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Top Priorities for Lenders Buying Internet Mortgage Leads

Getting enough mortgage leads constantly is one of the hardest parts of running a broker or lender's business. The reality is that many loan officers would tell you they have the time and resources to work more quality leads than they receive.

When considering the priorities to buy or obtain more quality leads, the best way will always be by word of mouth referrals. Loan officers form relationships with real estate professionals, business men and women, and prior clients. This method is the best way to have a steady number of mortgage leads coming into your office.

While this is the best way to get internet mortgage leads that close, a problem is that this strategy takes time. Building relationships isn't something that you can just pay $500 for and have in a day. It also is challenging to win over someone who already has preferred mortgage loan relationships. To increase the number of leads coming in while working on relationship building, loan offers need to develop other strategies to get leads.

Buying Internet Leads

Of course, most loan officers are familiar with buying internet leads from mortgage lead companies. This type of marketing strategy can be productive, but there are some priorities to remember when buying leads:

  • Quality vs quantity – One of the first choices you have when buying leads is deciding whether you want leads that are dedicated to you only or have been sold to other loan officers. The advantage of dedicated leads is you have no competition for that lead's business. But of course, these leads cost more. Leads sold to multiple parties cost less, but your odds of closing that business is lower. Consider the pros and cons of exclusive-mortgage leads.
  • Where do the leads come from – ask the lead company where they are getting their leads. Some have their own Internet websites set up that capture mortgage leads, while others buy leads from other vendors and resell them. How good are these leads bought from another provider? It's a good question to ask.
  • Is the lead provider specialized? Your real estate mortgage business might be specialized in a certain type of buyer, such as a first-time buyer with a lower income, which often use FHA mortgages. You should ensure that the lead provider specializes in the leads that dovetail with the type of business you focus on.
  • Guarantee – Is there any guarantee on the number of leads that will convert into paying business? Not all lead providers offer this, and it could cost you more per lead, but having a guarantee could be helpful.

Other Ways to Build Your Mortgage Lead Pipeline

Most lenders just think about building relationships and buying leads for business. But there are other things you can do yourself. First, you can make your own website a high-quality generator of mortgage leads. Establish your site as an authority in the business by selecting a niche in the lending business and writing high quality content that shows your level of expertise. Well-developed mortgage loan content in a niche will help you to develop more leads.

For example, many states and cities have down-payment assistance programs for first time buyers. Many state and city websites do not provide robust content about these programs. This is a great opportunity for you to write high quality content about the programs. While the pool of potential leads could be small here, you could capture a LOT of them with a good website content presence. Also remember to have a nice mix of quality text, video and infographics on your site to attract as many types of consumers as possible; different people react to different types of media.

Optimize Site to Increase Leads

Try to improve your website to increase your lead capture. Typically, doing this involves getting all the clutter off the site that does not focus on capturing specific lead business. Have clear, obvious calls to action to get the contact information of prospects, and to reduce friction on the site.

What we mean is, you should not, for example, have the full 1003 loan application on your site. Few people will go through that and submit it. Rather, just ask few vital questions and get their contact information. Once you have it, you can follow up to collect the rest of their information.

With these tips, you should be able to increase the number of leads in your mortgage lead pipeline.


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