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    Heads up, a few extra apps this month may be easier than you think.

    Oct 17, 2019, 2:46:46 PM

    The one thing MonitorBase users could do today that would double their conversion may come as a surprise: have their team commit to a no-voicemail policy. 

    We looked into the data. Of the thousands of inbound calls that we drive to originators each month, over 60% of the calls are going unanswered. Most originators' response to missed calls is "I use the caller id and call them back when I have time." The problem is if you miss a call when a borrower is ready and willing to talk you have about a 10% chance of ever talking to that borrower again.

    Most consumers today want to talk on their schedule and they won't leave a voicemail, especially if it is the first time they are responding to your offer.

    Look at it this way: Say you net an average of $2,500 on a closed loan and you can convert 10% of the pre-qualified borrower that respond to your offers.  That means your opportunity cost of missing a call is 90% of $250, or $225 per missed call.

    There are many third-party answering services out there, or you may have a receptionist or other team members in your office that can act as a backup. Whatever you do, make a point to always have a live person answer the phone, you are going to see a much higher app rate.


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