Written by Sam Panetta the BROKER COACH helping mortgage brokers build valuable businesses.

First step is setting reasonable expectations about how many pre-approvals in our pipeline we can expect to convert each month. 

For me, a good starting point is around 30%.

Example: if I had $10M worth of pre-approvals in the pipeline, I’d expect about $3M to convert into full approvals each and every month.

If we’re not hitting that mark, there are strategies we can use to lift the conversion rate.

Example 1️⃣: Business Owners

When I was running my last brokerage, my clients were often business owners building property portfolios.

✔ They were better off investing their energy into their business (rather than hunting for properties).

✔ So we partnered with specialist buyer’s agents in the investment space.

✔ Once pre-approved and introduced to a buyer’s agent, their conversion pace was far higher than if they hunted on their own.

Example 2️⃣: First Home Buyers

With first home buyers, the challenge was different.

✔ Tight budgets meant hiring a buyer’s agent wasn’t realistic.

✔ That meant we, as brokers, had to step in and provide the guidance: answering questions, running RP data reports, and regular check-ins.

✔ The goal was to educate and empower them so they had the confidence to take action and buy their first home.

TAKEAWAY

► Conversion isn’t just about approvals.

It’s about removing barriers, adding the right support, and giving clients the tools to take action with confidence.