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How to Buy Good Mortgage Leads
How can hardworking mortgage loan officers good mortgage leads with descent conversion rates?
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1 Reply
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Getting good mortgage leads with great conversion rates can be challenging, but there are several strategies and services that many loan originators have found effective. Here are some key insights and recommendations from Redditors:
Referrals and Networking
Referrals: Many Redditors emphasize the importance of referrals from satisfied clients. “Referrals are the best option. Create a list of people that know, like, and trust you.”
Networking: Attending local events, joining community groups, and even casual conversations can lead to valuable connections. “Everyone is a lead, everywhere you go.”
Real Estate Agents
Realtor Partnerships: Building strong relationships with real estate agents can be a game-changer. “Realtors are still the best quality.”
Open Houses: Hosting or attending open houses can be a great way to meet potential clients. “Run 2 open houses every weekend.”
Digital Marketing
Facebook and Google Ads: Creating targeted social media and search engine ads can attract qualified leads. “Create your own facebook/google ads and get your own leads.”
Local Market Insights: Sharing local market trends and insights can position you as an expert and attract serious buyers. “Focus on hyper-local expertise.”
Lead Generation Services
Lending Tree: While some have had mixed experiences, Lending Tree can be effective for some. “Lending tree works well for my company.”
Bankrate: Similar to Lending Tree, Bankrate can provide leads, but the cost and quality can vary. “Bankrate price point for rate table leads was about $250 per.”
LoanVolume: Some users have expressed skepticism about the high conversion rates claimed by companies like LoanVolume. “Use the money and sponsor some local events. These companies are usually a complete sham.”
Direct Mail and Trigger Leads
Direct Mail: Sending targeted direct mail pieces can be effective, especially for refinance leads. “We’re a lender and do targeted triggered leads for refinance and they have worked great.”
Trigger Leads: These leads are generated when someone triggers a credit inquiry, indicating they are likely in the market for a loan. “Then finally you got the holy grail of all leads: trigger leads.”
Additional Tips
Follow-Up: Consistent follow-up is crucial for converting leads into clients. “Buying any form of internet leads requires a lot of follow up, and consistency.”
Quality Over Quantity: Focus on generating high-quality leads that are more likely to convert. “Buying leads does not equal buying deals.”
Subreddits for More Insights
r/loanoriginators
r/RealEstateAdvice
r/FacebookAds
These strategies and insights should help you generate more qualified leads and improve your conversion rates in the competitive mortgage market.