Managing your leads is the foundation of any successful mortgage business. A lead tracker ensures that nothing slips through the cracks. Whether it’s keeping track of follow-up dates or knowing which leads are converting, having a solid system in place is crucial.
In an ideal world, your lead tracker would be part of a CRM (Customer Relationship Management) system. A CRM provides much more customization, insights, and analytics. However, if you aren’t yet tracking leads at a high level or don’t have a CRM, starting with a simple lead tracker is a great option.
Many mortgage professionals, including myself, have worked with Excel spreadsheets for years. Excel can still be effective, but what I’m going to show you is a basic Google Sheet template. If you’re new to lead tracking or don’t have a system in place, this is a great starting point.
Be sure to also check out the Lead Status Milestones post to help categorize your Lead Tracker.
Three Ways to Grow Your Business
There are only three ways to grow a mortgage business:
- Get more leads
- Convert leads at a higher rate
- Increase your loan amounts
A lead tracker can help with two of these three strategies. First, it helps you manage and nurture your relationships with referral partners, which can lead to more business. Second, by having your pipeline front and center at all times, you’ll improve your ability to convert leads. The only thing it won’t do is increase loan amounts—that’s where targeting the right audience comes into play.
Example Lead Tracker
The lead tracker I’m sharing is a simple Google Sheet that you can copy and customize. Here’s a quick breakdown of how it works:
- Next Follow-Up: Instead of cluttering your calendar with reminders, enter your follow-up dates directly into the tracker. You can sort, filter, or color-code these dates for easy reference.
- Lead Status: Everyone starts as a “?” status. From there, the status changes as they move through the pipeline (e.g., Emailed Loan App, Loan App Submitted, Pre-Qual, Pre-Approved, Loan in Process).
- Z Leads: If a lead doesn’t respond or chooses another lender, mark them as a “Z Lead.” We use subcategories like “Z Didn’t” (for leads that chose not to proceed) or “Z Lost” (for leads that went with another lender).
- Borrower Information: Track the borrower’s name, the referral source, and any relevant notes.
- Date Created: This field helps you summarize how many leads came in during any given period.
I’ll provide a link to this Google Sheet so you can access it and make it your own.
Monthly Summary and Lead Tracking Goals
The summary page is designed to give you a snapshot of your monthly lead activity. On the left, you’ll track your leads, and on the right, your closings. The idea is to set goals each month. For example, you might aim to get 50 leads from realtors, 15 from builders, and 10 from past clients. At the end of the month, compare your actual results to your goals.
This process helps you see where your business is coming from. Over time, the data will help you identify where to focus your efforts. Maybe one referral source needs more attention, or perhaps there’s a category that’s consistently underperforming. Understanding these trends will help you refine your business strategy.
The summary sheet also includes a year-to-date view, so you can keep track of your progress across the entire year.
Pro Tip: Print Your Lead Tracker
One of the best things you can do to improve your lead conversion is to print out your lead tracker each week. It doesn’t matter if it’s four or five pages long—what matters is having your active leads in front of you at all times. Leave space for handwritten notes, and at the end of each week, type everything back in. This will ensure your data is always up to date.
Having the tracker physically in front of you keeps your leads top of mind. Trust me—it will make a difference. You’ll find yourself more organized and more effective at converting leads.
Conclusion
Using a lead tracker is one of the simplest ways to boost lead conversion and grow your mortgage business. Whether you’re just starting or have been in the industry for years, this simple system can make a big impact.
If you have any questions or need help customizing a lead tracker or setting up a CRM, don’t hesitate to reach out to us. Keep chasing excellence and go get some leads!