So if these people will never fill out an online application again where do they go for mortgage's?
This is a good question.... Most will try to use the same mortgage company they have already or will look in the phone book and call a mortgage company directly. Another question that could be also asked in this blog would be what do people do who don't have internet?
At http://www.emortgageleads.biz we have thought about this long and hard and have developed a new business structure that doesn't use online applications, it doesn't use mailers or any type of structure we have found to be in use at the moment. Our state of the art call center's provide completely Exclusive Mortgage Leads of people who haven't been online filling out 2-5 applications only to be bombarded with calls for the next 2 months. We want a highly enjoyable experience not only for our customers who are buying our Exclusive Mortgage Leads from us but the people buying the mortgages as well. With the system we use this is not only possible but completed each and every time.
As a broker myself, I would much rather be in the opinion of the public that I am doing business with that the experience I had with my mortgage company was enjoyable rather then "I filled out these online applications and had to just pick one a do a deal just so they would quit calling me two seconds!!!!"
If you would like this positive experience yourself and recieve Exclusive Mortgage Leads visit: http://www.emortgageleads.biz
Tuesday, October 23, 2007
What is Mortgage Leads?
A mortgage lead is a term used in the mortgage industry to mean a potential sales client. This means anyone who walks into the office, calls the company on the phone, fills out an online application, or even a broker meets on the street.
There is many different ways a mortgage company uses to produce leads. Many of the most popular one are Radio Ads, TV ads, Newspaper Ads, as well as online techniques.
With all the new technology out these days the internet leads are becoming more and more popular. There is about 4 different types of generating leads on the internet currently. Here is my explaination and titles of the different types of lead generation techinques.
1. Exclusive Live Lead Transfers:
Exclusive Live Lead Transfers are leads produced by a company where the potential client goes to the web and fills out a online application of the lead companies webpage. Then the lead company will call this person and verify the person information and transfer the call "live" to a broker. From my experience these leads cost between $80-$120. These are the mostly costly but will produce the best sales ratio.
2. Exclusive Leads
Exclusive Leads work on the same technique above where a potential client goes online and fills out a application. The Lead Generation company then takes this lead and emails it to the mortgage company. The difference is the mortgage company can contact this lead when they want rather then have it delivered directly to them. More flexibility. The issue's I see in this aspect are if you buy 50 leads let's say. You might get all 50 tomorrow. It is going to take you awhile to run through this list calling these people. By the time you get to lead number 50 they might not be interested anymore or talked to another company. These leads usually cost in the range $40-$80.
3. Semi Exclusive Leads
Semi Exclusive Leads work like above again where a consumer goes online and fill out an online application of a lead generating company. This lead is sold to 4 or 5 different mortgage companies then have to compete for the business of turning that one lead into a sale. The upside of this is cost. The downside is you have to compete. These leads cost $20-$40.
4. Keep Broker Busy Leads
I like to call these Keep Broker Busy Leads because that is just what they are. These are companies that have a client fill out an online application then they are put on a online database with some search criteria built in. As a broker you log in and input your search criteria and it pulls a list of potential leads. You then get to pick and choose which ones to pursue. The benefits to this system is you get complete choice on who to persue and the ability to search specific criteria. The negatives are the same leads you are looking at are the same leads 100's of other companies are looking at. These are by far the hardest leads to sale but they do keep brokers busy. These leads cost in the range of $1-$20.
Now these methods all seem very reasonable and productive. I have ran into one huge issue with this though. They are all composed of a person filling out an online application. From my experience a person who gets online and fills out one application is very rare. It is more typical that they fill out between 2-5. What this means to me is that more then likely they will be hit by multiple techinques stated above and get atleast 5 calls if not 100's of leads sold over and over again. It is usually quite a horrible experience for a consumer looking for a mortgage when this happens and as a end result the potential client will never fill out a mortgage application online again. Not only ruining a return customer to the lead generation company's company but all others.
There is many different ways a mortgage company uses to produce leads. Many of the most popular one are Radio Ads, TV ads, Newspaper Ads, as well as online techniques.
With all the new technology out these days the internet leads are becoming more and more popular. There is about 4 different types of generating leads on the internet currently. Here is my explaination and titles of the different types of lead generation techinques.
1. Exclusive Live Lead Transfers:
Exclusive Live Lead Transfers are leads produced by a company where the potential client goes to the web and fills out a online application of the lead companies webpage. Then the lead company will call this person and verify the person information and transfer the call "live" to a broker. From my experience these leads cost between $80-$120. These are the mostly costly but will produce the best sales ratio.
2. Exclusive Leads
Exclusive Leads work on the same technique above where a potential client goes online and fills out a application. The Lead Generation company then takes this lead and emails it to the mortgage company. The difference is the mortgage company can contact this lead when they want rather then have it delivered directly to them. More flexibility. The issue's I see in this aspect are if you buy 50 leads let's say. You might get all 50 tomorrow. It is going to take you awhile to run through this list calling these people. By the time you get to lead number 50 they might not be interested anymore or talked to another company. These leads usually cost in the range $40-$80.
3. Semi Exclusive Leads
Semi Exclusive Leads work like above again where a consumer goes online and fill out an online application of a lead generating company. This lead is sold to 4 or 5 different mortgage companies then have to compete for the business of turning that one lead into a sale. The upside of this is cost. The downside is you have to compete. These leads cost $20-$40.
4. Keep Broker Busy Leads
I like to call these Keep Broker Busy Leads because that is just what they are. These are companies that have a client fill out an online application then they are put on a online database with some search criteria built in. As a broker you log in and input your search criteria and it pulls a list of potential leads. You then get to pick and choose which ones to pursue. The benefits to this system is you get complete choice on who to persue and the ability to search specific criteria. The negatives are the same leads you are looking at are the same leads 100's of other companies are looking at. These are by far the hardest leads to sale but they do keep brokers busy. These leads cost in the range of $1-$20.
Now these methods all seem very reasonable and productive. I have ran into one huge issue with this though. They are all composed of a person filling out an online application. From my experience a person who gets online and fills out one application is very rare. It is more typical that they fill out between 2-5. What this means to me is that more then likely they will be hit by multiple techinques stated above and get atleast 5 calls if not 100's of leads sold over and over again. It is usually quite a horrible experience for a consumer looking for a mortgage when this happens and as a end result the potential client will never fill out a mortgage application online again. Not only ruining a return customer to the lead generation company's company but all others.
Subscribe to:
Posts (Atom)