There are mortgage leads around every corner of the internet. You can find them on search engines, in broker forums, and even in monthly periodicals. Most brokers assume that the only leads worth even considering are the most expensive ones, but this simply is not the case.
There are many different types of sales leads, and specifically, you can find a mortgage lead for every budget. You can get anything from a telemarketer live transfer lead all the way down to a free mortgage lead on a list of old clients.
The common misconception is that the only type of lead generation that is even worth looking into are the double verified generation, or the telemarketer lead. However, this is not true. The main thing to keep in mind is that all of the leads available have the potential to be great leads. It just depends on how you work them.
Unlike MLM leads or insurance leads, mortgage leads come in many different forms. The trick to maximizing your return is to know how to work each form. You will need to utilize a different strategy for double verified leads, live transfers, and free mortgage leads.
Double verified leads typically are delivered once daily in batches of around 50 leads. Typically, they’ll come late in the afternoon of the day that they were confirmed to be good leads. The number one thing to remember is that those clients are interested today and there is a very good chance that they will not be so hot to refinance come tomorrow. If this is your lead source, you need to tailor your work schedule around the leads. If they are coming late in the day, you need to set your work hours to go into the night, as you need to contact as many of those clients as you can on that day.
With live transfers, there is really only one approach. The number that is set up for the live transfer must be your cell phone, and you simply have to be available around the clock to answer that phone. These leads are very interested, right now. However, with every passing minute, that interest fades. To capitalize, you have to be right there to turn that interest into a loan application.
With free leads, the approach is not at all the same. With the other two types of lead, the important factor is time. With free leads, it is all a numbers game. The only way to properly utilize these leads is with an auto-dialer machine. You need to plug the numbers in and set a daily routine of calling them every single day. Typically, these are older leads, which is not necessarily a bad thing. This typically means that the clients have had enough time to get denied at a lender or two. If you can step in and offer them help with their credit, or at least a good ear, they will quickly become as hot as they were when they were initially double verified or live transferred leads.
A good loan officer knows not to put all of his eggs in one basket. You need to diversify your portfolio of lead sources. If you can properly utilize all three types of mortgage leads, you’ll be well on your way to lending success.
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