If your company is having trouble generating mortgage leads in this extremely competitive market, you may want to consider buying leads. Before you select a lead company to do business with, though, there are five factors you need to consider.
1. Budget
Some lead companies are happy to work with clients who have a limited budget. Others prefer to work only with large mortgage brokers who can afford to pay thousands of dollars in exchange for solid leads. Make sure the company you choose offers mortgage leads within your price range. It’s also wise to beware of lead companies that try to hard-sell you into spending more than you can afford.
2. Methods of Lead Generation
How does the company obtain the leads it sells you? Some companies cold-call individuals to find interested prospects. Others set up an Internet landing page where visitors can request to be contacted by a mortgage specialist. Still others buy recycled leads, also known as aged leads. None of these sources are inherently good or bad, but again, take your budget into account. You should expect to pay far less for recycled leads than for newly generated leads.
3. Return Policy
If you receive a lead with a significant portion of contact information missing – for instance, if you receive a lead with no direct mail address – or if you receive a lead whose contact information is incorrect, you should be able to get your money back without a hassle. At the very least, the company should provide you with another lead that has complete and accurate contact information.
4. Filters
Perhaps you only want to work with refinance mortgage leads or leads in a certain zip code area. Is the lead company you’re considering able to filter their leads to find you the prospects you’re looking for? Granted, you’ll pay more for this cherry-picking, but finding the prospects you’re in the best position to serve is usually worth the extra money.
5. Exclusive Leads
Exclusive leads are leads that are sold only to your company. Since your competitors can’t buy these leads, you have a greater chance of making a conversion. Exclusive leads are expensive, though, costing nearly twice as much as non-exclusive leads. It’s also important to remember that the prospect him or herself may have signed up with more than one lead company. If this is the case, the lead won’t be exclusive because other lead companies will also be selling his or her information. If you’re working on a limited budget, you may want to stretch it a bit by purchasing non-exclusive leads.
Buying mortgage leads can be a bit intimidating at first. You’ll probably make some mistakes, because finding the right leads for your company is a matter of trial and error. Once you figure out which options work best for you, though, you can count on a steady supply of leads that can boost your conversion rate.
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