One of the most widely known Real Estate Lead sources in the country for the mortgage and real estate industry is Lending Tree. People who need a mortgage have trusted Lending Tree to protect them and thousands of borrower’s apply through their online service to get a mortgage quote at lendingtree.com . This is also a sought after real estate lead source for mortgage professionals.
[message type=”success”]The main challenge for the mortgage loan officer or real estate professional with a Lending Tree borrower is gaining the borrower’s trust.[/message]
In a traditional borrowing scenario, someone who wants a loan would go online or call up a lender to apply for a loan. Then the borrower would wait to see if they were approved or not and what the terms were for the loan. The research on the lender is done ahead of time and there is a level of trust already established.
Lending Tree effectively changed this relationship and put the borrower into control of the situation. The mortgage professional will need to get to the borrower quickly and professionally to earn their business. The loan officer could look like a telemarketer pitching a real estate lead if they are not careful. In addition, the borrower is immediately on the defense due to the barrage of calls they instantaneously receive when they submit their application. The borrower doesn’t know you from anyone else so it is imperative that you establish trust immediately. Even though Lending Tree has screened your company thoroughly, for some reason this may not always clear to the borrower.
The first person to reach the borrower has a HUGE advantage.
There will be others trying to get through on the other line to the person you are talking to, so the situation can become awkward quickly. You will need to make light of this and help the borrower feel at ease. If you can establish trust, provide great service and deliver the options that are best for the borrower, your conversion rate can be 50% or higher. The interest rate is important, but the connection you make will be the deciding factor as to who they will move forward with.
Most people shopping for a mortgage are a little nervous because they have seen the headlines over the past few years and the mortgage industry has gone through dramatic and extreme change. They understand the value of a real estate lead to mortgage professionals. They have friends and family members who have lost their homes due to foreclosure, are behind on payments or who had to short sell their home. This has affected everyone in one way or another. Borrowers need to know that today, loan officers are licensed, regulated and that there is no incentive in a higher rate or closing costs. The only way loan officers are compensated is in the total loan amount. These facts are new to them and if not explained, they may think things are the same.
The positive steps the mortgage industry has made over the past few years were not clearly communicated to the public so it is your job to make them aware. The company or loan officer with the lowest rate will not win the business if you have done your job and built trust and confidence in you with your borrower.