If you are a loan officer or a mortgage broker looking for a good lead source, one of the first things you will want to do when considering a mortgage lead company is find out how they go about generating their leads.
How a mortgage lead company generates their leads is very important because it has a lot to do with the quality of the leads you will be receiving.
If a lead company is buying their leads from another source, than what they are doing is recycling leads. And who knows how many times that third party company has sold the leads to other companies.
Your chances of closing a loan on a lead that has gone through the hands of fifteen other loan officers before it reached your desk are slim to none. So steer clear of recycled leads.
Some lead companies have one data base with thousands of leads that they continue to sell over and over again. They will sell them cheap, but most times you are required to buy in bulk. These leads are usually six months to a year old and sometimes more. This is also known as recycling. An even better way to describe this is “selling junk.”
Look for the lead companies that obtain their leads from web sites that they own and operate them selves. These types of companies receive fresh leads on a daily basis and will sell them in “real time.” So, by the time you receive the lead, it is only a few seconds old.
The best way for you to determine where a mortgage lead company generates their leads is to call and speak with someone in customer service.
Ask them the direct question, “how do you obtain your leads?” If you are not satisfied with the answer they give you, than chances are, you will not be happy with the leads they send you.
Jay Conners has more than fifteen years of experience in the banking and Mortgage Industry, He is the owner of www.jconners.com, a mortgage resource site, he is also the owner of www.callprospect.com, a mortgage lead company.
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