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.
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.
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.
By: Jay Conners
