Increasing Your Conversion Rate
We share the secrets of top performing brokers
The MFAA’s new Industry Intelligence Services (ISS) has reported lower conversion rates than the previous year’s. They put this down to “more promotions by lenders, a low point in the interest rate cycle, more conservative lending policies and intense competition amongst brokers”.
The ISS also reported that the proportion of brokers not settling a single loan in six months has increased suggesting these may be brokers who are new to the industry or established brokers living off trail commissions.
Time to spruce up your business and convert more enquiries into loans? Or do you find yourself wondering how some brokers have such high conversion rates?
We spoke to several top performing brokers to find out the secrets of their success!
The recurrent tip given was to focus on sales and marketing!
Your marketing system should bring you good quality leads and work hand in hand with your sales system which should convert a lead/enquiry into a loan as quickly as possible.
How do you do this?
Use the following to lighten your manual workload:
1. social media to promote your business and bring you more leads
2. technology to increase your knowledge (e.g. learning through webinars, blogs, broker forums, books, conferences) and lighten your workload (e.g. recording your notes and ideas on an iPad and setting reminders)
3. delegate non-income generating tasks (e.g. completing application forms) and free up your time to follow up new leads, focus on existing
customers and their evolving needs and build your network
4. use Deposit Guarantees to grow your business and convert more leads to sales
How to convert enquiries into loans as quickly as possible?
Offer your customers a Deposit Guarantee, help them with arranging their deposit and they are more likely to follow through and apply for a loan with you.
You will be paid a commission for each guarantee issued and the application process for a Deposit Guarantee is fast and easy.
And great news – this helps you engage your customer sooner, customers can now use the equity in their existing property to get a Deposit Guarantee!
can be used for:
buying by negotiation or auction
an existing property
a house and land package
land (unregistered or vacant)
new premises for your business
invest in commercial property
invest or buy via SMSF