June 15

Five Costly Mistakes to Avoid When Qualifying Mortgage Leads

As a mortgage broker, you need to constantly be on the hunt for top-notch leads—people who are not only interested in getting a mortgage but are also likely to become valuable clients. 

But here’s the catch: finding these high-quality leads can be a real challenge, costing you time and money. Filtering out the duds is a must-do to avoid headaches and wasted efforts.

According to a report by Gleanster Research, approximately half of leads are not ready to buy when they initially come in contact with a business. This means that a significant amount of a broker’s time and resources can be wasted on leads that aren’t qualified.

Another stat from Salesforce suggests that sales reps spend about 67% of their time on non-selling activities, which includes tasks like managing unqualified leads. This can represent a significant cost in terms of productivity and potential lost sales.

So to help you optimise your lead nurturing process, we’ll dig deeper and give you practical strategies and tips to dodge costly mistakes. 

Get ready to prioritise lead quality, establish yourself as an expert, and unlock your mortgage brokering potential. Let’s go!

Overlooking Detailed Lead Qualification 

When it comes to generating high-quality leads, one common mistake that Australian mortgage brokers often make is overlooking the importance of detailed lead qualification. 

By skipping or not thoroughly assessing lead qualification criteria, you may risk wasting  your valuable time and resources on leads that are unlikely to convert into valuable clients. To avoid this costly mistake, it is crucial to establish clear lead qualification criteria.

Common qualification criteria that you should consider include income, credit score, employment status, and property type. These factors act as filters that will allow you to focus your efforts on leads with a higher probability of conversion, while simultaneously avoiding wasting resources on leads that are less likely to meet your requirements.

So, don’t overlook the power of detailed lead qualification—set clear criteria and watch your business thrive.

DID YOU KNOW: A Wealthify leads-on-demand campaign uses up to 10 data points on each lead. Our landing pages ask the user a series of relevant questions, so our mortgage broker subscribers receive valuable data insights on every lead.

Ignoring Engagement Signals

Neglecting to evaluate engagement signals can result in pursuing leads who may not be genuinely interested or ready to move forward, ultimately wasting valuable time and resources. 

To avoid this costly oversight, it is crucial to assess and interpret lead engagement indicators effectively.

By paying attention to these cues, you can separate the tire-kickers from the serious prospects, ensuring that your efforts are focused on leads with genuine interest. 

Key engagement indicators to consider include 

  • email open rates
  • click-through rates
  • phone call follow-ups

Mortgage brokers who consistently monitor these signals have higher chances to experience a significant increase in lead quality and improvement in conversion rates. By leveraging this valuable data, you can gauge the level of interest, responsiveness, and readiness of your leads so you can prioritise and allocate your resources more effectively.

You should know how to look for patterns and trends. Higher email open rates and click-through rates indicate active interest and engagement, while prompt and enthusiastic phone call follow-ups demonstrate a genuine desire to move forward. By recognising these indicators, brokers can make informed decisions on which leads to pursue and invest their time and efforts into.

Failing to Conduct Proper Research

Skipping proper research can lead to pursuing leads that may not meet specific requirements or have a low probability of conversion. To avoid these pitfalls, it is essential to emphasise the significance of gathering relevant information about leads and provide guidance on conducting research effectively and efficiently.

Research plays a pivotal role in identifying high-quality prospects. By gathering comprehensive information about leads, you can gain valuable insights that allow them to tailor their approach and make informed decisions. Key information to gather includes the lead’s financial situation, property preferences, and mortgage needs.

Your lead quality can definitely increase if you can gather comprehensive information about your leads including their financial situation, property preferences and mortgage needs. 

To conduct research effectively and efficiently, you should leverage available resources and tools. Utilise online platforms, public records, and industry databases to gather relevant data. Implement streamlined processes and questionnaires to capture essential information during initial interactions with leads. 

Moreover, maintaining clear and organised documentation of lead information helps brokers refer back to key details and make well-informed decisions throughout the lead nurturing process.

Relying Solely on Automated Lead Qualification

While automation has its advantages in terms of efficiency, it also has limitations that can lead to inaccurate lead qualification. We still need to have balanced human oversight and manual review.

Automated filters and algorithms have their place in lead filtering, but they are not foolproof. Brokers who solely depend on automated systems may experience a higher rate of false positives, resulting in missed opportunities. 

These false positives occur when potentially valuable leads are mistakenly filtered out due to the limitations of automated processes. The absence of human oversight can lead to missed connections and lost business.

To incorporate automation effectively while ensuring accurate lead filtering, you should establish best practices. These may include setting up regular reviews of automated filters, fine-tuning criteria based on real-time feedback, and implementing clear protocols for manual review. 

By striking the right balance between automation and human oversight, brokers can optimise their lead filtering process and capitalise on valuable opportunities.

By avoiding the sole reliance on automated filters, Australian mortgage brokers can mitigate the risks associated with false positives and missed connections. 

Embracing a balanced approach that incorporates human review ensures more accurate lead filtering, maximises the potential for successful conversions, and ultimately strengthens business growth.

Neglecting Lead Nurturing

Sloppiness in lead nurturing can be a costly mistake. While some leads may not be immediately ready to convert, they still hold potential value. Implementing effective lead nurturing strategies is key to maximising conversion rates and revenue generation. 

Remember, lead nurturing is about cultivating relationships with leads who may not be ready to take the plunge right away. By staying engaged with your leads over time, you can increase your chances of conversion when the timing is right. Skipping lead nurturing means missed opportunities to convert valuable prospects into loyal clients.

Successful brokers often use personalised follow-ups, educational content and targeted marketing campaigns. 

Personalised follow-ups usually show leads that you value their interest and are dedicated to addressing their specific needs. 

Providing educational content, such as blog articles or webinars, positions you as a knowledgeable expert and helps leads make informed decisions. Targeted marketing campaigns tailored to the interests and pain points of your leads can also nurture their interest and keep you top of mind.

To excel at lead nurturing, maintain regular communication, provide valuable resources, and address specific needs. Be responsive, offer personalised solutions, and be consistent in your follow-ups. By nurturing leads effectively, Australian mortgage brokers can build trust, demonstrate expertise, and ultimately increase their conversion rates and revenue.

In conclusion, don’t underestimate the power of referrals and existing relationships. Actively seek referrals from satisfied clients, nurture partnerships with business partners and real estate agents, and foster a reputation built on trust and credibility. 

It is clear that avoiding these costly mistakes in lead filtering is vital for the success of Australian mortgage brokers. 

By implementing the suggested strategies—establishing clear qualification criteria, evaluating engagement signals, conducting proper research, balancing automation with human review, nurturing leads, and leveraging referrals—brokers can improve lead quality, increase conversion rates, and ultimately achieve greater business success.

Highly-Qualified Mortgage Leads On Demand, 24/7 

Whether you are a broker, lender or aggregator Wealthify’s ‘pay per lead’ model of lead generation is just what you need to fill your sales pipeline.

We generate your mortgage leads fresh, in ‘real time’ with proven digital campaigns on Google Facebook, Instagram & other ‘big tech’ platforms.

You only ‘pay per lead’. Everything is included in the price.

We’ve developed all the intellectual property (I.P) required for successful campaigns, which we licence to you. This means you avoid the upfront capital cost of building landing pages, ad creatives, lead magnets and funnels.

We then also completely manage the campaigns. All you need to do is call the leads, and convert them to appointments.

Check our MORTGAGE LEAD PACK or call us on 1300 41 00 81 


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