How To Improve Your Mortgage Lead Conversion

Converting a mortgage lead into a sale or closing requires a strategic plan and a lot of work. Earning the trust of new leads is never easy and everything you do and how you do it plays a significant role in whether you close on a deal or your lead moves to the competition. But how do you know if your strategy is working? What is a good lead conversion rate and how can you improve your mortgage lead conversion rate?

What is lead conversion?

Lead conversion is a process that involves converting your leads into customers. It involves a nurturing strategy that works to build trust with your leads. While every business has a different method when it comes to lead conversion, the goal is to build trust in your services and/or products through quick follow-up and continued contact. The higher your lead conversion rate is, the more successful your business will be.

What is the average mortgage lead conversion rate?

In general, the average mortgage lead conversion rates are between 2-3%. However, with the right strategy in place, a good loan officer may be able to boost that number to 4-5%.

How to calculate the lead conversion rate?

Calculating your lead conversion rate can help you see exactly where you may need to make some improvements. To find your individual conversion rate, simply divide your number of closings by the total number of leads. This will give you your lead conversion rate at any given time.

How to improve your lead conversion

The goal of every successful loan officer is to improve their lead conversion rate. If your rates are low, it may be time to examine exactly how you are communicating with your leads in order to start building trust and nurturing a relationship right from the start.

Here we offer some tips that can help you boost your lead conversion.

Maintain an up-to-date lead database.

Lead conversion is all about building trust and relationships with your leads. This nurturing must begin immediately and requires regular follow-up to build this trust. It can become a very time-consuming part of your marketing strategy, and, without the right tools, it is very easy to forget tasks, which allows leads to fall through the cracks. A solid lead database or customer relationship management (CRM) program allows you to organize leads, assign specific tasks for lead follow-up, and even automate many of these different tasks, ensuring that you provide the information your leads need and maintain regular lead contact.

Improve your speed to lead.

So, what is your speed to lead? This is a metric that allows you to evaluate the amount of time between receiving a lead and your initial response to the lead. For example, a lead provides information to your website’s contact form and submits their information at 10 a.m. on Monday, hoping to hear from someone on time. However, they do not receive contact from you until noon on Tuesday. This means your speed to lead rate is 26 hours. In this timeframe, your lead has already moved on to the competition which responded to their inquiry in less than six hours. Improving your speed to lead time is essential.

Maximize your speed to lead rate.

To maximize your speed to lead rate, you need to look at exactly what is keeping you from providing a faster response time. Do you have your website form connected to a CRM that immediately adds new leads into a database? Does that new addition trigger a task alert? If not, this is something you need to consider to maximize your response time. In addition, you can often use your CRM to completely automate your initial response by sending out a personalized email based on certain qualifying markers on your contact form.

Use personalized messages.

With email boxes being overwhelmed every day, the time of cookie-cutter email responses is over. A standard template response email is likely to go straight into the recycle bin without ever being read. All email correspondence should include a personal touch, introduce you and your personality, and work to connect with the lead you are connecting with. With an overly saturated market, it is more important than ever that you make an emotional connection right from the start.

Follow up in a timely manner and stay connected.

The key to conversion is timing. Leaving a lead waiting to hear from you will likely force them to move on to the competition. Generally, it takes six to eight contacts to qualify and convert a lead. Following up and connecting with leads regularly is essential. This can include simple emails, educational content, and quick phone calls just to connect.

Add value to gain trust.

The mortgage industry can be overwhelming to the average buyer, and, in many cases, they put all of their trust in their loan officer when it comes to closing a deal. This is why building trust is so essential when it comes to your lead conversion rate. Offering valuable information can help build additional trust with your leads. This can include adding a mortgage calculator tool to your website, hosting an educational blog that helps explain the mortgage industry and highlights your expertise, and sending our regular newsletters that answer common questions and provides information.

Obtain and respond to customer reviews

Reviews can greatly influence a consumer’s decision to work with you. Hearing or reading about a satisfied customer’s experience also helps build your credibility and gain leads' trust. Statistics show that 9 out of 10 consumers read customer reviews before making a purchase or working with a company, and 79% trust an online review as much as a personal recommendation from a friend or family member. Don’t be afraid to ask satisfied customers if they can leave a review and, when they do, make sure to respond to the review, even if there is negative information.

Lead conversion is necessary for success.

Maximizing your lead conversion is essential for business success. Implementing these tips into your marketing strategy can help ensure that no potential lead falls through the cracks and that you have the tools to build and nurture quality lead relationships.

The team at Good Vibe Squad understands the importance of quality lead generation to boost the potential for lead conversion. Our Unfair Advantage program help provides you with quality leads that help to boost your lead conversion once these methods are in place. Schedule a call with us to learn more. 

How To Improve Your Mortgage Lead Conversion was first published on: https://www.goodvibesquad.com/

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YouTube Ads for Loan Officers

As a loan officer, your goal is to connect with potential clients and work to establish a relationship with them and possible referral partners. Adding video to your mortgage marketing, such as YouTube, is a great way to do so. While YouTube may be known as a source of entertainment content, YouTube marketing is quickly becoming a must-have tool that can make a substantial difference to your lead generation success.

What are YouTube ads?

In our technology-based world, everyone is looking for the next viral video. The average person now spends more time watching online than watching major television networks. YouTube offers videos to watch at no charge, attracting more than 122 million people every day!

YouTube ads are video or graphic advertisements that play or display before a video starts or in-steam during a video a user is watching. These are managed through Google AdWords, where you can upload your marketing material, choose the targeting audience and video type, and decide on your marketing budget.

How do YouTube ads help your mortgage business?

YouTube videos are in front of millions of people every day, meaning you have a large potential audience to target. YouTube ads boost traffic to your site, bring potential customers into your sales funnel, and retarget past clients with new and exciting information.

Build brand awareness

Using YouTube ads allows you to personally introduce yourself and your mortgage company, letting potential clients get to know you and the services you offer. Through Google AdWords, you can use these ads to target potential clients based on your geographical area. By promoting your business personally, such as through video marketing, you allow yourself to stand out above the competition.

Attract them into your sales funnel

People are often more likely to engage with a business after hearing testimonials from clients in similar situations. Making a personal mortgage video with a satisfied customer testimonial, for instance, showcases you and your business and is more likely to draw in potential new clients.

Retargeting

Because YouTube Ads go through Google AdWords, you can take advantage of your current retargeting of email subscribers through your AdWords campaign. In addition, you can add the AdWords pixel to your website, allowing you to target your YouTube ads to those users that have previously visited your website.

Types of YouTube Ads

YouTube ads offer a wide array of different ad opportunities. These can include videos that stream before an entertainment video, play in-between videos that can be skipped, and display ad banners. Before you consider which ad will work best for you, let’s take a closer look at what is available.

1. TrueView In-Stream Ads

TrueView In-Steam Ads play before, during, or after the video plays. These can be a maximum of three minutes long, but the viewer can skip the ad after about five seconds. They appear on YouTube watch pages, videos from partner sites, and the Google Display Network. These are often used to create buying intent.

2. TrueView Video Discovery Ads

These ads appear as a thumbnail image and description in the YouTube search results, similar to other video content. This is a great option for brand awareness.

3. Non-Skippable In-Stream Ads

While this is the least popular option of marketing among YouTube viewers, this video marketing option allows for a 15-20 second video advertisement that plays before a video can be viewed. Users are not able to skip past the video. This is beneficial if you want to ensure that a user watches your ad from beginning to end.

4. Bumper Ads

Bumper ads are short, six-second or less, ads that the viewer cannot skip. These ads play before, during, or after the intended video on YouTube videos, partner site videos, and on the Display Network. This is another marketing option that is great for brand awareness.

5. Display Ads

If video ads are not your thing, YouTube offers other options. Display ads allow you to place an image and text in the search results to the right of the video. Users can read your ad and click directly on your website. This method is great for driving traffic to your site and boosting lead generation.

6. Overlay Ads

This is another non-video advertisement option. With overlay ads, you create a banner that can include simple text or images, such as a logo, that will display across the bottom of the screen during video play. The user then can close the banner or click to be directed to your website. Again, this is another good option to drive traffic to your site.

7. Sponsored Card Ads

Similar to overlay banner ads, sponsored cards subtly display while users watch their chosen video. These cards are smaller and serve as a call-to-action button that the user can click to find out more information.

Adding YouTube Ads to Your Marketing Strategy

With a huge audience, it makes sense to include YouTube ads in your marketing strategy to help boost lead generation and help to build relationships with clients. Lead generation is essential to the success of any loan officer, and YouTube offers one more tool for your marketing strategy.

At Good Vibes Squad, we understand how important good lead generation is to your business success, and our goal is to help you achieve your goals. Our Unfair Advantage system can help give you a boost over your competition. To learn more, schedule a call with us today.

YouTube Ads for Loan Officers was originally seen on: https://goodvibesquad.com

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Mortgage Marketing Tips: Facebook Video Ads Best Practice

When it comes to mortgage marketing, you often share the same home pictures or finance rates as the other mortgage loan officers in your area, making it difficult to stand out against the competition. Facebook ad videos may be the solution. Creating unique and inviting video ads is often the perfect way to set yourself apart from the competition. Here are some of the best practices for video ads on Facebook.

What are Facebook video ads?

Facebook video ads are advertisements that utilize a video format. These ads do not require technical video knowledge. If you have a phone with a camera, good lighting, and a message to share with the public, you can create a video ad.

Facebook has also learned that users engage with video content much more than traditional advertising. In fact, the Sprout Social Index 2020 reported that 50% of consumers are likely to engage with video advertising while on social media platforms, such as Facebook.

How can Facebook video ads help your mortgage business?

Adding video ads to your marketing strategy allows you and your business to stand out in an overly crowded market. In an industry like the mortgage, much of your information is the same as the lender next door. The goal of your marketing campaign should be to find a way to share that information while still standing out, and Facebook video ads allow you to do just that.

10 best practices for video ads on Facebook

When you decide to add Facebook video ads to your marketing arsenal, you must consider a few things first. Let’s take a look at some best practices for video ad creation.

1. Capture attention right away

Let’s be honest, when it comes to scrolling through Facebook, our attention span is limited. Facebook reports that the average attention span of the average human is about 8.25 seconds. When it comes to your video ad, you need to capture the attention of your video audience within the first few seconds to help ensure they will listen to your complete message.

2. Tell the story without sound

How many of you scroll through Facebook without your sound on? Statistics show that 85% of Facebook ads are watched without sound. So, it is important that your audience can understand your video message in silence. You can use captions, text overlay, or simple yet powerful imagery.

3. Make people feel

A good video ad makes those watching feel and connects to the business. When creating content or a story for your video, you want to provide information or a story that will invoke emotions from the person watching to connect.

4. Retarget your email list

When you publish a video ad, do not just blindly set it loose to everyone in the hopes of conversion. Targeting your ad to your current list of followers or email subscribers is the best place to start and the most likely audience to offer conversion.

5. Write compelling copy

Along with a great video is a great written copy. With this, you will have a short headline and description that should align with your video, spark a sense of urgency, and include a call to action.

6. Customize a thumbnail image

A thumbnail image is the image that displays in the video listing, shows before your video starts, and again displays when the video ends. When displayed in the video ad listing, a play button is displayed over this image. When setting up your ad, Facebook gives you the option of dynamically adding three thumbnail images that can be altered based on where they are displayed to. When choosing these images, you want something that will catch the attention of users and match your video copy and content.

7. Choose the right campaign objective

When creating your Facebook video ad, your first step focuses on ensuring you are choosing the right marketing objective. Facebook offers 11 different objectives, such as brand awareness, app installs, or traffic.

8. Keep it short

As we mentioned above, the average attention span is about 8.25 seconds. While a compelling video can capture a viewer for much longer than that, your video should get directly to the point and not drag out too long, as the longer it runs, the more likely a viewer is to move on and not convert.

9. Split test your video ads

Facebook video ads offer the ability to split test your video ads. Split testing is a process that allows you to adjust variables to see which version better connects with an audience. Different variables can include the audience, creativity, placements, and delivery options.

10. Monitor performance

As with any portion of your marketing strategy, it is important to monitor the performance of your video ads. Facebook offers a wide range of tracking information that includes everything from a view-through rate to click-throughs. Monitoring your video performance can give you an idea of what is working and what is not.

Let videos boost your business

In today’s technology-based world, the possible marketing platforms are endless. As a loan officer, your goal is to try and stand out above the competition in all your marketing efforts. Adding good video ads is a great way to connect with potential leads and uniquely offer information. A steady stream of leads is essential to business success.

The team at Good Vibe Squad understands just how time-consuming that task can be. Our Unfair Advantage system is a great way to boost your lead generation and conversions, helping you to soar above your competition. To learn more, schedule a call with us today.

The article Mortgage Marketing Tips: Facebook Video Ads Best Practice is courtesy of: goodvibesquad.com

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Marketing to Realtors as a Loan Officer

As a loan officer, you understand the importance of a strong realtor relationship. If they don’t know who you are or have not actively worked to create a relationship, they are unlikely to send clients your way. Building a loan officer and real estate agent relationship is essential and should be a major component of your mortgage marketing strategy. Here we offer tips for mortgage loan officer marketing to realtors.

Loan officer and real estate relationship

The goal of loan officers and real estate agents is to help homebuyers secure the new home of their dreams. As a loan officer, you need real estate agents to find properties for your buyers. Real estate agents need loan officers to help their buyers secure their listed properties. It only makes sense to work together to accomplish your mutual goals.

Marketing to realtors should be a major component of any loan officer's marketing strategy. It is essential to nurture this relationship by providing regular beneficial services. An example of this is a joint marketing material that attracts buyers in need of financing and, at the same time, helps promote the realtors’ properties, creating a win-win situation for you both.

How loan officers can market to realtors

Because all loan officers understand the benefits of creating a relationship with local realtors, they are often bombarded by marketing efforts. To establish and build a strong relationship, you need to create a marketing strategy that stands out above the rest and constantly work to nurture it.

Here are some marketing strategies that can help you forge a real relationship without coming across as simply offering pushy sales pitches.

Emails

We all receive hundreds of emails a week, if not more, and realtors are no different. Unfortunately, many of these emails are standard canned messages that often go unread and are sent to the trash. Instead, provide personalized messages that offer information that will help them grow their business, such as information that can help educate them and can share with their clients.

Social Media

One of the best ways to build a realtor relationship is social media. Social media platforms allow you to interact with realtors in a low-pressure atmosphere. For example, you can start building a connection with a new realtor by liking, commenting, and sharing their social media posts. By doing this, you are showing them that you are taking an active interest in their content and providing content for your potential buyers.

Another way social media marketing can help you build a realtor relationship is through your own posts. Share or create information that will benefit their clients as well as yours. If you have a blog, share your knowledge on your social media platforms and send the links in direct messages.

Videos and live streaming

With the growing technology world and sites such as TikTok, the world of marketing is opening up to many different opportunities, including video and live streaming. Prerecorded videos or a quick TikTok snap allow you to share information with realtors while also providing a more personal connection than you get with email or printed material.

Co-branded marketing

When you have an established relationship with a realtor, co-branded marketing is a great way for you to work together, promote each other, and share in marketing efforts. For example, creating new listing flyers or open house informational flyers containing your business information and the realtor’s information. Co-branded marketing can also include emails, social media posts, home listing sites, business websites, and much more.

Co-hosting events

Like co-branded marketing, co-hosting events, such as open houses, allow you and the realtor to work together and gain exposure to many potential clients. You can offer your services to help answer any questions interested buyers may have. This helps the realtor with the sale and delivers a new buyer to your doorstep.

Host events tailored to realtors

Hosting events, such as Lunch and Learn sessions, is a great way to offer a beneficial service to realtors while also providing a relaxing atmosphere where you can connect. Sponsoring or contributing to events, such as a local realtor conference, is also a great way to connect with potential realtors in your area.

Be a CE (Continuous Education) provider

All realtors are required to attend regular CE classes to maintain their license. One great way to connect with local realtors is to become a continuous education (CE) provider in your area. By teaching classes to an audience of real estate agents, you have the opportunity to connect and build relationships.

Open houses

Open houses are a great way to meet local realtors face-to-face and introduce yourself. This is a great opportunity to ask them questions about their typical clients and how you and your business can help them achieve homeownership. It is also a great time to schedule a one-on-one meeting with them or at least get the contact information to connect with later.

Personal visits

Sometimes there is nothing like simply stopping into your local realtor’s office and asking how you can help make their job easier and how you might be able to work together. These personal visits can help nurture your relationship. Bringing in a nice box of doughnuts for the office can’t hurt either.

Building your realtor relationship can boost your business.

Building and growing a relationship with realtors is a great way to boost your business and theirs. As you work together, you will find that qualified leads are actually hunting you down instead of having to work to gain their attention.

At Good Vibe Squad, we understand the importance of qualified leads and work to help loan officers attract and find the qualified leads they need to be successful. To learn more, check out our Unfair Advantage program or book a call with us today.

Marketing to Realtors as a Loan Officer was originally published on: Good Vibe Squad

Original post here: Marketing to Realtors as a Loan Officer