Streamline Your Sales Lead Management for Mortgage with airSlate SignNow

How to create outlook signature

welcome everyone to the loan officer sales training with the mortgage calculator today we're going to be talking about some lead statistics so we'll get into it in just a second here just give us a minute to go live on all the different platforms but we appreciate everybody tuning in nice and early we'll get started here in just a moment go ahead and drop a comment there in the chat as you tune in we appreciate it you can also drop any questions that you have as we go through the chat or in the chat as we go through here today as well all right and it looks like we're live on all the different platforms so we will go ahead and get it started keep dropping comments there in the chat dropping questions you have and we will get into it so welcome everyone my name is Kyle Hy I am the COO of the mortgage calculator and this is our loan officer sales training that we do every weekday at 12:00 p.m. Eastern where we go through more of the front end of the mortgage business with sales and leads today we're going to be talking about some lead statistics I pulled some statistics from some different places that are always great to go over and see what really is happening and working out there uh some of these are specifically for mortgage industry some of these are just general sales uh lead statistics so we'll go over a little bit of both here so I just picked out some ones that I thought were interesting that we could all discuss so first off our favorite statistic which we know is 100% true that you're 391 per more likely to convert a lead when you call it in the first minute this holds true pretty much to every industry right 391 more likely that is absolutely amazing that's why at the mortgage calculator our number one goal is when somebody clicks on that ad and double Ops in to be contacted that they are contacted within the first minute that's why the leads go out instantly that's why they're click to claim so that we can accomplish this goal so very important now at the mortgage calculator you are required to contact them within the first minute so this shouldn't be happening anyways but if you were to not contact them after five minutes your conversion rate drops by 80% so isn't that crazy to think about that the people out there who are waiting just five minutes before they give the person a call they're 80% less likely to convert so a lot of people may think it's not that big of a deal right they get a lead oh yeah I'll call them in a couple of minutes uh maybe I'm doing something uh you know and so I'm calling them in 10 minutes 20 minutes people don't think that that's a big deal because they're like yeah they requested some info I'm going to call them here shortly but it's a huge huge deal uh so 391 per more likely to convert a lead when you call them in the first minute your conversion rate drops by 80% just after waiting five minutes now here's a great statistic 35 to 50% of sales go to the company that responds first so in the case of maybe somebody's out there shopping maybe they're talking to multiple places uh it's whoever is going to follow up first that's why we're always going to be first right we're always going to be there immediately as soon as someone inquires on our site or on one of our ads we're going to call them as soon as humanly possible which should be within the first minute there's really no excuse to not call them within the first minute because the lead gets sent to your phone and all you're going to do is press call and you're going to be on the other end of the phone with them so those are obviously the biggest the first one is definitely the biggest in sales in general biggest statistic here for us all to always think about is your 391 per more likely to convert a lead when you call it in the first minute now the best time to call in our industry is on Saturdays between 11: and 1 so that is you know a good ideal time to call the best times to call on work days are 400 pm to 5:00 pm so studies show that workday the best time to call is 4: or 5m and the worst time to call people study show is Friday afternoons or evenings right the second half of Friday is what it actually says which makes sense it's Friday people are done whether it's with work or personal handling their mortgage whatever it is they're checked out right they're done so Friday afternoon evening is the worst time to call now this doesn't mean stop making calls on Friday right when you're trying to make three four 500 calls in a day I'm not telling you here to stop on Friday afternoons but the point is you understand you're going to get better results during other times right right uh I do want to just stress this first point here that the weekend is the best time to make calls especially when you're calling about something personal because we're not calling them this isn't a busino business call or something where we're trying to reach them at work so that during their work time they can talk to us because it's a work matter this is not a work matter this is a personal matter so calling on the weekends is absolutely a great time when they have time to handle their per personal business right uh here's a couple of great ways to approach things so when we use the word our instead of my we are 55% or we have a 55% higher conversion in cold calls I say we I mean this is a study right but salese in general by using our instead of my we're going to convert higher and you know notice that this stud was done with cold calls even so uh pretty you know cold calls are even harder to get that to happen right so just changing certain things like that just instead of saying my this I this R and we right our and we instead of I and my we're one with the client one of the things about the mortgage business that's interesting is that we're in it with the client and what I mean by that is that us and the client are fighting for the money right the client needs money to buy a house or to refinance a house or whatever it is we're on the client side vers the people who have the money right and that's why especially in this business everything is our and we and I'm trying to get this for us right us is the other big word not I'm trying to get this for for you or for me for us because especially when it comes time to uh when there's conditions coming back when the underwriter sees something they don't like and now we're going to have to try to fix it it's always us with the loan off or excuse me us as the loan officer with the client we're in the trenches together we're on the same side we're both trying to get the money out of the person with the money and we're all we're all trying to uh you know not battle but you know go back and forth with the underwriter to try to accomplish it we're with the client so that's a big thing using the words our we us these are things that just psychologically give you better conversion rates and like I said in mortgages it's very much that because we're battling the underwriter we're battling the the you know people that have the money and that's our job is to be in the trenches with our client it's us and the client verse the world right us and the client vers the underwriter verse the uh the people with the money we are in it together um here's a great statistics did I catch you at a bad time when you say did I catch you at a bad time when you're opening the call the success rate drops by 40% some people think that's a nice thing to do or a polite thing to do uh or or or whatever the case may be it's something people say quite often did I catch you at a bad time think it's something that people think is is respectful right but at the end of the day your success rate drops by 40% it's a very salesy thing it's a very uh you know corporate salesy uh uh uh you know type of of phrase and you can see that it doesn't work you see right there by the statistics this is from an actual sales study of did I catch you at a bad time boom your success rate drops people get into that very salesy uh you know uh solicitor type mode and it's a turnoff and it reflects in the success rate so two things there using our we us those are going to high you know make your conversion rate higher saying things like did I catch you at a bad time is going to drop your success rate I'm sure there's probably some of you right now watching this that say did I catch you at a bad time and I'm not saying you were doing anything wrong but now that you see see this statistic and I didn't know this until I saw this statistic that you know that's something that right away you could be uh converting 40% better if you stopped using that phrase right and then here's a a statistic that I found interesting especially for here at the mortgage calculator because we're so CRM based and and system based is that top sales performers tend to spend 18% more time updating their CRM what I mean by updating is you know using it t you know taking the notes from the call uh you know setting the tasks right so doing the things really using the CRM so when we say update we mean you know after the call we're putting in our notes and putting our follow-ups and all that kind of stuff so that's a really great thing too that's not a mortgage statistic that's just a general sales statistic but of course it's absolutely going to hold true to mortgages and probably most Industries there that people spending that extra you know bit of time are converting more right the top performers people who are selling the most are tending to spend more time updating and more time in their CRM which lets you know that it's working right so definitely important that's a that's a trait of the successful salespeople is using their CRM spending more time in it updating it more and that obviously translates into more sales for the top performers uh last slide here 70 so we're talking about emails on this slide this is interesting 70% of salespeople stop emailing after one email 70% % of salespeople only send one email well we know at the mortgage calculator we have our follow-up schedule which is going to send more than one email right uh so already as long as you're following procedures at the mortgage calculator you are going to be beating out 70% of salespeople that stop emailing people after that one initial email now I don't have it on here but I was looking at some great stat statistics too about how the email combined with the phone call is so powerful right there wasn't like a actual number to put in the presentation but it was just talking about how the email combined with the phone call is big and then at the mortgage calculator you know that we do the email phone call and the text message which again is really big because these multiple channels not only are contacting them in different places and hitting them at different points but it's bringing it all together to make sure that they understand that you're a real person that you actually were a person on the other end of the phone calling them that you actually then took the time to text them put you know by name about what they're talking about and then send them an email by name talking about what we were talking or what I was calling about right so it's the combination of all three not only touching them in the different touch points but also bringing it all together to make them understand you're not like a robo call you're not a robo text right it's it's all of them together not just a spam email when you combine all three of those it's like okay this is actually a real person that's trying to get a hold of me right um the next stat here 33% of people um open emails based on the subject line alone so that should let you know spend some you know good time on your subject line and here's a great fact subject line word count with the higher open highest I should have put highest there sorry about that with the highest open rate is seven words right so that's interesting to think about 33% of the people are going to open the email based on the subject and the best count of words on a subject is seven words so if you're putting a great email subject that's around seven words you're optimizing your chance of people actually opening that email right so couple good things on email there obviously we're going to follow up with more than just one email even if the client's not responsive after our first few tries remember we're always going to put them on an action plan that's going to automatically email them but when you're sending emails just take that extra time now that you've gone through this training of saying huh okay I need to really make an effort here to put a great subject line together because 33% of people who look at this are going to you know open it based on that and I should try to stick to around seven words that's what tends to be the uh highest open rate when you're talking about a word count on an email subject so those are the email statistics so I'm going to come back here and just go over everything again here real quick obviously first minute we need to Callum remember this isn't us this second bullet point this isn't us here at the mortgage calculator we're definitely not waiting five minutes to call them so none of us should be worried about that but that lets you know how drastic the drop is and why it's so important that we do what we do and we always must be first we want to get in front of them first we want to call them first we W to quote them first that's another big thing here at the mortgage calculator it's not just about speed to lead it's about speed to quote and that's what goes into this as well as far as talking about the sale goes to the first company that responds first well a response could also be considered a quote right who's going to give them the quote first or the Le first or whatever it is that the companies they're talking to are going to provide them with the you know data of what they're asking for whether it's a quote or Le or estima fee worksheet or whatever it is it's about speed to quote too so remember what we talk about on our CRM training the fact that obviously you're only going to take a lead if you can call them within the first minute but also keep in mind that you should be able to quote them soon too so I'm not saying you can't take a lead while you're driving in the car right as long as it's quiet and professional but what I'm saying is make sure that you're in a place where you're not going to wait three hours to quote them because it's not just about speed to lead it's about speed to quote every minute that passes by after we spoke to them that we don't send a quote we get further and further away from their mind the open rate of that email that we send them with the quote goes down more and more every single second that clock is ticking that percentage rate of whether they're going to open that email or not is just going down as you can see here every statistic you look at it doesn't matter whether it's a call or an email or a quote or whatever it is sending them the information every second that you wait the conversion rate just keeps dropping and dropping imagine if you waited two weeks to send them a quote the conversion rate would be nearly zero because you waited two weeks so that's a drastic example but you know that just kind of shows you it absolutely is dropping off every single minute that you don't send that quote so not just about speed to lead with us also about speed to quote we want to be the first person talking to them the first company to respond to them and the first company to give them numbers to look at and now we're following up about our quotes as opposed to just trying to get a hold of them other companies are still just trying to get a hold of them we already quoted them we're talking about the quotes right and and we're moving forward and then remember best time to call especially for us is on the weekends because again it's something personal it's not some B2B that they're sitting at work they want to talk to us during work right if we're B2B that's what they're at work for but when it's something personal like this weekends is always great time to call uh 4: to 5:00 pm on weekends tends to be the best time to call Studies have showed and the worst time to call is Friday afternoons evenings which I'm sure we all understand people are just checked out in general whether it's from work or personal they're just ready for the weekend and then again big thing here some some of you literally can improve by 40% here just by stop using the did I catch you at a bad time also a much higher conversion rate by making sure everything you do is our us we we're in it together I'm with you we're fighting for the same thing which is to accomplish your goal I'm here with you fighting with you to accomplish your goal against anything and anyone that may stand in our way of making that happen and remember top performers what do you see consistently with top performers that they're doing more they're using their CRM more and they're updating their CRM more and then again the recap of the emails make sure to keep emailing them obviously and take some time to think about your subjects uh when you're emailing them and craft them and make them nice and keep that seven-word count in mind as well all right well I don't see any questions so I think we will go ahead and wrap it up then obviously these are just statistics that I pulled there's a million other statistics but at the end of the day the theme that holds true through everything is speed speed to lead speed to quote keep emailing keep following up I mean every statistic here is basically talking about getting to people quickly and following up with people more right so that's always our number one goal here at the mortgage calculator so no questions still we'll go ahead and wrap it up remember 12: PM Eastern we do this show every weekday where we go through more of the front end of mortgages appreciate everybody tuning in we will see you tomorrow 12:00 p.m. Eastern for the next episode of the loan officer sales train