Online Mortgage Leads - Four Essential Elements
What makes a quality online mortgage lead? The easy answer: a quality lead is a lead that closes. The trickier question: how can you tell - before you purchase them - which leads are more likely to close? There are four essential elements that will help you predict quality in online mortgage leads. Get a handle on how your suppliers' leads perform on these important attributes, and you should be able to judge more accurately how those leads will do.
Is it fresh? Mortgage leads are like egg salad - you really don't want them if they've been hanging around for a while. A real-time lead is the gold standard, enabling you to make contact while the prospect is in-market, online and thinking about that mortgage. Mortgage leads lose value with every hour that passes after the initial click. At 48 hours, you might as well toss them in the garbage.
Seymour Butz at 213-555-16234 probably won't be closing a mortgage refinance anytime soon. Online visitors to mortgage lead-gen sites are notorious for providing bogus contact information. Given that the practice is endemic, the important question becomes: what does your lead vendor do to mitigate the problem? What programs and technologies do they have in place to validate contact information? Does the phone number jibe with the state and the zip code; is the name valid; is the email address valid? You'll want to have a frank discussion about contact ability and come away from that conversation with a sense that your vendor has a handle on how their leads perform.
"Mortgage?? What about my iPhone 5?" 'Incentivized lead' is a polite term for a prospect who's been lied to. They don't want what you're selling. They want the carrot that's been used to entice them into filling out the form. If you're purchasing leads derived from incentivized traffic, chances are you're throwing your money away.
Another common practice is lead aggregation - vendors purchase, bundle and resell Mortgage leads. The result is leads of questionable quality that may be days or even weeks old.
To ensure quality, you'll want to work with lead-gen companies that generate 100% of the leads they sell, and can share with you where they're advertising and what audience segments they're targeting.
What's it worth to be first? And how much can you save by settling for sloppy seconds? Most lead-gen companies offer exclusive leads at a premium - you're guaranteed to be the only mortgage lender this lead was sold to. Pretty straightforward.
Shared leads can differ from vendor to vendor. While they can be significantly less expensive, be sure that you know how many times shared leads are sold by your vendor. The more times prospects have been approached, the less likely they are to close. Find the balance that works for you.
You know that identifying qualified, motivated borrowers quickly and efficiently is essential to your business. Developing a set of standards using the above-outlined criteria could help you find the best and most cost-effective lead suppliers for your operation.
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