Stats About B2B Appointment Setting for Mortgage Companies – LO Recruitment
All businesses are extremely busy and have a lot on their plate at any given time. More often than not, businesses will face negative consequences as a result of being too busy. Whether they don’t have enough time or resources to run a marketing program in-house or their recruiting team isn’t large enough; eventually, something’s gotta give.
Using B2B Appointment Setting to Recruit Loan Officers: Stats You Need to Know
Many banks and lenders are looking to recruit loan officers (LOs) to process mortgages and mortgage applications. What a lot of those companies don’t know is that B2B appointment setting services can help them do exactly that. Sales outsourcing often gets a bad rap because companies think they’re outsourcing to an overseas team of cold callers. But if you find a lead generation company in your own backyard, it can be a great way to recruit new team members.
If B2B appointment setting sounds like a solution you’d be interested in for loan officer recruitment, here are some stats you should know.
Most Common Key Decision-Maker (KDM)
Most Common Key-Decision Maker: Loan Officers
In most B2B appointment setting programs, Sales Development Representatives (SDRs) are faced with the difficult task of trying to find the decision-maker at an organization. When using B2B appointment setting to recruit, this isn’t the case. Someone acting as a recruiter knows exactly who they’re going after; and in this case, it’s loan officers.
Just because your ‘KDM’ is obvious in this case doesn’t mean you should get lazy. In fact, for banks and lending companies, B2B appointment setting can double as a market research tool. Due to the fact that SDRs aren’t wasting their time talking to the wrong decision-makers, they are able to act as an analyst and learn things about the industry.
Consider asking the following questions when speaking with loan officers for an LO recruitment program:
What is it that you like about your current company?
How is the work environment?
What marketing strategies are in place to help you succeed?
Are you provided with learning opportunities?
How long have you been in the business?
Why did you become an LO? (shows what’s important to them)
How many transactions do you close per month?
Not only do these questions help you to learn more about the LOs in your pipeline, but it also helps you learn more about the market. Identify what LOs look for in a company vs. what they don’t like, learn what the average level of experience is, determine what competitors are doing that you should be doing. Any data you can collect will help you recruit more experienced LOs.
Are you ready to discuss a lead generation strategy for your mortgage company?
Number of Days Between First Dial and First Appointment
Typical time between 1st dial and 1st appointment (days): 93
In LO recruitment programs, it takes 93 days on average before an appointment is set with a qualified loan officer (from the time the first phone call is made). This may seem like a long time, but it’s important to remember the volume of activity that is going on during this time period. Sales representatives are making calls to hundreds of LOs to start building relationships with them, and new ones are constantly being added to the mix.
Building a healthy sales pipeline is no easy task. In an LO recruitment program, building and maintaining a pipeline involves talking to successful LOs who may be perfectly happy in their current situation. Getting them to the point where they feel comfortable making a switch isn’t easy; but with the right strategy, you can recruit high-performing LOs to your company.
Number of Dials Between First Dial and First Appointment
# of dials between 1st dial and 1st appointment: 7.2
The number of dials to one loan officer before scheduling an appointment, on average, is 7.2. During this time, a lot of activity is happening. Sales representatives are asking discovery questions, sending marketing materials, and building a relationship with each LO. During this time, the sales representative should also take detailed notes and keep a thorough record of every interaction with each prospect in a CRM system.
Are you looking for experienced loan officers to process mortgages and mortgage applications? Our lead generation solutions can help. At Abstrakt Marketing Group, we have over a decade of experience helping companies recruit LOs for their mortgage company. If you want to see what a B2B appointment setting program could do for your business, contact us today.