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| Mortgage Lead Companies,
Eight Features to Consider So now the time has come
to invest in Mortgage Lead companies, but how do
you know which one is the right one for you?
When I was a new loan officer, finding a mortgage
lead company was not easy, I can remember logging
onto major search engines, typing in the key word
“mortgage leads” and being bombarded
with links leading me in the direction of
mortgage lead companies all claiming to have the
best mortgage leads and the best mortgage lead
program for me!
But what was the best mortgage lead program for
me? That all depended on what I was looking for.
So, taking my time, I began to right down exactly
what it was I was looking for, did I want refi’s,
purchases, or both. Did I want mortgage leads
from several states or just one, how much could I
afford? Etc., etc.
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Before I
invested any time or money, I decided I was
really going to do my home work, I went to sites
of the mortgage lead companies I was considering
to read their terms and conditions, I spoke with
reps in their sales department and asked many
questions, I went to mortgage lead site reviews
posted on the web to see what kind of experience
other loan officers had with the mortgage lead
companies I was considering.
One thing to keep in mind, No mortgage lead
company can guarantee you a 100% closure ratio,
and they are very up front about that, if that is
what you are looking for, you can end your search
now.
Still with me? Good!
Here are a few things to consider before
committing
1) Pricing
If you are on a tight budget, and have, lets say,
$100.00 to spend, you will have to narrow your
search to the mortgage lead companies that accept
a $100.00 or lower minimum or will meet whatever
spending limit you have set for yourself. Some
mortgage lead companies have deposit requirements,
not allowing you to deposit less than $500.00, so
this would not be the mortgage lead company for
you.
2) Lead Generation
Find out where the mortgage lead company is
generating their leads from. Some mortgage lead
companies recycle their mortgage leads and sell
them many times over to many different loan
officers. They also buy their mortgage leads in
bulk off of other mortgage lead companies and
resell them, so make sure you ask this very
important question up front.
3) Return Policy
Look for a mortgage lead company with a liberal
return policy, the best way to find out this
information is through lead site reviews.
If you receive a mortgage lead with incorrect
contact information, there is no reason why you
should not receive a refund.
4) Quantity vs. Quality
Be careful when you buy in bulk, when you can
spend $100.00 and receive 50 leads, chances are
the mortgage leads are old and are being recycled,
and the closing ratio isn’t so good.
If you can spend $100.00 and receive five to ten
fresh mortgage leads, you may be better off, and
also have a much better closure ratio.
5) Cherry Picking vs. Filters
Cherry picking is a nice feature, and a very
popular one, it allows you to go into a site and
view a mortgage lead before you purchase it, some
sites even let you know how many times it has
been sold.
Filters are also very nice features also, they
allow you to predetermine what kind of mortgage
lead you want, and when a mortgage lead comes in
matching your filter criteria, it is sent
directly to you via e-mail or fax.
6) Customer service
As in all business’, customer service is key,
and the way they handle themselves on the phone
can be perceived as a good indication as to how
their company is run.
If you are struggling to get a hold of someone,
or your phone calls are not being returned, they
are most likely not worth doing business with.
7) Referral
One of the best ways to find a mortgage lead
company, is to have one referred to you by a co-worker,
or by someone within you organization who has had
success with a mortgage lead company. Ask around
and see what you can come up with.
8) Exclusive vs. Nonexclusive
If you want to receive mortgage leads exclusively,
you will pay a steeper price, however this
mortgage lead will be sold to you only, doing
away with your competition.
Non exclusives mortgage leads are sold on average
three to five times, it usually will cut the cost
of the mortgage lead in half, but keep in mind,
you are now competing with other loan officers.
Remember, you get what you pay for.
One last thing..
By considering these eight features of mortgage
lead companies, you are well on your way to
choosing the best mortgage lead company for you,
and at the right price. But don’t stop here,
continue to gather as much information as you can
before you invest your money. I can’t stress
enough just how important the mortgage lead
review sites are, check them out, it will be
worth your time.Author: Jay Conners
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