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Here is a Quick Way to Own Your Local Mortgage Market
2008-05-07 14:27:00
Are you still fighting against using the Internet in your mortgage marketing plan? That stubbornness is most likely losing you new opportunities and even worse past clients. The facts are clear, up to 75% of borrowers go online to research their mortgage. And the current market, rate, and home value volatility is only going to make that a more solid trend. Why would you jeopardize your mortgage business? The Internet is more than a strategy for big National lenders. In fact, more than ever the hyper local Internet strategies are the most effective. People are going to do their research online. People are going to submit their name and telephone number for more information. Why would you let the competition have that opportunity? Here are 5 easy steps to own your local mortgage market and make sure you have a shot at every local borrower that uses the Internet to look for a mortgage: 1. Get a Website There are a lot of very simple ways to do this from Google Page Creator to finding a...
More About: Market , Mortgage , Local , Quick

Twitter, Your Latest Sales and Marketing Tool
2008-05-06 12:03:00
Have you heard of Twitter ? Chances are you haven’t, but everyday I see more and more loan officers and realtors pop into Twitterland. So, chances are your competitors have. I may do a more complete post on what it is and how to use it effectively in your mortgage business and as a part of your mortgage marketing, but until then listen to my discussion with Owen Raun, of RMC Vanguard about Twitter. And, of course get an account and follow me. This has become the fast beeline to a conversation with me. I love creating discussions and learning from my colleagues in this forum. Join me! ShareThis
More About: Marketing , Sales , Tool

Build Your Mortgage Marketing on Financial Education
2008-05-05 12:00:00
As the market tightens and credit standards make it more difficult for borrowers to qualify your marketing needs to be fine tuned. This is no longer the days of everyone needs to refinance their mortgages for lower rates and better payments. This is a market centered around avoiding payment shocks, improving credit, securing equity, and stabilizing your personal balance sheet for a potential recession. Unfortunately, these customers are hard to find and most don’t even know they are headed for trouble. This point was highlighted in this recent Forbes “Mortgage Meltdown” article, that cites a report by the FTC (PDF)  commissioned by the Federal Reserve:   Of those surveyed, 25% could not identify the annual percentage rate of their mortgage, and 25% could not identify the amount of settlement charges. Half could not correctly identify the amount of the loan. Two-thirds were unaware of prepayment penalties that could be charged during refinancing. Three-quarter...
More About: Marketing , Education , Financial , Build

Is the Internet Important to Your Local Real Estate or Mortgage Business?
2008-05-01 19:39:00
Is the Internet important to your local real estate or mortgage business? Apparently, the answer is a big–YES! I know I already hear the comments: “Bill, all my business is referral business.” “Internet leads suck!” “People on the Internet are only window shopping. They never buy anything.” “Internet only works for the big National guys with lots of money.” Well, I think Missy Caulk and her Team in Ann Arbor, MI might tell you are headed to the poor house with your stubbornness: The Missy Caulk TEAM had 9 of those closings in April, making us with about 11% of the total closings. Of the nine closing we had in April, three of the clients were referred to us, and six were buyers from the internet. My thoughts are, if you are a Realtor and not working the internet you are missing out. Since 77% of all buyers are going on line to look for houses, you must have a STRONG internet presence. When I say strong, I don’t mean a web site. ...
More About: Business , Estate , Real Estate , Mortgage

Big Success is about Stocking Your Private Fishing Hole
2008-04-30 17:21:00
I remember growing up and my Dad always talking about his secret to fishing success. He would say, “Billy, the biggest and the best fishing is in these little private ponds.” He was on to something…Then, in 1999 Seth Godin wrote his seminal book “Permission Marketing” that touched off so many other innovative marketing mind altering quick-reads. But, the key concept that may apply more today than ever before gets lost in the subtitle: “Turning Strangers into Friends, and Friends into Customers.” This is really the difference isn’t it?This concept, my friends, is the secret to BIG success.How Mortgage Brokers Get it WrongOften I see sales professionals hop from one hot commodity to the next. You sell mortgages when they are flying off the shelf, then cars, or insurance. You tell yourself, “it doesn’t matter I can sell anything.” Yet, what you really know inside is: I can’t sell anything, I don’t know how t...
More About: Fishing , Success , Private , Hole , Stocking

Is Pay Per Lead for Your Mortgage Business?
2008-04-29 14:50:00
If you are a mortgage broker you have certainly received the frequent call from pay per lead mortgage lead providers. They tout high quality, superior ROI, and dramatic growth; which all may be true, but only if fits your business. This type of marketing requires a specific understanding of the marketing used to generate the lead and the unique sales processes that can ultimately convert them consistently. Let’s take a closer look at the factors that may make pay per lead a good or bad fit for you.Understanding Pay Per Lead MarketingPay Per Lead is the ultimate result of a myriad of marketing techniques that produce a customer inquiry or lead, which can be sold to a sales team. First, let’s look at the marketing that produces a lead. Typically, two primary techniques are used to produce a mortgage lead: email marketing and paid search. Both techniques are highly specialized disciplines within marketing that notoriously require scale (large email lists or significant adve...
More About: Business , Mortgage

Increase Your Good Conversations
2008-04-21 12:08:00
I have long been an evangelist of The Cluetrain Manifesto, which at its core has the premise that markets are conversations, but it was until a few months ago for it to really hit me that success in sales is really tied to the same premise–good conversations.So often, we in sales, are tied into a manufacturing mind set fostered by language like pipeline, production, and conversion. Don’t underestimate the power of focusing on these concepts. However, today I want you to step back from the metrics, efficiency, maximizing units, and analyzing funnel ratios. Let’s think about the bigger picture.People would much rather buy things from people they know, even better people they are friends with. Those kinds of relationships start with conversations, and are matured into friendships with conversations.Naturally, it follows that the more conversations we have the richer a lot of things will be in our lives, not the least of which is our sales pipeline. Give it a try. Forg...
More About: Good

GTD Sometimes Just Means Getting Started
2008-04-02 12:21:00
I will officially confess my affinity for productivity porn. I have read David Allen’s Getting Things Done and enjoy the pearls at 43Folders and LifeHacker. I have even been known to fill a few moleskins in my day. Luckily, I appear to be in good company with Marc Andreessen, whose modified GTD is closer to my own processes. But! Far too often we get bogged down in the preparation to be productive. Or, sometimes even worse, the tracking of that productivity. This has long been a frustration of mine. The business world is littered with consultants, pundits, critics, analyst, and my personal favorite–silver bullet business books. Each can be incrementally valuable, but most times they are simply a distraction to simply getting started. My recurring itch for this topic was flared today by back-to-back posts at LeadCritic on reports and metrics. You can see where I am going with this if you have ever crossed my banter on this topic in the past, on LeadCritic: As you will see...

Time to Get Social with Your Clients
2008-03-27 16:12:00
Social Media, Community, and Conversational Marketing is all the talk in tech circles. It is not just a geek topic. It should be effecting your mortgage business. Stop sending out handwritten fake personal notes and mindless email blasts to your clients. Get personal, get real, and get social. Chris Brogan, a social media mogul (wouldn’t you say Chris?–I know you are reading this), has given you the social blueprint: Find your style/voice and your goal Build your storefront (blog) Fund it with the right ad partners Add value (ideas) Make your About and Contact say “Call Me!” Promote it Build a community A sense of motion, enthusiasm, and interaction is powerful in getting your current prospects and past clients to engage with you to solve their problems. Homeowners and borrowers are as nervous as you are about the market. They want to talk to someone that they think is sharp and real. Here are some great models: Owen Raun  Tony Gallegos Todd Carpenter Dan...
More About: Social , Time , Clients

Top 100 Tips for Lead Management and Sales Success
2008-03-26 17:20:00
I have been thinking about a resource like this for months. Being in the business of providing lead management software to hundreds of sales forces, I am constantly ask for resources on how to get the best out of lead management and build top performing sales teams. So, here it is the top 100 answers and resources in no particular order (feel free to add to this list with your comments): First, get the lead management lead providers like to brag about Keep it simple. Start with a simple sales process. Then execute, measure, adjust, re-execute Learn about Internet lead generation and how to leverage them to grow your business Don’t call them leads. You will start treating them like leads, and leads don’t buy anything Make sure your lead management process help foreshadow and set expectations for your customer Don’t forget to tell past clients what is going on in the market Read books by these guys: Jeffrey Gitomer, Seth Godin, Robert Cialdini, Zig Ziglar Lead m...
More About: Management , Tips , Sales , Success

Is Lead Management Important to Mortgage Loan Officer Success?
2008-03-14 14:45:00
I think so. But, maybe you should ask Acceptance Mortgage … By the way, notice they are growing, not contracting. Give them a call and see how important lead management is to their growth strategy.
More About: Management , Success , Loan , Officer

Persistence, Not Repetition, Gets the Deal
2008-03-14 14:03:00
Another pearl from Seth Godin, on Persistence : Persistence isn’t using the same tactics over and over. That’s just annoying. Persistence is having the same goal over and over. It doesn’t need much explanation, but I will try to add a bit of value to my audience of sales professionals. We are often told to hit the phone, pound the pavement, fill the pipeline. What if we altered our perspective to: My goal is to make sure every person in my sales pipeline is maximizing their business in the area of expertise I provide–even if it is not with or doesn’t require my product. I used the term persistence 4 times in this post yesterday. Are you repeating your last call or conversation or are you adamant about accomplishing your client goal?
More About: Deal

Mortgages for Nudists?
2008-03-05 16:26:00
Ah Ha! Got your attention. Believe it or not there might be a loan producing strategy in that headline. Two great pieces this morning on how specializing on niches in your mortgage and real estate businesses might be the down market strategy you have been looking for: Real Estate agents serving dog-lovers, eco-friendly, and nudists  Mortgage brokers serving FHA borrowers that need a loan in Ten Days Anyone else know of others serving interesting niches in the real estate or mortgage business? Comment below.
More About: Mortgages

Mortgage Lead Management–Keep It Simple Stupid!
2008-03-03 12:34:00
This probably sounds crazy coming from a mortgage CRM provider. Sure we sell a great mortgage lead management software complete with more bells and whistles than you can imagine. BUT, here is the dirty little secret of successful Internet mortgage originators: K.I.S.S., measure, adjust, repeat. That is the topic of my guest post over at Lead Critic. If he is not in your daily reading already you should add it. No blog gets you closer to being an insider in the Internet lead generation business. Enjoy the post and be careful not to let your need for complexity grind up good customers and more loan production.
More About: Management , Mortgage , Stupid , Simple

Lead Providers Pitch the Value of Lead Management
2008-02-26 16:04:00
My new favorite mortgage podcast is ZipSearch Radio! They start just a few weeks ago and have already put together several top notch shows on the mortgage market, mortgage leads, and now mortgage lead management. Although they feature one of Kaleidico’s (my company) competitors during the show I encourage you to listen. Key points to listen for in the ZipSearch lead management podcast: Mortgage lead success is connected to the management of lead distribution, salesforce, and follow-up Lead management can help you optimize lead buying, lead distribution, and sales processes Brief conversation on the debate between push and pull distribution, the debate between accumulating aging inventory (leads) or just-in-time manufacturing (sales) Top line (that’s right REVENUE!) point seems to be that even to most simplistic lead management process and system will begin to improve and scale your sales success. The question then becomes what system can help you get the maximum result...
More About: Management , Pitch

Tease with Payment, but Close with Goals
2008-02-22 18:54:00
Anyone in the mortgage business, especially during the latest refinance boom, has learned a habit of teasing borrowers with payment. It is certainly not a horrible practice if done with integrity. It is certainly what every home owner or prospective home owners want to know and can most quickly grasp. However, when it gets down to counseling your client on the best loan program for their situation it needs to come down to financial goals. Dan Green, of The Mortgage Reports shows very clearly how, even in this market the choice between a fixed rate and adjustable rate in not necessarily a “no brainer.” Remember you are a financial professional. So, know your client’s financial situation and goals before you close the deal.
More About: Goals , Close , Payment

Mortgage Leads or Customers? Maybe Citizens?
2008-02-20 17:16:00
I often talk about showing mortgage “leads” the respect of being a “customer inquiry” or “Internet referral.” But, maybe Seth Godin’s suggestion of calling them “Citizens” would be even better. The Top Line (that’s right the revenue part) is that you should be treating consumers in all of your channels include Internet mortgage leads as opportunities to build respectful, trusting, valuable, long-term relationships. Perhaps the first step in changing what you call them?
More About: Customers , Leads , Mortgage

Close More Loans by Setting Expectations
2008-02-20 14:55:00
Chris Johnson, an Ohio mortgage professional, just spent the early hours of his Tuesday morning increasing his pipeline closing rate. The technique was simple, but powerful. He sent a quick and courteous email to all of his applicants in underwriting or processing, letting them know that he was working hard for them, he cared, and letting them know what the heck they are waiting for. Setting expectations and communicating with your mortgage clients is critical to closing mortgage deal. And, as I have said before, the most dangerous time in your pipeline is “in-processing” this is typically when the borrower experiences a deadly silence. A silence I have cautioned against in the past. In fact, this is such a dangerous time and such a productive opportunity for mortgage competitors to win back a lost deal we teach how to use our mortgage lead management system to win these deals. It is as simple as automating a loan officer alert to check back with borrowers lost to compet...
More About: Loans , Close , Expectations

5 Reasons I am Bullish on the Mortgage Industry
2008-02-12 15:15:00
A lot of mortgage brokers and bankers are pondering where the market is heading and what they should be doing. Despite the media pundits and doomsayers, I for one am very bullish. Why? I look at the growth of my own mortgage lead management company, primarily fueled by the mortgage industry’s sales force, which has surged at an unbelievable rate since October 2007 I am seeing very strong and motivated mortgage professionals that were displaced by large mortgage company implosions and down-sizing reforming into very capable small to mid-size regional and national lenders. Additional strengths in these shops include: Solid foundations in knowledge, compliance, and technology Focused on solution selling and client fulfillment Marketing savvy and willing to do the hard work in sales Most importantly–They are being built like businesses not fly-by night, beer money, checking accounts They are building a client base and focusing on serving that base with education and co...
More About: Industry , Mortgage , Reasons , Bullish

Realtors are kicking our Mortgage Butts in Web 2.0
2008-02-12 13:17:00
Owen Raun just returned from Inman Connect in New York and funny enough had almost the same reaction that I had when I attended the previous Inman conference in San Francisco. Owen’s recent thoughts on Inman Connect, NY: Unfortunately the mortgage industry at Inman was not well represented. I know that Realtors are the focus at Inman but there is much we can learn from the topics covered. After my first 6 months learning how Web 2.0 effects our industry… here are some basic observations about our industry: * We are behind Realtors in embracing web 2.0 practices. Way behind. My thoughts on Inman Connect, SF: My first impression? The Real Estate community is much more collaborative and cohesive than the Mortgage community. Sites like ActiveRain, RainCityGuide, BloodHound Blog. How ironic. Suggestions for catching up? Comment below.
More About: Butts , Kicking

Best Practices in Lead Generation
2008-01-17 17:45:00
There is a fray a foot on Lead Critic! One of Lead Critic’s guest authors unearthed a messy little co-registration on steroids mortgage lead generation application. Is this a good or bad practice? Do you have an opinion or thoughts? Lead providers, lenders, lead buyers, lead sellers, affiliates, consumers–weigh on "Penalty for Unnecessary Roughness" at leadcritic.com.
More About: Generation

Looking for Exclusive Internet Leads?
2008-01-14 14:29:00
Are you one of those loan officers that have sworn off buying Internet leads because you have to compete with other lenders for the borrowers attention and business? Well, now may be the time to reassess that position. An interesting lead market analysis by Lead Critic shows that while searches for "mortgage quotes" (i.e., borrowers) continues to be consistent and steady the search volume for "mortgage leads" (i.e., lenders and competitors for Internet leads) is rapidly descending. The good news: far less competition on each lead you buy The bad news: as Internet leads become increasingly exclusive they will have to get more expensive
More About: Exclusive , Leads

Improve Internet Lead Buying and Conversion
2008-01-10 16:02:00
Internet leads can be a frustrating discussion for many in the mortgage business. It is almost a love/hate discussion. We know so many prospective borrowers are starting here (upwards of 70%), but most have not been successful in consistently buying and converting them. I contend the problem is one part perception and attitude and two parts process. To build or scale and idea you need passion and a repeatable process. Everything else falls into line after that. To that end I thought I would help out a bit. I expect you to add the passion, it is about your success after all. However, I am going to give you the framework for a repeatable process in Internet lead buying and lead management. Take a look at my 10 part series on Internet lead buying and sales processes, guest posted on leadcritic.com. Tags: lead buying, Internet leads, lead management
More About: Internet , Buying , Improve , Conversion , Lead

Happy New Year Mortgage Market, What are Your Resolutions?
2008-01-02 16:28:00
Thank goodness 2007 is behind us and hopefully words like implosion, meltdown, and crisis that have been added to any description of our business! I am excited about the opportunities and those with the same positive frame of mind a destined to make a dramatic ascension. Of course no New Year would be complete with out New Years Resolution. Here are a few resolutions I see shaping up in the mortgage industry: 1. Internet becomes more than a national call center marketing channel Mortgage brokers and lenders finally embrace the Internet as a viable means to grow local branches as well as national brands. Local brokers and lenders will seek out the powerful combination of lead providers and lead management that can get hyper-local. Segmenting and distributing leads generated from national campaigns right down to the loan officer that can meet that Internet borrower in their local coffee shop in the next few minutes. 2. Lead generation efforts will increasingly focus on tangible consu...
More About: Market , Happy , Happy New Year

How to Monetize Your Aged Internet Leads?
2007-12-21 20:17:00
How can you effective monetize your aged Internet leads? Resell them to lead providers or lenders? No. CALL THEM! Jason Kort, of SoftVu, does a very interesting LeadCritic guest post on "The Truth about Aged Leads ." Turns out in their 4 year market study that 58% to 76% of borrowers are still looking for a loan–after they have been discarded as "aged." Lead nurturing has always been a money maker. In this market it is going to be the difference between success and failure.
More About: Monetize

Lead Marketwatch–Scammers Beware!
2007-12-14 15:10:00
Sorry I have been on a brief hiatus, but we are working on some very exciting stuff at Kaleidico and it has absorbed my undivided attention. I am wrapping most of those projects up and will be back to my regular schedule. However, I thought a couple of recent events warranted a quick post. As most of you know Kaleidico hosts an increasingly important tool for both lead buyers (brokers, lenders, and banks) and lead providers (lead exchanges and lead generators)–Lead Marketwatch . This simple widget is the only live performance metric on Internet leads in the market. Lead buyers use it actively in their lead buying decisions, other websites have picked up the Lead Marketwatch widget through Google Gadget syndication, lead providers are given free links in the widget, and some even actively market their performance rankings. Needless to say, for that reason, we take that responsibility VERY seriously! This weekend and throughout the week we detected a lead provider attempting to c...
More About: Beware

Speed Matters in Lead Management
2007-11-05 16:42:00
Often times we import bad habits from old business models as technology and consumer behavior takes us into new paradigms. Mortgage originations moving online is one such scenario. Lead Qual, a leader in lead response and lead qualification–hot transfers–proves that speed matters in lead management: Does this scenario sound familiar? Bob the realtor gives Cindy the mortgage broker a referral. A young couple hoping to buy their first home. Cindy thanks Bob and suggests she treats Bob to lunch today (hoping to shake out another referral or two). Meanwhile, the young couple’s contact information goes on the yellow tablet next to the phone. Cindy thinks, I will call them tonight when they are probably home from work. Cindy proceeds to finish a few files in process, takes Bob to lunch, calls a few of her other referral partners now that Bob has put them top of mind. Cindy finally heads home from work, "oh, shoot!," she exclaims. "I forgot their number&nda...
More About: Management , Speed , Matters

New Zillow Product Targeting Mortgage Professionals
2007-11-01 15:32:00
The mortgage lead generation market is a notoriously crowded and certainly not as strong as in past years. This is punctuated in recent Experian reports: The share of U.S. subprime mortgages entering default in the first quarter was the highest in almost five years, according to the U.S. Mortgage Bankers Association, as the country had its biggest house-price decline since the 1930s. “The hit from the subprime mortgage market in the U.S. is quite worrying,” Seymour Pierce’s Lapwood said. And IAC/InterActive reports: LendingTree revenue fell 41 percent to $63 million because of the deteriorating mortgage market and a decline in real- estate values, IAC said. The unit posted an operating loss of $5.6 million and will have a loss in the fourth quarter, the company said. “It will be a very steep mountain to climb to get back to any growth” at LendingTree, IAC Chief Financial Officer Tom McInerney said on a conference call with analysts and investors. Ho...
More About: Product , Zillow , Targeting , Professionals

Try SmartHippo, Social Lead Generation
2007-10-31 14:21:00
SmartHippo has extended a special offer to existing Kaleidico clients. If your are interested contact your Account Executive. As you may remember, from our past introduction of SmartHippo, they are a new community approach to lead generation. If you want to learn more about them they were featured at TechCrunch40 and Lead Critic did an interesting in-depth interview. Tags: smarthippo, kaleidico, leadcritic, techcrunch40, lead generation, mortgage leads
More About: Social , Generation

LowerMyBills.com Improving Quality Despite Pundits
2007-10-30 17:07:00
LowerMyBills .com has taken it’s fair share of abuse over the last several months. However, there seems to be a trend emerging in application rates that speaks for itself. If you are not a LowerMyBills.com client or have been in the past you may want to take another look. If you are selecting online lead providers or looking to add Internet mortgage originations to your current business don’t forget to build a plan and do the math. Lead Marketwatch is a big part of this equation–giving you objective numbers to calculate benchmark marketing ROIs. If you need assistance or have questions about Lead Marketwatch feel free to call the lead management experts at Kaleidico: 866-667-5253 or www.kaleidico.com. Also, don’t forget to check out the other consistently strong players in this stack: www.zipsearch.com www.bills.com www.leadpoint.com www.low.com www.lendingtree.com Tags: lowermybills, zipsearch, bills.com, leadpoint, low, lendingtree, lead marketwatch, kalei...
More About: Quality , Spit , Improv , Ality