MORTGAGE LEADS - The Internet has revolutionized the way consumer's evaluate, compare and choose mortgage products and services. Every day more and more mortgage shoppers utilize the Internet to study and purchase home mortgages.
As a mortgage broker you must recognize this industry shift and learn to utilize this tool. This brings us to the topic of this article, Internet Mortgage Leads.
Each day thousands of mortgage seekers fill
out forms on thousands of mortgage leads
generation websites requesting more information
on mortgage loans or quotes from mortgage
lenders. These mortgage leads are made available
to you by an array of internet mortgage leads
generation brokers. The BIG question is,
are these internet mortgage leads worth your
effort and money? Will the return on investment be there?
In this article we will discuss the in and
outs, do and don'ts and questions you should
ask when purchasing internet mortgage leads.
Careful consideration must be given to purchasing
internet mortgage leads.
In this mortgage lead guide we will discuss:
- What makes a quality Internet Mortgage Leads
- What you should expect from an Internet Mortgage
Leads
- Closing the sell to your Internet Mortgage
Leads
- Questions to ask before purchasing Internet
Mortgage Leads
Quality Internet Mortgage Leads
What makes a quality internet mortgage lead?
A lead that CLOSES. Not necessarily. We all
know that not all leads will close. In fact
if I was able to close between 8% and 14%
of the mortgage leads I purchase on the internet,
I would be happy. I consider a mortgage lead
to be a high quality lead if it meets the
following criteria:
-The Lead is Fresh - (Try LeadBull.com for Fresh Mortgage Leads)
It is critical to find out how quickly
a
mortgage lead generation broker turns
the
lead around and delivers it to you.
Best
case scenario, the lead is delivered
instantly
(a real-time mortgage lead) and it
is an
exclusive mortgage lead (only delivered
to
you). At a minimum you want to make
sure
the lead is delivered in less than
48 hours.
Otherwise, the lead is less valuable
and
should not be sold at the same premium
as
a real-time mortgage lead. The more
time
that passes from the time the user
requested
information, the less your chances
of closing
the sale to this lead. I've seen many
cases
where users deny even requesting information.
The quicker you contact them, the less
likely
this is to happen. Hit while the iron
is
hot.
-The Lead is Accurate
One of the biggest challenges mortgage lead generation companies face is obtaining accurate data from users. No matter what type of technology a mortgage lead company claims to have, no company can completely stop users from entering inaccurate data. Companies will claim to have all sorts software to ensure more accurate data.
A recent example of technology to improve data accuracy
is telephone number/location verification. Companies use software to make sure the area code in the phone number matches the state. This is a nice feature because chances are if a user is going to enter a bogus phone number they will not enter the correct area code. What you must do is evaluate mortgage lead generation companies and decide who has the best solution to fit your needs. Also, consider telemarketing mortgage leads.
-The Lead is a True Lead
What do I mean by a true lead? I consider
a true lead to be a lead that was actually
generated by someone that is truly
interested
in obtaining a mortgage. You have to
be careful
that the lead is not an ‘Incentivized
Lead’. For those of you that
aren’t
familiar with this new term I will
explain.
Many websites today offer users incentives
to fill out forms. In exchange for
filling
out these forms users are given points
towards
the purchase of merchandise or even
money.
Make sure you stay away from companies
that
have anything to do with incentivized
leads.
These leads are worthless !!!
What you should expect from an Internet Mortgage
Lead?
This is simple. Don’t set your expectations
to high. Like I said earlier it would be
great to close at a rate 8% - 14%. Remember
that you are buying leads, not sales. Expect
accurate data 80% of the time and try to
close at least 8% of these leads and you
should be doing very well for yourself.
Closing the sell to your Internet Mortgage
Leads
Again, this is a simple concept. The quicker
you contact the lead, the better the chance
of closing the sale. The first thing you
should do is make contact. Once you have
made contact with the lead ask questions
and find out what they are looking for. After
this initial contact you can follow up with
a quote and answers to their questions. Quick
response, quick response, quick response
!!!!
Questions to ask your Mortgage Lead Generation
Company
These are the not so obvious but very important
questions to ask.
What is your lead return policy?
It is vital that you find this out
before
purchasing Internet Mortgage Leads.
Bad leads
are worthless to you and at aprox $30
each,
this can get expensive quick. No batch
of
leads will be completely accurate,
but you
won’t to make sure that the percentage
that is bad is not greater than 10%
- 15%.
Tip: Some companies say they will refund a maximum
of 10%-15% of the total purchased for bad
leads. Use this percentage as a negotiating
point when purchasing leads.
Also ask the company what makes a lead returnable. What makes the lead invalid? Different companies will have different policies on what constitutes a bad lead.
How many times are your leads sold?
When purchasing leads you must make sure that companies aren’t overselling the leads they generate. The best lead is an exclusive mortgage lead,
meaning you are the only person the lead was sold to. Exclusive mortgage leads are more expensive but you are ensured that you should be the only person receiving the lead. If the lead isn’t exclusive find out how many other times the lead has been sold. The more mortgage brokers that receive the same lead the less chance you have of closing the sale.
What filters are available for your leads?
Filters allow you to set criteria for the
mortgage leads you receive. Example: You
could specify that you only want leads for
mortgage seekers that have a ‘Good’
credit rating or better or you could specify
that you only want leads from ‘Colorado’.
How are the leads delivered?
Find out what format the leads are delivered.
Leads may be delivered in text format, Microsoft
Excel, email, etc. Make sure it is a format
you are able to work with.
How do you generate your leads?
Find out what method the company uses
to
generate Internet Mortgage Leads. Make
absolutely
sure there is NO INCENTIVIZING.
Article Provided by: www.MortgageLeadGuide.com
