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hey gang carl white here hey this is a real important message make sure you watch this through this something that's going to really help you out so i had one of my private clients a loan officer uh call me up and said carl i i need more leads come to find out he didn't need more leads he needed something else and i'm and i'm what i mapped out to him i'm going to map out to you right now this will be really helpful so there's there's there's things that you want to track in your in your mortgage company as a loan officer these four at the top of my list number one we want to track how many leads are we bringing in right how many leads are we bringing in right and and if we do find that we need to work on leads then we simply do some lead generation easy enough right it's not hard stuff generation right easy stuff all right but here's the thing what you want to do is you want to track how many leads you're getting in and then also how many of those leads turns to apps how many of those leads turns to apps so let's say you're getting let's say you're getting a hundred leads a month just hype just a just say good easy number to work with on math and you're turning 50 of those leads into applications all right so we have 100 leads 50 becomes apps one would think well gee i need more leads if i need more apps that's actually not true what what that person needs to do they're already doing this energy uh bringing these leads up you just need to convert more of those leads into applications right so we want this number to be much higher than that if we take if we get 100 leads coming in i'm looking for this number to be like 90. i want a lot of my leads turning into applications now if they're not like let's say this is 50 what's my problem my problem is that might need more leads the problem is either a i'm getting a bad source of leads right i've done that i held a i got leads one time from a flea market we set up a booth at a flea market it was it was it was i thought a good idea uh the execution was flawless the results were horrible right we got a lot of uh we got a lot of leads uh no applications and frankly those applications came in not many of them converted so don't do that so if our if we're getting a lot of leads 100 and not very many apps say 60 or less we've got a bad source of leads or our follow-up from leads to app from the time that lead comes in to the time we're taking that app or calling them back is way too long we're making them wait we're doing the old thing of uh g like you get an incoming call and and they have to leave a voicemail or and then you're at meetings or you're at closings and you don't call that lead back you know for like three or four hours and maybe tomorrow well of course you're going to have a a a not a very favorable so you have got to have systems in place to help take those applications on your behalf you've got to that from the time that nobody wants to wait everybody get that nobody wants to wait when that lead comes in you have got to like immediately take that application or otherwise they are going to be low conversion rates because they're just going to call the next person right and this is a real simple solution for that real simple all right so we're getting 100 leads and let's say we're getting 990 apps the next thing the the uh the third thing that we want to measure is how many of those apps what percentage of those apps are pre-approvable right so once we have the app in we're looking to see what's pre-approvable so let's say we're getting 90 apps i'm looking for about 50 of them or more but 50 so let's say 45 of those to um to be pre-approvable right so now if i'm getting plenty of leads and i'm i'm low on my apps again either a we're getting a bad source of leads or we're making them wait so here we'll put we need to either work on the source or we're making them wait and we can't do that's a kiss of by the way um rocket mortgage quicken number one lender in america today they never advertise rates ever they never advertise rates ever they never say great rates ever it's all about convenience convenience convenience you have got to get this convenience down i'm telling you guys that your leads apps are always going to be low until you get that convenience fixed anyway so now we're getting leads we're getting apps and so our apps to pre-approvable is low if our apps to pre-approvable is low what's what our problem is is we're fishing in muddy water so i'm just gonna put muddy water muddy water in other words that source of leads like my flea market example isn't good and you got to let that one go i found this like i'd have referral partners uh like like let's say real estate agents that were referring to me i thought they were my best real estate agents because i got tons of leads and still i started tracking this stuff and sometimes the person that sent me the most leads they were like we didn't close hardly any of them it was just a bad source of leads like wherever they're getting their leads i don't know maybe they were at the flea market getting leads i don't know but uh but if we're getting a low app to pre-approval we're getting a lot of people that's not pre-approvable we're fishing in muddy water and you have to go to sweet water right you have to go to a very good place to get your leads and and we'll talk about that in a minute the fourth thing that you want to measure is how many of those pre-approval bulls are going to closing for me i like this number to be at least 50 percent of our pre-approvable so 100 leads 90 apps 45 pre-approvables and let's just say i want 23 of those whoops supposed to be orange i want um 23 of those to go to closing so what's my issue if i've got pre-approvables but they're not closing i'm not closing at least half of them what's my issue well my issue is follow-up i'm not following up with them right you've got to follow up with your pre-approval bulls follow up follow up so if we're not getting enough leads we do lead gen if our leads we're not getting like 90 percent of them turning into apps either a we got a bad source or b we're making them wait if we're getting 90 applications and not at least half of them are pre-approvable we're fishing about what muddy water we need to change where we're getting our our apps from our leads from if we're getting pre-approvables and and we're closing less than half of those follow-up follow-ups the issue so um so if you say like like the person i was talking to yesterday they were getting plenty leads they were getting plenty of apps plenty of them were pre-approvable they weren't closing on their pre-approvals they had no system in place to follow up and and talking with loan officers every day uh throughout the nation uh like top producers i'm going to tell you i find usually it's about 25 have a lead problem 25 have an app problem 25 have a pre-approval problem and 25 have a closing problem so just needing more closing doesn't mean i need more leads it needs it might mean one of these other things so start measuring those things you will see it's my belief that you will see an escalation in your business as soon as you actually start monitoring this stuff that's a really really really big deal and you don't have some fancy fancy uh system for tracking that we do but you don't have to have something fancy fancy you can have something as simple as pen some paper a lead comes in put a little line on a piece of paper got a lead in and then how many apps did you get into that 30 days how many pre-approvals how many clothes right it's just it's just really that simple keeping in mind that the close is going to lag behind about 90 days because if we get a sudden increase in pre-approvables you know some of those people won't buy for like a month or two so it's actually like uh the the the how many like the leads to app should be immediate apps to pre-approval should be immediate pre-approvals to close can have like up to like we're measuring we're measuring how many we closed from the pre-approvals we did uh 90 days ago right that'll give you a full picture of what it's like in case they're out house shopping [Music] so you