your mortgage lead distribution. Here are the top ways to make your mortgage leads count and keep your team happy:
Compare Different Approaches
Step one involves realizing that there aren’t any one-size-fits-all options for distributing mortgage leads. Your team is unique and needs to be treated as such. With that in mind, you should compare a few different distribution models, such as the following:
- Manual: You hand-pick which loan officer is assigned to every lead
- Automated: You set up a CRM to automatically assign leads round-robin style or based on performance
- Lead Buckets: Team members can assign select leads on their own
Explore these approaches and see which option is the best fit based on your team size and the skills of your loan officers. You can use a hybrid approach that incorporates a mix of mortgage distribution systems.
Mortgage Lead Distribution: Match Leads to the Right Broker
No one knows your team better than you. With that in mind, make a list of each broker’s strengths and weaknesses. Identify what types of mortgage leads each broker has the most success with. For instance, a broker who is a military veteran may have the best chemistry with VA loan seekers.
However, it’s important that you don’t go overboard. You must be fair and ensure that all of your loan officers receive an adequate number of mortgage leads.
Reward Top Brokers With More Mortgage Leads
Automated mortgage lead distribution solutions can be configured in several ways. The most basic involves distributing leads in a round-robin format. Alternatively, you can use custom rules that reward top performers with additional leads. This strategy encourages everyone to do their best and gives your business a better chance of converting leads.
Adapt and Evolve
Change is the only constant in the mortgage industry. Your lead sources will adapt, as will your team size and dynamics. Make sure to adjust your distribution strategy accordingly.
For example, suppose that your brokerage launches a huge mailer campaign, and leads slowly start to call. Whoever answers the call should get the lead, as they’ve made the first impression with the potential client. Implementing a lead bucket allows your brokers to assign themselves incoming leads from the mailer campaign.
Make the Most of Your Mortgage Leads with BNTouch
You spend precious time and resources capturing mortgage leads. Make each one count with BNTouch, a top CRM for loan officers.
BNTouch allows you to manage and distribute mortgage leads on your terms. Manually assign leads, set up automated distribution criteria, or create a lead bucket. They are your mortgage leads, so manage them the way you see fit.
No matter which option you choose, BNTouch will empower your team to nurture and convert more mortgage leads. Our platform includes content templates, automated campaigns, and more. Schedule a demo today.
Key Insights
- Low Conversion Rates: With conversion rates as low as 2-3%, it’s critical to make every lead count.
- Diverse Approaches: Compare manual, automated, and lead bucket methods to determine the best fit for your team’s unique dynamics.
- Matching Strengths: Assign leads based on each broker’s specific strengths and success with different lead types.
- Rewarding Performance: Implement strategies to reward top-performing brokers by funneling more leads their way.
- Adaptability: Continuously evolve your distribution strategy to respond to changing market conditions and team dynamics.
- CRM Integration: Leverage tools like BNTouch to seamlessly manage and distribute leads, ensuring efficiency and improved conversion.
FAQ
- What is mortgage lead distribution?
Mortgage lead distribution is the process of assigning incoming mortgage leads to brokers or loan officers using various methods such as manual, automated, or self-assigned lead buckets.
- Why is optimizing mortgage lead distribution important?
Because mortgage conversion rates are low (around 2-3%), optimizing lead distribution ensures that each lead is handled by the most suitable broker, significantly boosting conversion chances.
- What are the different approaches to distributing mortgage leads?
The main approaches include manual assignment, automated systems (using round-robin or performance-based criteria), and lead buckets where brokers can self-select leads.
To see these features in action, contact BNTouch to schedule a demo!
