One of the biggest jobs on any mortgage professional’s plate is the search for leads – and it’s a never-ending one. But what about the leads you’ve already found – leads that perhaps didn’t pan out at the time, but might be viable down the road?
For many mortgage professionals, those leads just aren’t worth chasing up again. With so much time devoted to bringing in new business, there just aren’t enough hours in the day to check up on every unqualified customer to see if their situation has changed. But Sales Boomerang is launching a new service that can make those old leads a valuable commodity.
“Sales Boomerang is a service based around technology,” said Alex Kutsishin, chief marketing officer for Sales Boomerang. “It’s designed to give mortgage companies, banks and mortgage professionals the ability to receive alerts when an unqualified customer becomes qualified. It also gives you the ability to take existing customers and bring them back to you when they’re ready for another loan.”
Sales Boomerang connects directly into any existing CRM or lead management system like Velocify, Top of Mind or Lead Mailbox, Kutsishin said. It acts as a tracking and alerting system that “makes every single lead more valuable, especially the ones that don’t qualify.”
“The system does this automatically,” Kutsishin said. “There’s nothing the client has to do.”
Once a mortgage originator has a prospective borrower in the system, Sales Boomerang takes over.
“Let’s say you don’t qualify because of a rate. Let’s say your current loan was at 3.75% and you get it down to 3.2% – not worth the hassle. But if you could get 3% -- yes, that would make sense,” Kutsishin said. “You say, ‘I would love to do something, but it doesn’t make sense right now.’ I would tell the system, ‘Bring this guy back to me when something happens in the market.’ Let’s say the salesperson says, when he can get half a point off, let me know. If something changes and someone is offering, say, an FHA loan with a new program at 3.25%, the system will send you a message. Now I can pick up the phone and call him or send him an email. I can do a million things to get in front of that customer before someone else markets to him.”
Of course, unsatisfactory rates aren’t the only reason a prospective borrower may not pan out; many leads don’t qualify because of credit. In that case, the originator can add the customer to Sales Boomerang’s Credit Watch list. The moment the customer’s credit improves, the system lets the LO know.
Sales Boomerang anticipates virtually every reason a lead might not qualify and tracks for it, Kutsishin said.
“A lead doesn’t qualify because the LTV is too high? Add them to the Value Watch list and Sales Boomerang will bring him or her back when the LTV meets your target goal,” he said. “Did you just close a deal at a higher interest but could offer a much lower interest if the credit score was a bit higher? Put them in Credit Watch and we’ll alert you when your client is ready for a better rate.”
The system can also let LOs know when past clients are back on the market. By putting clients on Sales Boomerang’s Market Watch list, originators will be notified the moment they inquire about any home-related loans. LOs can also find out if clients on their Market Watch list are shopping around – Sales Boomerang will notify them whenever another company looks at a client’s credit report.
Keeping LOs up to date on old clients means that no lead is ever truly wasted – and not past client slips through the cracks.
“The average cost to generate a lead is around $60 or $70. We’re looking at less than $6 for the year to track one person,” Kutsishin said. “That’s pennies a day to track one client. You could track a client for 10 years and still pay less than you’re paying for a quality lead.”
Even a customer an LO isn’t able to help today has value. After all, the LO may be in a position to help that customer tomorrow, or next month, or next year. Too often, however, the relationship is over when that prospective customer walks out the door. The originator has to resume the hunt for new business, and the old lead falls by the wayside. Sales Boomerang, Kutsishin said, eliminates that problem.
“There’s no efficiency in over-consumption. There’s nothing efficient about constantly looking for new leads and forgetting about the ones already in your bucket,” he said. “What we’re really doing is putting people in the right place at the right time.”
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