Where can I find the best mortgage leads?
When answering this question, the context is key.
If the context of this question relates to the best place to buy the contact information of a person who filled out an online mortgage form then, truth be told, I haven't the foggiest idea how to find the best mortgage leads.
As far as I understand it, the price and quality of mortgage leads you can purchase vary quite a bit depending on the seller. Even leads purchased from the same lead generation company will fluctuate in quality over time.
To me it seems a lot like buying a cat in a bag. You could get a wonderful companion, but you could also get the feline version of Cujo.
When you're ready, you can jump to actionable items contained within this post here:
Don't get me wrong; buying leads works for plenty of loan offices. After all, the largest mortgage companies in the country buy leads. Over a long enough time period, buying leads can be somewhat predictable in terms of return on investment.
That's all well and good, but getting to a place where buying leads makes sense—and cents—is another story all together.
One thing I can say for sure is that figuring out how to make pay-per-lead a profitable effort will not be a cheap endeavor.
Don't take my word for it. Joseph Semrani, head of a national mortgage telesales group at M&T Bank, wrote a great article for National Mortgage News recounting how he blew a quarter mil on mortgage leads. Spoiler alert: his net return was exactly bupkis.
Realtors are the gatekeepers. Be the key master!
Without some ideas around what you can do to find the best mortgage leads, this post would be a mere exercise in naysaying. That's just not my style. I will say this: in my eyes, the best mortgage leads are earned—not bought.
When it comes to purchasing loans, earning leads by way of agent relationships is the best way to get a return on your time—hands down.
This is because relationships with Realtors are like a key that has the potential to unlock a wellspring of the best mortgage leads.
Mortgage leads from Realtors can become an on-going flow rather than just a one-and-done.
Mortgage leads from Realtors come with a degree of implicit trust. The trust the home buyer has in an agent gets shared with you subconsciously through the transitive property of trust.
Earned leads versus paid leads: what are the pros and cons?
Am I way off-base on this one? What do you think?
What has your experience been like working with real estate agents as a loan office and buying leads?
- How has buying leads worked for you?
- How much are you paying for leads, and in what quantities?
- What have you learned, and how much money have you spent learning it?
- In what ways do you go about meeting Realtors?
- What are your best real estate agent pickup lines (for lack of a better description)? How do you break the ice?
- What do you do to help make agents' lives easier and give them a reason to refer deals to you?
- What are your success stories?
- What are your horror stories?
Share your thoughts and experiences in the comments section below and let's see if we can use the wisdom of the crowd to gain a collective advantage and avoid pitfalls!
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