Let’s face it. Sales lead generation is not as easy as it once was for mortgage professionals. The problem is not the same as it used to be, though. The mortgage market used to be flooded with brokers, bankers, and loan officers. It was almost guaranteed that every potential client that you talked to, even referrals, were going to be talking to another loan officer as well.

In order to find success in the boom market, lead generation had to be tailored to this kind of high-level competition. In those times, it became a simple numbers game. A good loan officer would buy the largest batches he could of mortgage leads and refinance leads and blow through them as fast as possible. The idea was that the more people you talked to, the higher the likelihood that they would choose your prospective loan over some of the others that they were shopping.

This was a good approach, and it found a lot of people success. In a time where hundreds of thousands of homeowners had higher rates than what were available, there were hundreds of thousands of refinance leads available.

These borrowers are still here. As of Friday, mortgage rates for a thirty year fixed rate on the FHA program were down to 4.5%. This is the lowest they have ever been. Despite the foreclosure crisis and the lending crisis, there are still many homeowners looking to refinance.

The difference now, however, is that there are not nearly as many loan officers or mortgage bankers left to compete with. If you have made it through the down times, you know that it just is not the same as it once was. This is a good thing for you. It now becomes a situation where you can go into ever conversation with a new lead feeling confident that the broker up the street is not calling them as well.

The problem is that, unlike before, most of these clients are going to be people that you cannot help. Between the tightening of lending guidelines and the serious recession we are currently in, there just are not nearly as many qualified borrowers left. So what do you do?

There really is only one answer. In this type of mortgage economy, you are going to make your best money from an exclusive mortgage lead. These borrowers have already been screened, so you know that you can help them. More importantly, however, is the fact that they are not going to be talking to anyone but you. These are the leads that will cost you less work to convert, and will allow you to have a much higher average fee as well.

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Times are tough for mortgage brokers and loan officers. Loan programs have dried up and disappeared. The ones that are left tighten their guidelines almost weekly. The mortgage-lending world is a completely different place than it was four years ago. It used to be that there was a loan program to refinance almost all of your prospective clients. That is all gone.

If you want to be successful in the mortgage world in the upcoming years, you need to change your focus to construction loans. There has never been a better time to switch to the purchase market, especially construction loans. The tax credit for new homes will be extended into next year, and as the market starts to recover, there will be record number of new home purchases and new home construction. Now is the time to get good at these loans.

Construction loans are not easy loans. There’s no getting around that. However, any account executive, working at a wholesale bank, which is worth his salt, will be there to help you through the process. Learning to do these loans well will be no different than when you first started offering FHA and VA loans. It will be tough going, but the more you do, the easier they will become.

Nevertheless, the trick here is that you’re going to need to start doing a lot of them, and doing them fast. The only option that you have to pull this off will be to buy mortgage leads. You’ll need them in order to get yourself talking to as many construction clients as you possibly can.

Sales lead generation is a very sophisticated process. It’s not like it once was, when a mortgage lead could just as easily be life insurance leads or MLM leads. Lead generation has developed to the level that you can easily get leads that were based on highly specific targeting. Whether it’s insurance leads or mortgage leads or even more specific, you can find any particular type of client that you are looking for through properly purchased sales leads.

If you want to survive this drought, you need to start buying them now. The more you work with any particular type of lead, the more you will become accustomed to selling that type of lead. In addition, the better you are at selling construction leads, the better insulated you will be against further refinance regulation and tightening.

Related posts:

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