The LO Down LOCO - Lead Conversion

What are these Loan Officer Collaboratives (LOCOs) & what value do they bring you?

Mastering Referrals and Conversion: How to Build Better Partnerships and Boost Results

For Loan Officers (LOs), referrals are the lifeblood of business. However, success doesn’t stop at receiving a referral—it hinges on how well you nurture partnerships, convert leads, and track your progress. Here are some of the actionable insights discussed at the most recent LOCO to elevate your referral game and maximize conversions.

Receiving Referrals: Setting the Foundation for Success

Your referral partner’s introduction can make or break the client’s journey. Here’s how to ensure success:

• Coach Your Referral Partner: Teach them how to introduce you to clients effectively.
• Define a Quality Lead: It’s your responsibility to educate your referral partners on what qualifies as a strong lead. Set clear expectations to save time and improve conversion rates.
• Monthly Business Meetings: Treat your referral partnerships like business relationships. Regularly evaluate performance and discuss areas for improvement to keep things on track.

Tracking Conversion KPI’s: Know Your Numbers

Monitoring the right metrics gives you a clear picture of your business’s health. Focus on these key performance indicators (KPIs):

• Source of the Lead: Identify where your leads are coming from to optimize your efforts.
• Credit Pulls to Funding Ratio: Track how many leads turn into funded loans. This is a critical indicator of your ability to close deals.
• Marketing Dollars Spent to Leads Generated: Understand your return on investment (ROI) to refine your marketing strategy.
• Leads Generated to Leads Converted: Keep tabs on your conversion efficiency.
• The Power of an LOA: Hiring a Loan Officer Assistant (LOA) can be a game-changer. An LOA helps you focus on high-value activities by handling administrative tasks and keeping the pipeline moving.
• Referral Partner Scorecard: Develop a scorecard to evaluate your referral partnerships. Share these insights with your partners to foster transparency and identify areas for mutual improvement. If a partner’s score is low, decide whether to rehabilitate the relationship or move on.

When a Partnership Drifts

No relationship is immune to challenges. When things feel off, tackle it head-on:

• Address the Drift: Be honest and direct about what you’re feeling. Open communication is key to resolving issues.
• Remember It’s a Partnership: Desperation is not a strategy. Maintain professionalism and focus on creating value for both sides.

When to Follow Up

Strong partnerships are built on consistent, authentic communication:

• Treat It Like a Relationship: Don’t get bogged down by rigid schedules for follow-ups. Flexibility can strengthen the bond.
• Work with People You Like: Prioritize partnerships with people you connect with personally and professionally.
• Leverage Transaction Touchpoints: Use every step of the transaction process as an opportunity to check in and strengthen the relationship.
• Call Because You Care: Genuine interest goes a long way in building trust.

Recommended Resources

Sharpen your skills and grow your business with these valuable tools and insights:

• Book: Exactly What to Say by Phil M. Jones – Master conversational techniques to influence and connect with clients effectively.
• The Blue Beast: The CORE Coaching Program’s Lead and Profit Trackers – Essential tools to stay organized and track your performance.
• Denise “The Mortgage Nerd” Donoghue’s Buyer Presentation: Explore her YouTube Channel for insights on delivering value to clients.
• Big Life Home Loan Group Resources: Proven strategies for lead generation and conversion from Cornerstone Home Lending.

Check out the feedback that these LOCOs have been receiving:

Want to join in?

Reply back to this email with the word "LOCO" and I'll make sure you get the invite to the next Loan Officer Collaborative on Friday, January 3rd.