How to Master the Mortgage Market

It’s no secret that the mortgage industry has changed a lot in recent years. In the new purchase-driven market fueled by digital mortgage trends and fierce competition, lenders must adapt to longer buying cycles and continually optimize their strategies based on borrower needs and expectations.

Sales success now requires a highly customer-centric approach focused on responsiveness, personalization, and integrated software that helps automate the process. To learn more, Velocify recently caught up with a few mortgage clients to gather first-hand tips on how to master the mortgage market.

Mortgage Tip #1: Adapt to a Longer Sales Cycle

With longer buying cycles – sometimes taking more than a year – the purchase market requires a much different contact strategy compared to refinance. Lenders must adapt to the longer sales process by employing a highly strategic and flexible approach to help nurture borrowers through close.

Ultimately it comes down to understanding borrower expectations and delivering the right message at the right time. To know what’s right for your business it’s important to continually test out different contact strategies, then evaluate what’s performing best. You may be surprised to see how small modifications to your contact methods or messaging can impact ROI in terms of increasing conversion rates, response speed, talk time, and more.

Mortgage Tip #2: Stay Engaged Before, During, and After the Purchase

While lenders often win business based on how quickly they’re able to make initial contact with a new lead, there’s more to success than maximizing speed. In the current market, it’s imperative to prioritize customer experience with a long-term nurture strategy.

Today’s borrower expects personalized communication and high-touch service throughout the purchase process. So once you’ve made contact, stay engaged with a customized call, SMS text message, and email strategy to drive conversions. After the sale closes, continue to nurture your relationship with borrowers through automated email marketing campaigns, and look for ways to maximize lifetime value with repeat business and referral opportunities. Remember, if they have a positive experience working with you, customers are more likely to want to do business with you again – not to mention refer friends and family.

Mortgage Tip #3: Track Performance to Perfect Your Process

Mortgage is an extremely complex business, but technology can help simplify it through advanced data analysis and actionable reporting. Improve sales performance by leveraging software that offers deep insights into lead funnel activity and performance.

With full-funnel visibility, you can drill-down lead data on a granular level to identify sweet spots from a performance perspective – both with your lead providers and with your team of salespeople. Analyze how different segments are performing and which lead attributes yield the highest purchase conversions; then modify contact strategies, distribution programs, and lead sources to optimize and scale your business for success.


About the Author: Rachel Lurie is the Customer Advocacy Marketing Manager at Velocify where she promotes and champions customer success through dedicated marketing and advocacy programs, and works closely with customers to develop and share their unique sales acceleration stories. Rachel has a B.A. in Communication from the University of California, Santa Barbara and 10 years of combined experience in marketing, advertising, and client services.

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