Mortgage loan officers all over the country have a deep desire to grow their businesses. Thought the most part are motivated, talented, and very driven to acquire internet mortgage leads to close more sales, most are met with frustration. The business is moving from offline to online. Therefore, you can’t expect to grow your business and reach new customers without a robust online strategy. Many take the first step in this process and buy an internet mortgage lead. But it doesn’t work. This is because strategy involves a series of steps.
If you’ve ever been in these shoes, you have also bought internet mortgage leads at some point in your business. Now, you’ve written them off as a scam because you believe they don’t work. But here is the million-dollar question you should have asked yourself
Why did it not work?
Below you will find the answer to this question. These were the problems with your ‘one-step internet mortgage leads strategy’.
#1 For a start, you bought crummy internet mortgage leads
The internet is flooded with millions of mortgage requests. Year after year, the numbers keep increasing. In 2018, Zillow, a popular online mortgage lead platform had over 6.4 million mortgage leads. Any serious business would monetize this large number of requests. Selling them as internet mortgage leads to loan officers.
However, many ignore the fact that unless these leads are sold as exclusives, you are simply entering a new race with your old competitors. In addition to this, some of these leads aren’t transparent and others are not provided in real-time. All of these result in crummy leads.
Next time you buy internet mortgage leads from a company, ask yourself the following questions:
- How did they come by these leads?
- How can I guarantee they are using transparent means to get forms submitted?
- Are these lead recycled to other buyers to increase profit margins?
#2 Maybe you have a Conversion Problem, Not a lead Problem
Like Bob Honey said, “If you aren’t taking care of your customer, your competitor will.” Buying online leads is just the step of many steps to making real money. As a loan officer, you need to take your time with each lead and meet their business needs, if you ever hope to see new funds materialize. Instead of simply drawing the conclusion that leads don’t work. You need to take your time and answer this question:
“Do I have a process in place to qualify, nurture and close leads?”
#3 You don’t Measure the Results of your Marketing Process
Many jump to a conclusion about the prices of internet mortgage leads. Nevertheless, expensive is relative. As a business, you need to measure your investment and the profit you make from closing a client from this investment. Simply put, you need to measure your return on investment (ROI) before you conclude your marketing process was either a success or a failure.
This is why some mortgage loan officer that understands this business principle can smart investments in internet mortgage leads form companies like MortgageLeads.com.