If you are thinking about buying mortgage leads, it pays to do your homework. Many people have found that investing in mortgage leads is one of the best lead generation strategies. But I would recommend you not get caught up in how to get leads for your mortgage business without planning ahead and shopping around. Here’s my list of 12 things to consider before you buy more mortgage leads.
Many sales professionals don’t sell on price because their customers don’t buy on price. Of course, pricing does matter. There’s a wide range of price per lead for mortgage leads, but more expensive isn’t always better. Leads are an investment, but it’s still important to stay within your budget while getting the best ROI possible.
Everyone has experienced that moment when you need customer service help and can’t get it. You don’t want to be dealing with poor customer service when it comes to your lead purchase. So make sure to check out review sites and the lead company’s terms and conditions before you make any purchases.
On a similar note, don’t buy from a lead company that has a bad or nonexistent return policy. A lead company should be upfront about when and how returns are accepted. The nature of the lead business means that occasionally a lead will have bogus information. The best lead companies will refund or replace such leads.
Just as many people today care about where their food comes from, you should care about where your leads come from. Find out where the lead company sources the leads it sells to you. Some firms get their leads direct from mortgage industry giants, others source leads that have been resold countless times.
Everyone wants quality leads that have complete information, correct information, and are generated by a real person shopping for a mortgage. Quality lead companies will deduplicate their leads, check them against do-not-call registries, and offer a refund or replacement for bad leads.
While quality is important, quantity also has a big impact on how successful your mortgage lead investment will be. All lead pools have what is known as variance — sometimes you’ll have a high close rate, sometime it will be low. With too small a pool of leads, the chance you’ll have an unusually low close rate increases. Also of note, you’ll pay more for small-batch lead pools. Buy in bulk to get a discount and a better ROI.
Not all leads will work for everyone, which makes the filtering options a lead company offers an important consideration. Some only work with local leads, or only with conforming or FHA borrowers. Some real-time lead sellers will let you cherry-pick leads, which is a nice option if you can afford it.
The pace of business moves fast. The last thing most people need is to wait a few days or a week to get the leads they’ve paid for. The best lead companies are offering instant delivery of leads electronically right after payment.
If you’re working any significant volume of leads, you really should be using a customer relationship management (CRM) software. Make sure the lead company you work with will be able to deliver your lead purchase in a format that works with your particular CRM. CSV is a popular format that works in Excel as well as many CRMs.
Discounts or Surcharges
Note any discounts or surcharges you’ll have to pay to get the leads you want. It may not be a dealbreaker, but you’ll want to compare apples to apples when you’re shopping around. As far as discounts, many firms will give you a huge discount if you buy in bulk. This is often applied automatically as you choose your number of leads. Also be aware that a few firms have been known to charge more per lead for certain filtering options.
Exclusive or Nonexclusive
Another important factor to consider: will you purchase exclusive leads or nonexclusive, a.k.a shared leads? A note of caution, exclusive means that particular lead hasn’t been sold to another sales professional. However, it doesn’t mean that customer hasn’t filled out other lead request forms. Exclusive leads can be great when they are truly exclusive. However, they can be very, very expensive, which hurts your ROI. Nonexclusive leads often get a bad rep, but keep in mind that most leads don’t get proper attention after the first week — an opportunity for persistent sales pros.
Real-Time or Aged Leads
Finally, consider the pros and cons of real-time and aged leads before you buy. Everyone chases those fresh real-time leads because of the ripe opportunity. But that often results in too much competition for sales professionals and too much annoyance for mortgage borrowers. Additionally, most shoppers aren’t ready to move forward on a mortgage from the first call. They need lead nurturing. So even if you’ve spent more on fresh leads, you may end up nurturing them along with your aged leads. The best aged leads can be a great opportunity due to their discounted price, allowing you to get more leads for the money and potentially a higher close rate.
Buying mortgage leads is a great choice, whether you are looking to build a new business or supplement your existing sales. But like all investments, it pays to do a bit of research and consider what’s most important in your particular circumstances. Bulk orders of high-quality aged leads can give you a great ROI, provided you have a system for efficiently working through a high volume of leads. Fresh or exclusive leads can also be a good option in some cases. It just depends on what you’re trying to achieve as you take your business to the next level.
Reach more customers today with a fresh supply of high-quality aged leads from The Aged Lead Store. You’ll find thousands of sortable aged leads, ready to boost your sales, whether your business is auto, life, health, Medicare supplement or homeowners insurance, annuities, auto warranty coverage, mortgage refinance, or solar installation.