Cure Feast or Famine, Generate Consistent Mortgage Leads

The hard truth about mortgage leads is that they take time and money to get, and you usually need them most when both time and money are in short supply. But there is a better way. When you create and implement a mortgage marketing plan, you’ll benefit from the consistent mortgage leads that come with it.

In today’s post, I’ll examine the typical mortgage lead generation and nurturing cycles. Then I’ll show how having a mortgage marketing plan can rewrite these cycles and completely transform their outcomes (and your business).

The Typical Mortgage Lead Generation Cycle

Most of the mortgage professionals I talk to who end up not working with us fall into one of two categories: either we are out of their budget, or they get too busy and simply abandon our potential partnership.

I understand the first, because we really aren’t for everyone. We only work with individuals, teams, and brokerages who are serious about creating valuable custom content for their target audience, something that does not allow for cheap, cookie-cutter content marketing.

But the second one—that one bothers me. Because I know that these mortgage professionals’ businesses are likely infected with the feast or famine virus that often comes with mortgage sales. I’m sure you know it well; it looks like this:

1. You need new business, so you start to generate new leads. You might call up old clients or send out an email or two. People probably haven’t heard from you in a while, so there may be a pent-up supply of new leads for you.
2. Leads start coming in and things start to pick up a bit.
3. Then you get busy. Really busy. So busy, in fact, that you have to quit generating new leads because you are spending so much time working with clients. Things are great, and you’re killing it.
4. You close all of your clients and here you are again, needing some new business. Like right now, as in yesterday. Only you quit marketing four months ago because you were too busy with clients. So your stream of leads dried up.
5. So you start over, back at the beginning.

This is how the feast or famine virus infects the lead generation cycle. It causes you to quit actively generating new leads, so new leads quit coming in.

The Typical Mortgage Lead Nurturing Cycle

There’s another cycle that works in tandem with the mortgage lead generation cycle. It’s the mortgage lead nurturing cycle. Since only a small percentage of the leads you generate today are ready to transact right now, it’s important that you stay in touch with the rest until they are ready. The mortgage lead nurturing cycle is meant to do this, but the typical lead nurturing cycle also gets infected with the feast or famine virus. Tell me if you recognize this typical nurturing cycle.

1. Step one starts at the same place as the lead generation cycle: you need leads, so you start generating.
2. Leads start coming in. Most of the leads you encounter aren’t ready today—most are 6 to 12 months out. You need closings now, so you’re focusing on the hot leads—the ones who are ready right now.
3. Things get hella busy. You quit following up with the lukewarm leads because you don’t have time to work with people who aren’t ready right now.
4. Things start to slow down for you. The leads that were 6 to 12 months out are now ready—and you’re ready for them. But you quit staying in touch. So now they’re not lukewarm, they’re cold—and you lost them (and the effort you exuded getting them in the first place).
5. So you start over, back at the beginning.

Curing the Feast or Famine Virus

You see, just like the lead generation cycle, the lead nurturing cycle starts and ends the same: you without leads. So how do you break this cycle? How do you cure the feast or famine virus so you can create a steady stream of leads and never have to deal with having none?

The remedy to the feast or famine virus is to create and implement a mortgage marketing plan that rewrites these two cycles—one that helps you consistently generate new leads and follow up with them over time.

The New Mortgage Lead Generation Cycle

When you create and implement a mortgage marketing plan, you’re able to kill the feast or famine virus and rewrite the cycles. Let’s take a look at what your new lead generation cycle will look like once you’ve implemented your mortgage marketing plan.

1. Step one starts at the same place. You need new business, so you start to generate new leads. Only this time you have a plan to stay consistent.
2. Leads start coming in and you start working again. Things start to pick up a bit.
3. Then things get busy, really busy. But this time, because you have a plan, you don’t stop generating new leads. You keep the stream of new leads flowing. Things are great, and you’re killing it.
4. You close all of your clients and here you are again, needing some new business. Like right now, as in yesterday. And because you have a plan, and keep generating new leads, your stream is no longer dried up. It’s full of new leads who are ready to work with you.
5. You don’t start over, back at the beginning. You keep moving upward!

The New Mortgage Lead Nurturing Cycle

Your awesome new mortgage marketing plan not only helps you rewrite your lead generation cycle, but it also helps you rewrite your lead nurturing cycle! The real key to curing the feast or famine virus is the part of the plan that affects the lead nurturing cycle. Because lukewarm leads today will become hot leads tomorrow—if you nurture them over time.

Let’s rewrite your lead nurturing cycle with your new mortgage marketing plan in place and see how different things can be.

1. Step one starts at the same place as the lead generation cycle: you need leads, so you start generating.
2. Leads start coming in. Most of the leads you encounter aren’t ready today—most are 6 to 12 months out. But that’s ok because your new mortgage plan will nurture and stay in touch with these people.
3. Things get hella busy. But your nurturing plan keeps trucking along. You’re working your current clients and your current leads because you know that a lead today is a client tomorrow.
4. Business doesn’t slow down. The leads that were 6 to 12 months out are now ready—and you’re ready for them. And since you’ve stayed in touch with them, they’re calling you.
5. So you never start over, back at the beginning. You keep moving onward!

Do you see the incredible difference that a consistent marketing plan can make for your mortgage business? It cures the feast or famine virus and rewrites the cycles to create consistency in the number of leads coming into your mortgage business.

Create Your Mortgage Marketing Plan

Now that you’ve seen the benefits of a mortgage marketing plan, it’s time for you to create your own. This is the subject of my next post, so check back in a few days, where I’ll lay out a consistent mortgage marketing plan for your business.