How Chatbots Can Help Close Mortgage Leads Faster


Hi this is Arnav from the TARS team. Over the last couple of months we have been speaking to LOs and Mortgage brokers
about what they view as the biggest bottleneck in the sales and marketing
process and by far the most common response that we’ve gotten is that it
takes too long to bring home buyers from awareness, so where they’ve just found
out about your company and landed on your page, to closure, where they’ve been
approved for the loan. Now a lot of that time is not in your control. Once you
hand it off the application to a lender it’s up to them to assess it and then
approve or reject it. But there is a lot of scope for you to save time before
that handoff takes place and improve the efficiency of your marketing campaigns
and involves chatbots. So right now what you are doing is you have all of
these marketing channels that are bringing the leads in through the door.
You have referral networks, you have Google ads and Facebook Ads that you’re
running and people are coming in through the door but once they land on your page
there’s always this question of what information you should show them and
most importantly what information you need to collect from them to turn them
into a lead. Now in an ideal world what what happen is you would show them the
entire 1003 form they’d fill it out submit the required documents and you’d
immediately send it over to the lender for an assessment but I don’t need to
tell you this. The 1003 form isn’t the most user-friendly
experience available on the Internet. In fact it’s quite the opposite. It’s boring
it’s unengaging and from the homebuyers’ perspective it’s intimidating. You’re
asking for a lot of personal details through these 1003 forms you’re asking
for contact details, you’re asking for marital status you’re asking for income
which is always a sensitive topic to discuss. So showing a 1003 form in that
first interaction is really not an option. Now to get around this issue what
a lot of LOs do is they create landing pages with forms on them where they
don’t ask for all of the 1003 information in one go, they just ask for
some of it. This quickenloans landing page for example is just asking for a
few key details to convert me into a lead. Now once a prospect gets
through this landing page and fills out all of these forms they enter your
funnel and from there it’s your job to take those prospects from that partial
1003 form that they filled out to complete 1003 form that you can hand off
to the lender and it’s in that process of taking people through all the
remaining details that they need to submit that you are losing time because
the average homebuyer is not a mortgage expert so they are going to take their
time filling out these forms and along the way they are going to give you…
they’re going to send you emails they’re gonna start these long email threads asking you questions, they’re going to call you on the phone and ask you questions
they’re even gonna come in to your office
and to have their doubts clarified and in some cases they’re even gonna make
mistakes then you need to guide them through and correct and it’s in that
process of interacting with prospects and addressing these common queries that
they have assuaging their fears, clearing up any doubts that they have that you’re
losing time in your marketing process and chatbots can actually help you save
time over there so what we’re proposing is that instead
of showing prospects a lead capture form what they land on your page with this
what you should do is show them a chat bot conversation like this one. So now
instead of filling out a form to generate a lead they’re actually having
this back and forth conversation with someone or rather something because these
chatbots are completely automated, from your team to generate that exact same
lead and we’ve found that this approach to lead generation, using an interactive
conversation, has a number of benefits over the traditional form-based approach
first of all the interface itself is a lot more inviting to use. Rather than
being confronted by a wall of fields that you have to fill out you are having
an interactive back-and-forth conversation to generate a lead. So you
send a message the bot responds with a message and then you send
your next message and that back and forth the interaction is a lot more
engaging than filling out a form. Second these conversations usually involve… they
usually use language that’s a lot more accessible to the average homebuyer. They
are not going to be reading these one word… they’re not going to be reading
these one word form fields that are often cryptic and sometimes even in the
case in the case… especially in the case of the regular 1003 a little bit
technical form fields they are going to be reading very human messages that you
can even include emojis in to make them feel more accessible and that makes the
process feel just a little bit more manageable. Best of all these chatbots
make the prospect feel like there’s someone actually taking out the time to
speak with them and guide them through the process and I really can’t… I really
can’t overstate how important that is one of the biggest issues with filling
out forms like these is that the prospect has to do it all on their own
and that’s what makes it that’s what makes it scary for them because they’re
afraid of making a mistake they have all of these doubts swimming
through their heads that’s preventing them from filling it all out in one go
and that’s why they’re calling you and that’s why they’re emailing you with all
of those doubts that they have. When you use a chatbot, when you frame the lead
generation experience as a conversation they feel like there is an expert
sitting on the other end guiding them through the process so they’re not as
scared to share information with you and the end result is that they are willing
to share more information with you in that first interaction once they land on
your page and that makes your job easier after their lead has been captured
because once they enter your funnel you have to collect a lot less information
from them in those follow-ups to take them from awareness, so once they’ve
landed on your page, to that complete 1003 form and that is what saves you
time because your job is a lot easier because you’re collecting a lot less
information it takes you a lot less time to move prospects along in the process
Now if you’re interested in learning more about this and how you can actually
make the jump from the traditional form based approach to the more interactive
engaging and most importantly human chatbot based approach check out the
full guide that we created explaining how we go about transforming traditional
landing pages like this one into engaging chatbot experiences like this
one we’ll leave a link to it at the end of this video in the guide we go into a
lot of detail we explain everything from these sorts of messages that you should
send to the order in which you should send those messages and even the color
you should make the message bubbles so again if you’re interested in learning
more about why and how you should make the switch from forms to chatbots in
your marketing marketing campaigns check out the full guide that we created
there’s a link to it at the end of this video

One comment on “How Chatbots Can Help Close Mortgage Leads Faster”

  1. TARS says:

    Check out our full guide on how to make a conversational landing page over here: https://hellotars.com/blog/conversati…

    If you want to build your own conversational landing page, sign up for TARS over here: https://hellotars.com

    If you want to see more awesome content like this, check out our blog over here: https://hellotars.com/blog

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