Mortgage TOFU Leads are HOT
You need more TOFU in your Mortgage Lead diet.
In a recent publication, Mortgage Professional America gave a glowing review of Revaluate and the white paper that was recently published.
The article titled “Know who’s likely to move before you pick up the phone” was published by author Kimberly Greene. She concludes that automation can solve the loan originators dilemma – of who to call and when.
Previously, mortgage companies have purchased leads that are too late in the funnel. These leads may be costly and close at a low rate. What is too late? When prospects have:
a) pulled credit with another lender (way too late)
b) listed their home (and have been told by the agent who to use)
c) they already moved (perhaps you have a time machine also)
What mortgage companies and originators need is better timing. The right time is prior to buying, prior to listing and prior to a consumer getting a prequal from a lender. In the lead world, this is called TOFU or Top Of FUnnel.
The prospects in your database ought to be monitored – you need to know who and when to reach out to them. Frequently, databases are too large to self monitor, so Artificial Intelligence (AI) may be the solution.
Green wrote “Revaluate was founded with a mission to help real estate and mortgage professionals and those in adjacent industries improve their sales effectiveness and productivity by more accurately predicting who will move, so that they can better target their sales and marketing efforts to those people. The company focuses on using the prospects that already exist within someone’s database, and applies its proprietary algorithms and artificial intelligence to analyze the likelihood that someone will move—and need to find a new home or get a new mortgage.”
When the timing is right, the prospect has had a life event and intends to move. When you are the first professional to speak with the prospect you are 88% more likely to close the deal – beating the competition and growing the bottom line.
Depending on your history in the industry and corresponding database size, TOFU may not be the only source of your lead flow – but this artificial intelligence ought to be a solid staple of your lending lead diet.