How to Choose the Right Mortgage Lead Generation Services for Your Business
Finding the right mortgage lead generation services can make a huge difference, especially when it comes to whether you struggle to find clients or have plenty of leads coming your way.
Let’s explore how to choose the best lead generation services for your mortgage business.
Understanding Your Lead Generation Needs
Before you spend money on a lead generation service, take a minute to think about what you actually need.
Are you looking for leads for new home purchases, refinances, or both? Do you need help nurturing leads through your sales process, or do you just need fresh leads coming in? Knowing exactly what you’re looking for will help you eliminate services that aren’t the best fit.
Key Factors to Consider When Evaluating Lead Generation Services
Here’s what to consider when comparing different options for lead gen services.
Lead Quality vs. Quantity
Getting lots of leads isn’t always the best approach. High-quality leads who are seriously interested in buying a home are worth way more than a bunch of people who are just casually browsing. When you’re checking out Mortgage lead generation company, ask them:
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- How do they make sure their leads are legitimate?
- How fresh are their leads? (Recently acquired leads are more likely to convert)
- What type of info do they collect from potential clients?
- What percentage of their leads are more likely to complete an application?
Compliance Standards
The mortgage industry has lots of rules, and noncompliance is not an option. Your lead partner absolutely needs to follow all compliance requirements, such as RESPA, TCPA, and state guidelines.
Ask them to explain exactly how they verify their lead generation activities stay on the right side of the law.
Targeting Capabilities
Generic leads rarely give you the best results. Good lead generation services should let you target based on:
- Where people live
- Credit score ranges
- Types of loans and amounts
- When they want to buy
- Whether they’re first-time buyers
- How much money they make
Technology Integration
Mortgage lead generation system should work with the technology you already use. Look for services that offer:
- Easy connection with your CRM
- Automatic follow-up options
- Systems to distribute leads to your team
- Simple ways to track performance and get reports
Pricing Structure and ROI
Cost matters, but value matters more. Think about what you’ll get back from your investment instead of just focusing on what it costs. Consider:
- Cost per lead vs. cost per closed loan
- Minimum purchase requirements
- How flexible the contract terms are
- Whether they offer any performance guarantees
Types of Mortgage Lead Generation Services
Not all lead generation companies offer the same services or types of leads. Here’s a quick overview of the differences you can expect.
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Exclusive vs. Shared Leads
Exclusive leads are only given to you, while shared leads can be sold to several lenders. Exclusive leads also cost more, but they usually convert better because you’re not competing with other mortgage professionals for the same person’s business.
Real-Time vs. Aged Leads
New leads tend to be more likely to convert, but older leads that have been nurtured and well maintained can still be worth pursuing at a lower cost. This will mostly depend on how your business handles follow-ups.
Self-Generated vs. Purchased Leads
Some lead generation services offer systems where you generate your own leads through your website and marketing, while others sell you leads they’ve created. Most lenders prefers to use a combination of both approaches.
Evaluating a Mortgage Lead Generation Company’s Reputation
Before you commit:
- Ask for case studies that match your market
- Request references from current clients
- Read online reviews (the good and the bad)
- Ask about their experience and how long they’ve been in business
Implementation and Optimization
The best lead generation providers give you quality leads, but also help you get the most out of them. Look for companies that:
- Provide training and support
- Regularly review their lead generation performance with you
- Can help you improve your conversion rate
- Have a responsive customer support team that can answer your questions
Breaking from Traditional Lead Generation Approaches
Consider paying for lead generation services that use newer approaches to mortgage marketing. AI-powered systems and RESPA-compliant co-marketing tools often work better than old-school marketing methods.
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Making Your Decision
Getting leads is only the first step. How you follow up with them and convert them into customers is what really determines your success.
The right mortgage lead generation strategy for your company should be compatible with your goals, budget, and operations. Start with a trial period, keep a close eye on your results, and be ready and open to making changes based on what happens.
Ready to Transform Your Mortgage Business?
Finding the right mortgage lead generation partner can change your lending business for the better. With the right system, you’ll quickly discover more qualified borrowers than ever before.
Schedule a demo today to see how the right lead generation service can help your mortgage business bring in leads while staying ahead of your competitors.
