July 26, 2018 | By RGR Marketing Blog

With Mortgage Leads, It’s Quality Over Quantity

Quality leads play an essential role in the success of any mortgage business. Therefore, it’s easy to say that the higher quality the leads are that a mortgage professional works with, the higher their closing rate is going to be. The problem is, most mortgage professionals have to wade through an ocean of prospects to find the ones holding the pearls.

So, how can you distinguish a quality mortgage lead from one that doesn’t show as much promise? It starts with using strategic lead measuring tactics.

Track and Record Inbound Leads

In the mortgage business, it’s not uncommon for prospects to reach out to you for information. Whether they are filling out forms on your website or calling in to your business, you need to have a system of recording and tracking your inbound leads. The fact that they are inquiring on their own means that the odds are good that they will soon be needing your services.

When comparing inbound phone calls, you should separate them into categories, such as hang ups, voicemail, existing clients, new leads, no answer, and spam. By including spam in your category list, you will be able to determine which marketing campaigns are compelling the spam calls, so you can make the adjustments necessary to reduce or eliminate them.

Identify Your Ideal Customer Profile (ICP)

When you know who your target customer is, you can streamline your lead pursuing efforts so you’re not wasting time with those who don’t fit it. To determine your ICP, you need to identify their descriptors, such as their age, income levels, and other factors, and their needs. Now, you can do more with less.

Ask the Right Questions

Sometimes, finding the highest-quality leads is just a matter of asking the right questions. Their answers will tell you where they are in the sales funnel, so you’ll know how best to follow through with them.

What to Consider When Buying Leads

If your mortgage company buys leads, there are three key things that you should ensure that your leads are fresh, accurate, and true. In terms of freshness, a lead should be delivered to you within 24 hours. It should be provided to you alone and not shared on lead lists for other mortgage companies.

The lead also needs to be accurate, meaning it should include the most up-to-date contact information for the lead. This is not always a guarantee because occasionally people enter their information incorrectly, but you don’t want to have this be a common issue on your lists.

Lastly, the lead needs to be a true lead. In other words, the lead needs to be truly interested in obtaining a mortgage. You don’t want to purchase leads from a company that harvests “incentivized” leads. These are leads in which people provide their information to a website for the sole purpose of obtaining points or free gifts. Incentivized leads are worthless, and they take time away from you pursuing and following up on higher-quality leads.

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