You see; leads are a powerful resource to have. Today’s leads are tomorrow’s origination, or next month’s, or next year’s. Therefore, it is important for you to understand the importance of your leads. One important concept for you as an originator or broker is the ability to create a workable senior prospect database. This database enables you to market to your prospects now and in the future. By putting your senior prospect leads in your database, you are securing a lucrative future for business, originations and ultimately referrals. The more senior prospect leads you have in your funnel, the more originations you’re going to have down the road. Why? Because you have the list and you are going to devote yourself to be constantly standing in front of them. Where Oh Where Has That Little Lead Gone? Question: What happens when prospective leads are not put into the funnel? Where do they go? Let’s say that you capture a reasonable amount of prospects and work the entire incoming leads. You discover there are some seniors who are ready to go now. So, what do you do with the rest of the leads who were not ready? My guess,
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many of those leads may get lost! Why? It’s probably not intentional, but because of the overwhelming nature of just doing business and living life, many of those leads just get lost and unfortunately end up in the trash can or a scrap piece of paper, then lost forever. When I first started in the reverse mortgage business, I had hired a loan officer who was struggling. He had been working in the business for 6 months and had only closed 2 reverse mortgage loans. He came to me discouraged. I suggested he go back to his old leads and call them again, send them information, or touch base with them in some way. His response was “What Leads?” I mentioned he had been given over 100 prospects, “What happened to the other 98?” The loan officer stared at me and confessed, “I threw their stuff away. I didn’t think I would need it.” Well, I have to tell you this was a wake up call for my loan officer and for me. Sometimes that which causes you pain can make you stronger. What is the Price of Lost Leads? What is the ultimate result of a loss or discarded lead? Well, really there is only one answer to that question. You will have to seek out more leads. And thus, (if not corrected), the process will begin again. Yes, you’ll pour more money into purchasing leads, make the quick originations, loose or
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