Purchasing Mortgage Leads

As a loan officer, the time may come when you need to purchase mortgage leads.  A quick online search in regard to purchasing mortgage leads can yield an overwhelming amount of information. 

Narrowing down those search results to find the mortgage lead that is best for you can be tricky and time consuming. 

Before you purchase – and even before you search – do a bit of research and preparation.

Make a List

First, sit down and make a list.  What types of mortgage leads are you interested in buying?  Do you exclusively want refis?  Do you exclusively want new purchases?  Or are you interested in a combination of the two? 

Are you looking for leads in one particular state, or are you interested in pursuing leads in a variety of states?  What is your budget for purchasing mortgage leads? 

All of these questions are things that you should answer before you consider buying leads.

Do Some Research

It is important to do some research on the company that you are considering buying leads from, as well.  Read their terms and conditions. 

Call the company and talk with one of their customer service representatives; make sure you get clear answers to all of your questions. 

Check out online reviews of the company from other customers who have purchased mortgage leads; this is a good way to see what kind of experience others have had, as it may be a reflection of the experience that you will have, too. 

Keep in mind that no one can guarantee a 100% closure rate. 

With all these things in mind, check out these important details that you should consider before purchasing mortgage leads.

  1. Price – You can narrow your search based on your budget.  Many companies have a minimum purchase amount or a minimum deposit requirement.  If you don’t have a lot to spend, you will need to look for a company that has low minimums.
  2. Lead Generation – Where does the company get the leads that they are selling?  In some cases, the leads have been sold over and over again.  They might purchase a large quantity of leads from another company and then sell them again.  Ask up front where they get their leads.
  3. Return Policy – What is the company’s return policy?  If the contact information for a lead is bad, can you get your money back?  One of the best ways to find out about this is to read the reviews written by other customers. 
  4. Quantity or Quality – be careful for a low price, they probably aren’t very good leads.  They have probably been recycled quite a few times, which won’t give you a good closing ratio.  You may be better off paying more for a higher quality lead.
  5. Cherry Picking – Be resourceful. Some sights have great filter options that allow you to see a lead before you buy it and choose based on criteria including the number of times that the lead has been sold.  This is a great way to get a high-quality lead that meets your needs.
  6. Referrals – Your colleagues have likely purchased leads, so use them as a resource.  Find out what company they dealt with and what that experience was like.

If you need to reach more mortgage leads, get in touch with Focus IT

Our Pulse Mortgage Lead Management Software gives you powerful sales, production, and marketing tools. It allows you to customize sales tasks and easily cultivate leads. 

Contact Focus IT today at https://www.focusitinc.com/pulse-contact  to learn more about how we can help you get leads and close loans.

We also provides a weekly demo which will give you full view of marketing, automated sales and lead management with a user-friendly interface, which ensures faster user adaptation and faster results.