Merriam-Webster explains the term "cherry-pick" succinctly: To select the best or most desirable. With that in mind, cherry-picking mortgage leads would mean picking the most desirable and best suitable leads from a list. For example, if the lender has determined that reverse mortgages convert well in a specific ZIP code, it might make sense for a lender to cherry-pick likely prospects, such as senior citizens, from a list of homeowners living in the desired ZIP code.
Cherry-picking sounds good, doesn't it? After all, you can select the most desirable leads and discard the ones that don't meet your target criteria. However, like life in general, this process isn't necessarily a bowl of cherries.
For example, cherry-picked leads are often:
- Oversold - Mortgage lead vendors and aggregators often sell their leads to multiple lenders. When your leads are contacted by numerous lenders, not only will you have more competition to contend with, you will also encounter many prospects who are weary of being contacted. Some will have already selected a competitor. Oversold, highly competitive and tired of the process, oversold mortgage leads are less likely to convert.
- Aged - Another problem with cherry-picked leads involves the age of the leads. Online mortgage leads age quickly, and speed to contact is critical.Which would you rather have - a fresh, in-market lead or a cherry-picked lead that's several days, weeks or months old?
- Not interested - Another problem with some internet mortgage leads is that the prospects are simply not interested. This can happen when a lead vendor provides an incentive, such as a chance to win a vacation or an iPad, for people to give up their contact information. Leads are also often culled from lists, such as lists of new homeowners. The problem here is that while the lists provide contact information and can be cherry-picked to best match your criteria, the leads haven't actually expressed an interest in obtaining a loan.
- Non-refundable - So, what happens when you find out that your picked leads are oversold, aged or not interested? Nothing. Few online mortgage lead vendors allow returns so you move on to the next lead in your list, which may also be a poor fit for your offer. Its is important that you select a vendor that offers a generous return policy which ensure that you pay for the leads that are valid and targeted.
So think again while cherry-picking your mortgage leads next time.
RateMarketplace is an exception. Not only are RateMarketplace's online mortgage leads generated and delivered in real-time - when the lead is engaged, in-market and ready to hear your offer - these leads are sold to just a few lenders. As far as cherry-picking goes, you can accomplish the same thing by using filters provided by RateMarketplace.
Ratemarketplace provides high-converting online / internet mortgage leads including refinance, home equity and purchases to mortgage brokers and lenders at reasonable cost. To know more about internet mortgage leads contact us at 1-877-585-3237 or email us at firstname.lastname@example.org
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