5 Ways to Compare Mortgage Lead Generation Companies

By · August 6, 2011 · Filed in Lead Generation News, Mortgage Marketing

With profits margins shrinking for loan origination, it is imperative to buy internet mortgage leads with authority from trusted mortgage lead generation companies that have a proven track record. You need to connect with a mortgage lead company that understands your niches in addition to having the ability to supply you with the volumes and loan types you need. If you specialize in home loans for first-time home buyers, then make sure the companies you are considering provide purchase leads. Find out who has the best reputation for quality leads?  Compare lead companies for internet mortgage leads and usually it’s optimal to work with several good companies like the Lead Planet, Lending Tree, etc. Try and avoid spending your entire marketing budget with one company.

1. Ask your colleagues and mortgage professionals that you respect to uncover potential lead sources with verified reputations.  Sometimes you may find out who has the best reputation for quality leads through online reviews of internet mortgage leads, but consider the reviews with a grain of salt.  When you ask around, inquire about price (compare exclusive and non-exclusive prices), customer service, lead quality, and return policy.  Find out who has the best reputation for quality leads through experiences.

2.  Investigate mortgage marketing opportunities and shop lead companies.  Go to the website and ask about their lead generation process, the return policy, prices, and services.  As you shop lead companies, keep track of each one’s answers.

3.  One of the most important factors when you shop lead companies is to make sure you are working with a direct lead generator.  Avoid lead brokers who resell purchased leads.   A major factor in lead quality is the speed with which you follow up on the lead.  When you make sure you are working with a direct lead generator and avoid lead brokers, you are working right with the source of the leads.  See how fast they get the leads to you after you make sure you are working with a direct lead generator.  If you can follow a lead right away, you have less competition and are more likely to avert the potential clients from changing their minds.  Ask specific questions about lead generation to avoid lead brokers.  Make sure you are working with a direct lead generator, where leads are acquired through the internet, direct mail, TV, or radio.

4.  Verify how many time leads are sold and compare exclusive and non-exclusive prices.

Now that you know to avoid lead brokers, verify how many time leads are sold and compare exclusive and non-exclusive prices of the companies that are left on your list.  Leads can be exclusive, or sold only once.  When you verify how many time leads are sold, you can decide whether you want to pay for non-exclusive or exclusive mortgage leads.  The cost of non-exclusive leads can vary quite a bit, so it pays to verify how many time leads are sold that are labeled non-exclusive.  If a lead is generated online with integrity and sold 2 or 3 times then the chances are good for you to get a solid return on investment.  If the mortgage lead is sold four times or more, then you will likely have a lower application to funding ratio.

5.  Internet mortgage leads are often the most cost-effective and plentiful.  By choosing to work with good companies like the Lead Planet, Lending Tree, etc, you help ensure that you avoid fraudulent websites.  Work with good companies like the Lead Planet, Lending Tree, etc to get internet mortgage leads for a large market.  Choosing to work with experienced lead generation companies like the Lead Planet will enhance your marketing results because you will close more refinance and purchase loans cost-effectively. Scott Deal, the National Sales Mgr. at the Lead Planet said, “Buying quality leads with the right approach is critical for achieving results.” Deal recommends taking advantage of your account manager’s knowledge because you might get some fresh perspectives that increase loan sales without breaking the bank.

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