Mortgage Lead Generation Tips
Mortgage lead generation can be a little daunting, but this article will help you narrow your focus so you can generate more qualified mortgage leads.
The market for mortgages is incredibly tight. With the latest ‘credit crunch’, mortgage brokers are getting ever more competitive in trying to find every lead they can.
In this article I will discus buying leads, joint ventures, and online and offline lead generation.
One way of to generate mortgage leads is by simply buying them outright. Mortgage lead brokers generate these leads for you, and you can buy them at a price, and then market to them. Most purchases are anywhere from 25 to 100 leads, depending on your needs and the company you are dealing with. You might want to start out small, and expand when you can show a certain profit per lead purchased. (To do this you need to track how you do with these leads vs how you do with leads from elsewhere).
Be careful from whom you buy leads. There are many companies that tout ‘real time’, and ‘exclusive’ leads, only to throw you an unqualified lead that other brokers are hounding.
Make sure you shop around before buying any mortgage leads, and don’t commit to long term agreements of high start up costs. Also be clear on whether your leads are exclusive to you, or shared with others. And don’t forget about the all important time factor – how long ago were they generated, and how fast can you contact them? The longer the time between whenever the lead was generated and the time you contact them, the less effective the lead will be. They literally will forget that they responded to some kind of advertising.
How can you do joint ventures with other people in the industry to get free mortgage leads? How can you work something out with realtors and builders? It’s usually a 50-50 split on your commission. And that’s 50% more commission than you would have otherwise had.
Advertising can also work wonders for you, as long as you don’t end up looking just like every other mortgage broker out there. Direct response marketing might not look pretty, but it is very effective, so make sure you study it.
If you place an advertisement, make sure it appeals to your prospect. Get into the mind of the person you want to talk to. What is running through their head? What keeps them up at night? What are they complaining to their workmates around the water cooler? These days it’s almost certainly all about the financial crisis, how they’re going to make their repayments, how to find enough money to live on without getting behind.
Why buying advertising is going to be a vital component of your success…
You cannot afford to pay too much. There are several approaches – you can start by asking the publisher for ‘remnant space’, space left over with the deadline approaching. And you can also ask to be put on standby for a late cancellation at an agreed discount. You can even send in, with your ad, a check for some amount considerably lower than the standard rate, and a letter saying that this is all you can afford, and the publisher can cash your check and run your ad if he has some space left over. Unless he’s booked out every month, who is going to send back money? These are all advanced marketing secrets that not many people know, and certainly nobody competing with you.
Like most things, people are searching for mortgage options on the internet, even local brokers. If you aren’t doing something online, these folks are slipping through your fingers. And remember that you want leads, you want people to respond, you need an offer, you don’t need a simple online business card. Make them an offer.
Online mortgage lead generation: Go to Google Adwords and open an account. Buy keywords in your geographic area (assuming you want to sell in a geographic area, otherwise go national), and direct your leads to a lead generation website. You can even put your phone number in your ad.
Secondly, look for local websites (or national) that you can run a lead generation banner advertising campaign.
Test small in all cases, and then go big once you get your mortgage lead generation system down.
One More Mortgage Lead Generation Tip: As described in my real estate lead generation article, create a guide that you can offer your prospects both online and offline as your mortgage lead generator. Make sure both your ad and the title of your lead generator are compelling. See the real estate article for more on this.
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Posted on January 27th, 2009 by admin and filed under lead generation, marketing |
January 28th, 2009 at 12:49 am
[...] Read more here: Mortgage Lead Generation Tips - Lead Generation Made Easy [...]
January 28th, 2009 at 3:38 pm
Go to your your local public records website and look up mortgage notes. No telephone numbers, but their are names and address’s. You can see rates, and terms..
Jack Getter