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When it comes to trading mortgage leads, there are a lot of good
companies out there for you to study, and many roads to travel
down when considering which lead type will work best for you.
Researching lead companies is an essential aspect when deciding
to invest in one, but let's be straightforward with each other;
we really don't know what kind of mortgage leads we are getting
until we begin to buy them.
Starting out as a loan officer I bought my leads in bulk, fresh
and with a live transfer. I would take $100 of my hard earned
money and purchase about fifty leads at $2 each. I know that you
get what you pay for, and my goal was to close two at the most,
and at the very least one. Sometimes it worked and sometimes
not. The problem was that I had the feeling of working harder
instead of smarter.
Then I tried to buy real time leads, or fresh leads. I would
take that same $100 and get roughly three to five fresh leads
consisting of purchase leads and refinance leads. I would set up
a filter before hand: specific to state, type of loan, credit,
ltv, loan amount and so on. Automatically when a lead came in,
matching my filter, it would be stream lined straight to my
email account, only about ten minutes old. I had success with
this approach.
The other kind of lead I decided to try out was the live
transfer lead. I believed this to be an amazing concept to
increase my applications. Mostly I just sat at my desk, waiting
for the lead company to transmit customers to me by phone. The
problem was that there was no guarantee that I was there to pick
up the phone. If I stepped away from my desk the call would end
up in my voice mailbox, or the possible customer would hang up.
And again I felt as though I was working harder instead of
working smarter.
Prior to investing with mortgage lead companies, make sure you
do your home work carefully. Understand the companies terms of
service, find out what their return policy is. Even call to
speak with a sales rep, and don't be afraid to ask for a free
trial. Does it consist of a free lead or some type of credit
toward your first deposit? If they are certain in the quality of
their leads, then they should not have a problem accommodating
you.
Many loan officers have had success with all of the mentioned
lead types. Some may work for you and some may not. If you find
yourself struggling too hard to make the lead work for you, pick
a different type of lead!
About the author:
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