Getting the most from your leads

The element, lead, may not be the world's most valuable mineral; but a hot lead is as good as gold for people in the mortgage business. Leads are what the smart mortgage originator turns into closed loans. The treatment of the lead by the loan officer from the moment it arrives to the time it closes, dictates success. Here are a few ways that you can turn your leads into real mortgage business: Transition from cold to warm When consumers make a large investment in a home mortgage, they need to establish trust over a period of time. Any lead that you get should be treated as a potential sale, no matter how cold it appears at the time. If a person contacts you, but isn't ready to buy right at that moment, keep in touch with her. When she's ready to move, you'll likely be her first call. Strike while the iron is hot This is the age of rapid communication. If you aren't armed with all the rapid response gadgetry of the twenty-first century, then you better head over to the nearest Radio Shack. Consumers today expect immediate communication. When a lead calls, make sure you respond to her as quickly as possible. Be in the know for what they want to know Part of your continuous contact with a lead is to establish yourself as a knowledgeable resource-the mortgage expert. Answer any and all questions that she has about mortgages. Learn ancillary topics, too-such as real estate, and basic tax treatment of mortgages. While you don't want to provide answers to topics you're not licensed for, you should at least be able to steer people in the right direction. When it comes to leads, don't take anything for granted. Any pro will tell you that a cold lead today could be the hot ticket of tomorrow. Superman couldn't see through lead, but as a mortgage lender, you should be able to see how any lead can become a gold mine.