CEO's Perspective How it Started..

I find myself reflecting on my journey as the CEO of a hard money lending business, which began in 2018. During the favorable climate of 2021, I faced a formidable challenge. As a loan officer operating my hard money lending venture, I encountered a significant issue – the leads I was diligently cultivating were slipping away as swiftly as I was acquiring them.

To provide context, I had implemented a CRM system driven by online Facebook ads, designed to showcase my lending solutions. Yet, a crucial problem emerged – the surge of online booking requests overwhelmed me, and the leads that were streaming in required immediate attention. With my schedule fully packed and limited resources at my disposal, I struggled to promptly engage with these prospective clients. As a result, a substantial number of these leads ended up seeking loans from my competitors. This became evident when I eventually managed to establish contact; they informed me that they had already secured lending elsewhere and were already undergoing the underwriting process.

A Lost Opportunity:

On average, due to my packed schedule, I was losing around four leads per week. Considering that my origination fee for each successful closing averaged around $4,000, this loss was considerable. Had I been able to interact with just half of these lost leads at the moment of their inquiry, perhaps through a simple text message, I could have potentially generated an additional $8,000 in origination fees every week. It was abundantly clear that change was imperative.

A Transformational Shift:

Determined to rectify this situation, I embarked on a quest to find a solution to my dilemma. This journey led me to discover a development team and platform that aligned perfectly with my requirements. The result was the creation of a software feature known as "Missed Call Text Back." This seamlessly integrated with my phone system and functioned as a digital marketing assistant. This tool proved to be invaluable in situations where I missed a call due to ongoing conversations with other leads or members of my lending team. Rather than allowing these missed calls to go unanswered, the software would promptly respond to the lead with an enticing offer, including a discount on fees, and provide the option to schedule a meeting on my calendar.

The outcomes were nothing short of remarkable: leads enthusiastically accepted these offers and refrained from exploring other lending options. While this solution may not be as groundbreaking as a cancer cure, it had a transformative impact on my business. By capturing and engaging with every incoming lead, I significantly improved my conversion rates. Even a single successful conversion more than justified the cost of the subscription to this service.

In Conclusion

As the CEO of LeadGenX, my experience has taught me that innovation often resides in the finer details. Addressing the challenge of lead retention through "Missed Call Text Back" highlighted the significance of timely and personalized communication. In a competitive landscape, a simple yet effective solution can yield substantial rewards, and I've come to recognize that seizing even seemingly small opportunities can lead to remarkable outcomes.

Warm regards,

Jody Dents CEO LeadGenX

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