Top 5 Ways AI Benefits Mortgage Lead Management
May 27, 2020

Mortgage Lead generation is a must for your business.

In a disparate digital environment with leads coming in through so many different websites at all hours of the day, it can easily become an overwhelming proposition. It opens you up to human error, missing warm leads and resorting to catching up on leads via text messaging at 10:30 p.m. every night…or later.

Artificial Intelligence is rapidly becoming a viable option for your business. Deloitte found that conversational AI (A Bot that can carry general conversations through machine learning principles) is projected to grow 30% annually in the next few years. Real Estate is one of the fastest-growing industries to use AI platforms.

It’s a brave new world — but one that can provide you a dashboard of warm leads that lets you do what you do best: providing your lenders the best loans for the house of their dreams.

Here are five ways AI can benefit your mortgage lead generation efforts:

Response within two minutes

“The future of business and consumer communication isn’t voice, email or messenger apps. It’s in text messaging,” said Scott Heimes of ZipWhip in the company’s study of texting practices. According to their findings, 76% of consumers already receive texts from businesses and 75% of them feel frustrated when unable to reply to a business’s short-code text message.

That means that to stay ahead with leads, you have to converse with them quickly. You could text scores of leads within minutes of their first contact but that seems counterproductive (and can cause real damage to your thumbs). With an AI platform, leads will get a response within two minutes, keeping that mortgage loan lead top of mind.

👉 Read our FREE resource “The Definitive Guide to Mortgage Lead Generation in 2020”

Script customization

The same Deloitte study mentioned above found that real-time personalization of the AI platform can improve customer acquisition and increase revenue per customer. Having a lead script that feels like a conversation between human beings leads to a sense of authenticity but also keeps the lead funnel in line with your sales goals and needs. Even using emojis and having some mistakes in the text messages drive engaging conversations.

Qualifying leads 24/7/365

Dave Savage, the founder of Mortgage Coach, wrote in a recent LinkedIn post that local referred-based mortgage brokers need to automate everything they can. “Attention local loan officers, this means using your CRM daily and leveraging every technology you can to improve the quality of your advice and customer experience,” Savage says.

The advantage of automating lead qualifying means it can be done at any time during the day, on any day. In an increasingly mobile-driven environment, leads may be coming through at 10 p.m. before going to bed or on an early Saturday morning coffee run. With AI automation, you can provide outstanding customer service — while you’re sleeping in on Saturday.

👉 Read our FREE ebook “Using Technology to Generate More Mortgage Leads”

More warm leads

When it comes to lead generation, more is sometimes (maybe often) not better. Brokers can be inundated with thousands of leads from myriad real estate channels that are as cold as ice. As one realtor said, “We were getting a lot of leads and a lot of agents were discouraged because the leads weren’t ready to buy or sell and they weren’t engaging with the agents, so we were having a lot of turnover. When agents got overwhelmed and couldn’t keep up with the leads they would turnover. I was sitting on thousands of leads and there was no way to qualify these leads without wasting a lot of time.”

An AI platform is programmed to collect incoming leads into one central app and dashboard, engaging each lead and for those cold leads, bring them back to life. That’s potentially thousands of hours of time and sanity saved to focus on those leads that will convert to customers.

Nurturing for 12 months

Life happens and for one reason or another, people choose not to take out a mortgage or way on a refinance. And for busy mortgage brokers, can be out of sight, out of mind. That’s a real danger: 95% of leads don’t convert until the 2nd-12th attempt.

In the end, it’s all about timing. As Neil Patel points out, “lead nurturing includes sending the right offer at the right moment.” That can mean a first lead contact becomes a customer months later. Using AI controls that process for you, following up with special offers, information on new rates, and gauging where the customer is on the journey to a new home.

A lead that’s nurtured is a lead that is delivered.

If you’re ready to give AI a try, we’d like to introduce you to Aisa Holmes, a conversational AI tool that messages leads for independent mortgage companies. Aisa engages leads via messaging and qualifies them to deliver warm leads. If you want to try a free demo, schedule a Free Demo here.

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