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Many mortgage brokers decide to purchase their mortgage leads online. The price range of these leads can vary greatly from company to company so brokers need to understand which factors affect the prices of each lead.
Having someone else put in the leg work with regards to lead generation can save hours of time. This frees up the broker to concentrate on closing sales rather than finding people to sell to. Purchasing mortgage leads online makes a lot of sense in this regard, and as such, there are numerous companies offering mortgage leads to brokers. Lead Generation firms who sell the leads will evaluate the cost of their services by asking themselves the following questions:
1. How have the leads been generated?
There are a number of different methods for a lead generation company to generate mortgage leads:
- Cold calling – Salespeople from the company selling leads will call people to see if they would be interested in changing or finding a new mortgage lender. Anyone who expresses interest would have their detailed information passed on to mortgage lenders and brokers.
- Online– Readers who search for information about mortgage lenders would be directed to a website. If they opted to receive more information, their details would be passed on to lenders and brokers. If a lead generation form is used the details can also be passed on straight to the lead generation company as well as the mortgage company.
- Aged Leads – Leads that have been contacted previously, but who weren’t ready at the time to commit to anything; might be passed on to lenders and brokers, as the prospect might be ready to discuss mortgages again.
If a prospect has opted in to finding out more about mortgages, this is a good indicator of their level of interest. The more interested a prospect is, the hotter the lead. Recycled leads may or may not be interested so the lead has a 50/50 chance of converting. The hotter the lead, the higher the quality and the more a lead generation company will charge.
2. Are the leads targeted?
Now all mortgage leads will be targeted in the respect that the leads will be people interested in purchasing a mortgage. However, some companies may want leads that are from a certain geographical location, under a maximum LTV, over minimum loan amounts and have a particular credit grade. Such filters may increase the chances of a lead converting and would definitely affect the price of the leads.
3. Will the leads be sold exclusively to one mortgage lender/broker?
Some lead generation companies may offer to sell a certain amount of leads to one brokerage firm alone. Cutting out the competition will definitely increase the probability of lead conversion. If a lead generation company agrees to sell mortgage leads to one business alone, this business can expect to be paying higher prices for this premium service.
These are three factors that some lead gen firms may use to determine the cost of your mortgage leads. There are many factors that affect the cost and quality of mortgage leads. It’s important for brokers to find out which factors are most important to them so that they can purchase leads within their budget that meet their needs.
What factors do you consider when determining whether to buy mortgage leads or seek out prospects for yourself?
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