We’ve all been there…

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We prospect for leads.

We receive a new lead. 

We execute the initial consultation. 

We work hard to structure the preapproval.

We may even update the preapproval after hours. 

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And when the borrower finally goes under contract…

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…they hard core rate shop you. 

…they may not qualify anymore. 

…they may back out of the contract. 

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Boom, there goes hours of your time and energy.

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And your commission right along with it. 

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You’re sitting there like @%!#^?

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It’s frustrating, but not everyone you work with will convert immediately. 

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And that doesn’t mean you should toss them aside.

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I see so many LOs operating in a short-sighted, transactional mindset and then fully miss an opportunity to play the long game.

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That used to be me. 

When I was stuck at $50M in yearly production, the two main tweaks I made that jumped me to $95M (in 2019, which was NOT a refi market):

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1. Delegating to an LP1 and LP2
2. Dialing in my Database Systems

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Here is one method to consider with tightening up your database.

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Categorize them in your leads and prospects in one of 3 ways:

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1. Inactive

2. Incubate

3. Credit Working

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What does each one mean?

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Inactive: this is a lead or prospect that has gone completely “dark” and won’t pick up your calls or texts. 

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Incubate: this is a lead or prospect that is communicative with you, but timing is not right or you didn’t earn their transaction the first go around. 

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Credit Working: this is a lead or prospect that is committed to you, qualifies on cash and income, but needs credit improvement.  

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Automate relevant follow-ups for all 3 of these groups. 

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Here’s how I do it:

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Inactive: Provide quick automated text follow-ups with until they ask to be removed. 

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Incubate: Provide quick automated text follow-ups with valuable education nuggets to keep these folks on your radar, and include them on your weekly email newsletter and engaged on your Instagram or TikTok account. 

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Credit Working: Provide a road map with mile markers on actions they can take and set reminders to reconnect as needed. 

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Having a dialed-in CRM with auto text message workflows is critical in all this. 

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So much of sales is about gathering more and more contacts that are in your forever follow up system. 

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It’s constant harmony between hunting and farming. 

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Grab mindshare to get market share. 

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That said, here’s what I want you to do before we head into Q2 of 2024:

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Reorganize your database accordingly and set those follow-ups and plans in place for each group. 

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See those relationships begin to flourish in the future. 

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And sign up for my webinar this upcoming Tuesday, because I’m showing you EXACTLY how to dominate Q2 and set the momentum for the rest of the year.

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If you feel like you’re losing that initial inspirational new year steam, then you need to be there. 

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