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The savvy consumer shops differently these days because of the convenience of the Internet. When browsing online for any product or service, say “online mortgage leads” for instance, you will find hundreds of thousands of search results. So how do top producers sift through this sea of mortgage leads and find the ones that best suit their needs? That is precisely what this article is geared to cover.
Consumers want information and they want it now. This is the reason why today countless numbers of homeowners trek through the Internet seeking information on home loans. “Can I get a loan? What are the rates today? Should I refi? What would my payment be if I took some cash out to do an addition?” These consumers turn to the Internet to find this information because it satisfies the need for instant gratification. They don’t want to call someone, get an answering machine only to not receive a call back. The next thing they know a week has passed and they are still in the same boat. They are no better off.
Today’s consumer demands instant satisfaction. It is this consumer that wanders through the vast forest of mortgage lead generation websites seeking to satisfy their appetite for information. They fill out information request forms because they want the most up to date information available. Doing so captures them as a lead. And now the clock starts ticking. These inquiries are then compiled by lead brokers and then promptly passed on to professionals who can provide the information they need.
In the following bullets, we will investigate the primary information anyone must consider when in the market for internet mortgage leads
You want fresh leads that are accurate. Period. These two parameters maximize the potential for closing a loan more than any other element.
Freshness is the first key ingredient to high quality mortgage leads. Mortgage leads are much more like fish than pasta sauce. Whereas a pasta sauce is always better after it has some time to let the flavors meld, fish is always best right out of the water. The longer the fish is out of water, the less desirable the flavor becomes. The same follows for an online mortgage lead. For every minute that passes after the form is filled out by the consumer, they are a cooler lead than the minute before. Therefore, the best type of lead would be a real-time lead, where the lead is delivered the instant after someone has completed filling out a form online. Much like fish, you want mortgage leads to be no older than 48 hours “out of the water” (Fire Rock Leads offers these in the form of Group leads). The more time that passes between the consumer filling out the form and receiving a call from a lender, the less likely that lead is to close. To make a long story short, drop a line while the fish are biting.
Accurate information is the second key ingredient to high quality mortgage leads. Mortgage lead businesses invest the majority of their budget into collecting quality leads that are accurate. Strides have been made in obtaining accurate information from homeowners, but short of sitting behind each consumer as they fill out the form it is impossible to prevent them from entering inaccurate or fraudulent data. Fire Rock Leads cross-references borrower entered information with our database to make sure the leads we forward to you are as accurate as possible. We verify the city entered matches the zip code entered, no “555” phone numbers, and no Donald Ducks or Pepe LePews.
To further ensure the highest quality leads, we offer call verified leads, which guarantee the accuracy of the contact info. We also offer the hottest leads possible - “live transfers.” This is where Fire Rock Leads actually calls the client, verifies all of their information and interest the mortgage, and then transfers the call directly to you.
Just like any other lead in sales, you can’t expect close each and every one. But you do want to focus your marketing dollars on the leads that will maximize your ROI. Close ratios of 7% to 15% are common, and can reach upwards of 22%. Even higher close ratio can be achieved on live transfer leads.
Direct Line to your Account Executive
As a sales agent you need to be spending your time with clients not fighting through phone menus and listening to hold music. Look for a mortgage leads company that offers a direct line to your account representative. In sales, as in many aspects of life, time is money. The more time you can free up for selling activities, the better off you will be.
Generous Lead Crediting and Returns
No matter who you do business with, you will inevitably come across a few bum leads. Your lead company should accept returns for reasons like disconnected or bad phone numbers, and credit your account.
Top producers utilize a simple system. They contact the lead as soon as they get it. After they make contact, they find out exactly what the consumer looking for and offer them your best option available. Top producers are acutely aware that they are likely competing with other lenders. It is this understanding that imparts the urgency to follow up as quickly as they can and answer any questions or objections their lead has. It all comes down to speed. Top producers answer to their leads quicker than the other guy.
“How many times do you sell your leads?”
You want to be sure your lead company isn’t overselling leads they generate. The best leads are ones that you are the only person bidding on the potential mortgage, an exclusive lead. Unfortunately there is no such thing as the Internet Mortgage Lead Police to prevent consumers from filling out forms on other websites, so even with “exclusive” leads, there must be the urgency to contact the consumer as soon as possible. Most commonly leads are sold “semi-exclusively” to a select number of brokers and/or loan officers.
“How do you generate your leads?”
Find out exactly how their leads are being generated. Make sure there is absolutely no incentivizing. You don’t want to be talking with someone who just wanted a free trip to Las Vegas.
“What are your associations?”
The Internet is stocked full of con-artists and misleading websites. You need to be aware of associations that your lead broker has made with companies you can trust. Look for widely used associations on their home page:
Better Business Bureau
National Association of Mortgage Brokers
Dun & Bradstreet Verified
“How are your leads delivered?”
Find out the format your mortgage leads can be delivered. The best online mortgage lead companies can provide accommodation any format that you prefer. Choices include on their website, email content or attached as PDF or excel spreadsheet, as a text file.