The mortgage industry is one that is witness to vicious competition. Nowadays mortgage brokers and real estate agents are always on the alert to catch any business opportunities that may come their way and increase their own bottom line. One shortcut that they employ in achieving this aim is buying mortgage leads. Mortgage leads are a service you purchase from a reputable company that has done the background work for you. You pay them a fee and they provide you with leads that will get you closer to a closed mortgage deal. This means commission for the agent and commission for the mortgage broker. At the same time, as a mortgage customer, you must focus on get a bunch of loan or mortgage quotes to get the best deal in the market. Make your real estate business grow fast by buying valuable mortgage leads. Before you start buying some leads, here are a few tips you need to know to make sure your money is being used wisely.
1) Shop around. There are just as many lead brokers out there as there are mortgage companies. And they all regard you as a potential customer.
2) Look for a company that has no start up costs and no long-term obligations. You want to make your purchase and be done with it.
3) Understand that leads are going to be sold in blocks, generally you will purchase anywhere from 25 to 1000 leads depending on how big your business is.
4) Various kinds of leads are available and they can be confusing for a first-time buyer. There may be a possibility you are sharing your leads with another broker depending on what kind of leads you buy. The 4 main lead types are:
* Exclusive Leads: These are leads that are only sold once, and sold to you.
* Shared Exclusive Leads: These are leads that are generally sold only about two times. The lead is shared with another broker, but only by one other person. While shopping for leads, it is a good idea to ask about how often shared exclusive leads are sold.
* Shared Leads: These are leads that are shared by as many as 4 or 5 other brokers, depending on where you get them from.
* Live Leads: These are leads that you can get in touch with as soon as you purchase them. Phone contact is possible the instant that your payment is processed.
5) Your cost per lead will be determined by the lead type you buy. The more exclusive your lead, the higher your price is going to be. Leads can be anywhere from $30-$50 each, so keep this in mind when determining what kind of package you want, and how exclusive the lead you want.
6) You will want your leads to be tele-verified before you can use them. That means you are not making cold calls, the leads you will be receiving have been verified by phone that their information is correct, and they have expressed an interest in loan services.
7) Make sure that the firm that you purchase your leads from will replace leads if they are not “good leads”. Don’t neglect to ask about their policy for lead replacement.
