Mortgage leads are people looking for a mortgage lender or broker to have one for their needs. Leads are essential and play a vital role in almost every business. Being a loan officer or mortgage broker, you may need the flow of mortgage leads coming consistently to successfully run your business. The majority of leads for a mortgage broker come from their previous customers and referrals. This is not enough for your business's sustainability, especially if you are willing to grow the business.
In this modern world, every business approach to target their potential customers is rapidly changing. Being a loan officer or mortgage broker, you should consider all the current digital opportunities available in the market to get potential clients. With that being said, you should cling to the older ways of leads generation like cold calling and additionally indulge yourself in the new trends followed by all modern world mortgage brokers in the industry.
So, you are all pumped up to buy mortgage leads for your business. Stop buying any leads before reading this complete guide in which we will discuss all the essential things which you should keep in mind while purchasing mortgage leads for your business.
The first thing to consider while buying leads is the price. In the market, multiple mortgage leads are ranging from low cost to higher ones. There is one thing that is important to understand that buying higher leads isn't always better. One should stay on budget while purchasing leads to get a better return on investment. Generally, customers don't buy at the price the sales representative is offering them. So, buying expensive leads may upset your budget, and instead of growing your business, you may get a downfall.
• Customer Service
The second most important thing is to check the customer service availability. According to the famous saying, "A Friend in need is a friend indeed" when you need customer service, and you don't get it. In every business, you need customer support; if you do not get it in time, it's useless. Make sure to check the reviews of the company from which you are planning to purchase mortgage leads. It is important to check the terms and conditions properly before doing any business of buying leads.
• Return Policy
The next important thing to consider is the return policy. Don't buy leads from a company that doesn't have a return policy. There has to be a fair return policy about mortgage leads. This is important in leads business because sometimes you may have lead with bogus information. The company should refund for that fake information or replace that lead with accurate information. The question is how you can figure out whether the company has a return policy or not. Well, you can explore their website Terms and Conditions, Return Policy page on their website, or you can check the company site reviews.
• Lead Source
In today's world, everyone is conscious of where their food comes from. Being a loan officer or mortgage broker, you should be concern about the source of leads you are purchasing. There are multiple lead sources of these companies, some companies recycling their leads and selling them to various brokers. Some of them get direct leads from the relevant industry giants. So make sure to inquire about the lead sources of the company before buying leads from them.
• Lead Quality
The next thing to consider is the quality of the leads you are buying. The complete and accurate information of the person shopping for a mortgage is referred to as quality lead. When you are buying leads in bulk, then the quality of the leads is essential rather than the quantity. The companies providing quality leads commonly check their leads first and then offer them to their respective mortgage brokers.
• Lead Quantity
As we mentioned above, the importance of quality of leads. The quantity of leads is also important in the mortgage business. It's the simple formulae; the more leads you have, the more chances you have to close the deal. In the leads provided by companies, there is variance. The close rate is not constant. It varies depending upon different factors. Having a small pool of leads means you will have a lower comparable rate most of the time. The important thing to note here is that the small pool of leads will cost you more than buying the leads in bulk. An important tip here is to purchase leads in bulk; buying in bulk will get you a discount. The bulk leads will have more chances to give you a better return on investment than buying some quality leads at higher prices.
• Cherry Picking
Many companies are offering the feature of cherry-picking. Cherry-picking is a feature in which you will have the freedom to visit the site and view all the leads first before purchasing them. It is an excellent feature to look for in companies before buying mortgage leads because you can quickly get your desired leads. You can also check how many times a lead is being sold on some sites.
Filtering option for leads is an essential consideration while buying leads. By using filters, you can filter the leads according to your requirements. Whenever any lead comes under your criteria, it is sent to you by the leads company.
• Instant Delivery
Instant deliveries are always loved whether you are shopping for clothes or buying leads for your mortgage company. There are few providers available in the market which are offering instant delivery of your required leads. While many of them ask you to wait for few days to get the leads you purchased.
• Lead Formats
Lead formats are essential when you are using any CRM for managing your business. CRM is a customer relationship management software used by different organizations to manage their customers. Make sure you are getting the leads in the format which is supported by the CRM you are using. The most commonly used format for leads is CSV. This format is supported by almost all of the CRM's available in the market. You can also access that file from your computer using Microsoft Excel software.
• EXCLUSIVE OR NON-EXCLUSIVE LEADS
There are two different types of leads available in the market. Exclusive and non-exclusive leads. The exclusive leads are only available to you and not sold to any other sales professional. The non-exclusive leads are those which are being sold 3-5 times to different sales professionals. The exclusive leads are costly, and non-exclusive leads are available in bulk and are cheaper. Here is the catch, non-exclusive leads have a bad reputation in the market, but most of the mortgage sales officers stop giving attention to leads after the first week. So, you can easily grab those non-exclusive leads by constantly getting in touch with the leads. In this way, you will get a better ROI.
• REAL-TIME LEADS OR AGED LEADS
The last thing to consider while buying mortgage leads is to choose real-time leads or aged leads. Real-Time leads are those leads that are fresh and recently inquiring about getting a mortgage. Aged leads are those who had submitted the lead information way back for the mortgage. Everyone in the market is after real-time leads and willing to close the deal. But dealing with real-time leads will result in competition. The mortgage borrowers will get annoyed receiving calls from different loan officers from time to time. It's better to have aged leads rather than real-time leads. You will get the aged leads in bulk and low price. However, real-time leads will be costly and highly competitive. The formula is the same here; the more leads you have, the more chances you have to close the deal.
As you are in the mortgage business, you may have people in contact with from the industry. You can inquire from them about the company they are using for buying mortgage leads. The sales staff can also give you an idea about the leads they are buying from the company. But don’t only trust their words, do some research on the internet and check their reviews. These are the tips and tricks you should know before buying mortgage leads from anyone in the market. If you want to grow your business or want to start a new mortgage business, then buying leads will boost your business in no time. The bulk aged leads will give you a great return on investment if you have an efficient system to manage the bulk leads. The fresh real-time leads are not useless at all. They can be a great option in some scenarios. Depending on the situation, you can choose any of the lead options. We at Netyell are providing quality mortgage leads for your business according to your needs. Get your required number of leads from us and start growing your business instantly. We will provide you quality leads as required with affordable pricing.