Buying Mortgage Leads Guide
The concept of buying mortgage leads from companies that collect and sort them may be relatively new, but it has been fueled by the public's increasing comfort with using the Internet for personal research and inquiry. More and more consumers who are ready to buy a new home or refinance their old one are doing preliminary comparison shopping for the best mortgage rates online before they contact anyone in person. By getting their names and pertinent information from these sites, qualified leads can be gathered and then offered for sale to mortgage brokers. An entire network of lead generation businesses has identified this valuable and profitable niche.
While the idea of purchasing both mortgage and reverse mortgage leadscan really make sense from a financial and time saving viewpoint, the reality is that scammers have also tapped into this market, representing themselves as sincere, qualified sellers when, in fact, they are not. Never give up any credit card information until you are convinced that you are dealing with a legitimate service. Look for an address on the site that you can verify with MapQuest. A phone number that is not a 1-800 or 1-888 number is also a clue. Call and talk to a representative, ask pertinent questions, and consider the quality of the answers. Is there a Verisign lock symbol on your browser to indicate that your information is protected?
Once you are convinced that you are dealing with a legitimate business, you need to determine the quality of the leads you will be purchasing.
What is a valuable lead?
� Quality leads will be fresh-that is, they will be turned over to you live or within 48 hours at the latest. The older a lead is the less opportunity you will have to be the first contact with the perspective homeowner.
� Quality leads are accurate- Some businesses simply take information from the telephone book and pass on to you what are really "cold" leads. Today's new technology allows lead generation businesses to use telephone verification which improves accuracy to about 80%. Qualified leads should have been verified through updating and research.
� Quality leads are sincere-The use of incentives to encourage people to fill out random forms produces a lead list of people who are not truly interested in mortgages but who are trying to obtain a reward or prize. Basically, a business that uses incentivized leads is not worth your time or money.
Since buying mortgage leads cost $15-$25 dollars each and you can anticipate a closure rate per 100 of about 8%-14%, it is important to know that you are getting the best mortgage and reverse mortgage leads for your investment. On the other hand, the cost for purchasing individual leads is much less than for blanket radio or TV ads. Also expect at least 10%-15% of each batch to be bad leads. In that case, you will want to know the return policy of the company you are dealing with.
Once you receive your leads, follow up immediately with a direct call. Identify the area of interest, present yourself as knowledgeable and capable by answering questions, and leave the door open for follow-up. Most closures originate from that second call, so don't quit too soon. Incorporating qualified leads can transform your business.
mortgage leads and mortgage lead generation
For more information, please visit: Reverse Mortgage Leads