Why do loan officers get ghosted?

If you haven’t been ghosted by a prospect you aren’t really in sales. It happens to the best of the best. 

But if you consistently are getting ghosted or just want to make some minor tweaks to improve your conversion ratio it might be time to look inward at your sales process and see if there is something broken.

Here are some reasons why mortgage loan officers and other sales professionals get ghosted. 

And it’s not because of lack of product knowledge.

Little or no Differentiation

This is a biggy. If you find yourself saying, “I do every type of loan.” or something to that effect as your opening pitch then stop everything else and spend as much time as necessary to get clear on your unique selling proposition. 

Here’s an example: My wife and I are in the process of getting our children their dual citizenship in Italy. I have it and they get it by birth right. I tried going to the LA consulate and doing it on my own. And then I realized it’s a lot of work, there are huge setbacks if you file your paperwork wrong, and Italy can be tough to deal with during this process. 

So, we hired a company that specializes in the application and approval process for citizenship in Italy. Because they have the relevant expertise in what we need. I didn’t just go our and hire an attorney to help. I found one that differentiates themselves in what I need. 

Overselling and under educating

You are most likely in sales so you most likely know this one already but just as a reminder: People shut down when they feel like they are getting sold too aggressively. The best of the best focus on identifying their prospects goals and providing solutions to help them achieve them. Educators over Closers. 

Read our article on “Lead Magnets” here to better understand tactical ways you can offer trust building tools up front rather than trying to strong arm someone into fill out an application.

Sh*tty or no follow up 

You may have heard the term “speed to lead”. 

Or “The fortune is in the follow up.” 

The mortgage industry is competitive. And it’s finally getting more sophisticated. Follow up is critical to make sure they don’t forget who you are. The stats on the percentage of buyers that use the same agent for their next transaction is insane. I have heard as little as under 10% of people who buy a home use their agent again. 

Now imagine a prospect who hasn’t used you yet for their loan. They need reinforcement that you are the right fit. And helpful follow up can make a difference. Beware the canned CRM content. My advice is to take time to create your own messaging in your voice. 

No Credibility Signals

“Trust but verify.” Remember, you know your worth and value, but your prospects and new referral partners may not yet. One major step in your prospect’s vetting process is doing their own research. 

And they are doing that research online. Looking at reviews, your website, your social feeds. These are all credibility signals that will help people make a decision of whether to ghost you or continue moving forward. 

We talk about this more in our whitepaper on marketing with mortgage calculators which you can download here if you don’t have it yet. https://www.vonkdigital.com/mortgage-calc-guide/

Timing

Sometimes the timing just isn’t right. I can speak for myself on this one. I hear from new clients, “I have following you guys for years…[insert reason why now is the right time for them]

Your best bet is to develop a nurture system you can keep in touch and provide value along the way. The extra effort is an investment in yourself and business and will pay off over time. 

In summary, if you need any help with improving your credibilty signals and you are a mortgage pro or mortgage company schedule a demo to explore our mortgage marketing website platform here. In the meantime look around our site at our demo sites, pricing, and foundational marketing services, check out our reviews, and ask around.

PS: Please excuse any grammar or spelling errors. This was written by a human whose strengths do not lie in writing. 🙂

To follow along for more marketing help and poor grammar let’s connect on LinkedIn here.

https://www.linkedin.com/in/anthonyvincentbalsamo/