You can get mortgage leads as a new agent without paying a fortune. Think it's an impossible dream? Doing a little work on the front end allows you to build a system for consistent new leads. Take a look at where to start!
Mortgage leads provide the names and contact information of people who have expressed interest in new mortgages and refinancing. Loan officers use these leads to contact potential clients in need of mortgage services. Leads are typically sourced from surveys, online interactions and ad engagement. Quality lead providers often provide category-specific lead options that allow loan officers to drill down on specific client segments.
Yes, most loan officers source at least part of their business using leads. You should also be using leads if you're trying to get new mortgage clients. However, getting access to relevant leads is always more important than "hoarding" leads. You need to know who to attract. Specificity beats volume. Always remember that your return on investment (ROI) from a lead can only be calculated after you add in all of the time you've personally spent nurturing the lead. Yes, getting leads is always going to be something of a volume game simply due to the nature of the "revolving door" aspect of being a loan officer. However, learning how to get mortgage leads with good ROI without cold calling huge batches of names is critical for avoiding dreaded broker burnout. This is where knowing about the different types of mortgage leads matters.
Broadly speaking the industry has 5 types of mortgage leads. That said, some specialized vendors may create subcategories.
There are many lead companies providing high-converting, targeted mortgage leads out there. Mortgage leads can very easily be purchased online. The companies that specialize in mortgage leads are typically marketing firms that allow you to purchase different types of lead campaigns. While most mortgage lead providers allow you to purchase one-time batches, it’s also possible to purchase recurring lead subscriptions to ensure that your funnel is always being replenished. If you’re a new loan officer, consider dabbling in a few different places to get a feel for what working with different types of leads can feel like. Well-known companies such as Lendingtree and Experian sell mortgage leads.
The cost of a mortgage lead ultimately comes down to the quality of the lead you’re purchasing. Generally, the range for mortgage leads of all types is between $25 and $150. It’s also important to remember that your ability to manage your leads using an automated, intuitive system that maximizes the potential of every lead is going to boost your ROI through higher conversion rates.
Where should you go to buy mortgage leads? There's no shortage of lead providers on the Internet offering access to leads for loan officers. First, don’t be shy about asking your associates where they get their leads if you’re part of a firm. In fact, you can consider asking an associate specializing in a completely different area of the mortgage/home-buying process where they get their leads. Many local real estate agents in your area may also have good tips about where they source leads from because there are often overlaps for mortgage brokers and Realtors in the lead world. If you’re ready to press the button on buying some leads right away, these three lead sources are regarded as offering some great options for brokers:
Most mortgage officers are going to rely on paid leads for at least a portion of their total closings. However, branching out beyond paid leads can help you to gather leads that other loan officers in your area aren't catching. Next, take a look at how to whip up DIY mortgage leads while strengthening your reputation.
Buying mortgage leads is a good option. It's not the only option. There are many DIY ways to attract leads.
Be someone who knows what they're talking about. How do you do that? Build content of tutorial-level quality. Get positioned as the instructor instead of the salesperson. Here are some ways to make amazing authoritative content that drives traffic to your site, establishes you as a friendly authority and builds trust:
Build a niche based on an unfilled need in your local market. That means steering your content toward financing rehab homes if you live in an area with lots of older, abandoned homes. Maybe there's a loan program that's pertinent to your area that you can be the go-to expert on. Balance it out with text, video and graphics. Make sure you're actually delivering content instead of just teasing with filler. However, you should leave enough unanswered that your call to action (CTA) prompting viewers to reach out for more guidance is powerful.
Keep it local because you can win local. Trying to go too broad with marketing because you think it's all about becoming the "mortgage king" of the country is counterproductive. You'll never gain the traction to get there if you don't win local first. There's simply too much effort and capital being pushed out by the "big dogs." Your niche is the smarter focus. Don't forget to get registered for free on Google My Business to create a free business profile that makes your business easier to find.
Be married to your geography. Pepper your service area into your content naturally. Trying to shoehorn in geographic locations takes the reader out of the moment. Here are some ways to make sure your results appear for people looking for mortgage lenders in your service area:
Can you see the trend? Attach what people are searching for to the areas they're searching from. Feel free to add as many towns, cities, neighborhoods and communities as necessary based on your coverage area.
While simple, checking your metadata can help you get leads. Your metadata is what shows up when people search your keyword on Google. While the "Goliath" sites always pop up first, Google favors local just below the big players. Set your metadata to something like "Chicago Mortgage Broker" to zip past your competitors who don't know about this trick.
Every home that gets listed for sale in your territory is a default lead generator. Someone who lists their home is almost guaranteed to have "buying a new one" on their mind. Browse new listings daily to build your own lead lists. The benefit of going with someone who is selling is that the tension of balancing a sale with a purchase makes them eager to prequalify for financing on the new property. The address of the home being sold is all you'll need to mail a letter.
Yes, lead generation is heavily digital these days. Tapping into local real-world sources can help to balance out the emphasis on using systems to get leads. The easiest way to do it is by networking with local professionals with shared interests. Reach out for referral partnerships with the following:
These relationships are powerful because your future lead has already chosen to work with a specific lawyer, financial planner or Realtor because they trust them. That means they trust their opinions. Being on the giving end of a referral also helps you by making you more resourceful for your clients.
Ready to bulk up your lead list? Don't burn yourself out! Focus on perfecting one or two of these tactics before branching out!