A mortgage lead is information taken from a potential mortgage seeker. Mortgage brokers use mortgage leads to get a better idea on what will suit the needs of potential mortgage buyer.
The Internet has revolutionized the way consumer’s evaluate, compare and choose mortgage products and services. It has become a significant tool for both mortgage seekers and mortgage brokers alike. This is because the Internet serves as a portal for mortgage consumers and brokers to get information that are pertinent to mortgages. Online application for mortgages has become a trend. Each day thousands of mortgage seekers fill out forms on thousands of mortgage leads generation websites requesting more information on mortgage loans or quotes from mortgage lenders.
Ensuring quality in your mortgage leads
A high quality mortgage lead does not necessarily mean a mortgage lead that closes. Quality in mortgage leads is judged according to three criteria: freshness/novelty, accuracy, and truth.
As a general rule, the fresher the mortgage lead, the bigger your chances of closing that mortgage lead. At a minimum, a mortgage lead that is less than 48 years old is still considered quality mortgage lead. Anything more than that lessens your chances of closing the mortgage lead.
Accuracy in mortgage leads is important. Getting accurate data from users is one of the biggest challenges that mortgage lead generation companies face. Several software programs have been developed to ensure accuracy in mortgage leads. One of the more recent developments is a program that uses telephone/location verification.
The third criterion to consider when looking for quality mortgage leads is whether or not the mortgage lead is true. A mortgage lead is considered only true if that mortgage lead was actually generated by someone who is truly interested in getting a mortgage. This aspect of mortgage leads is very hard to determine but with a little research, you might just be able to pull it off. Some websites offer incentives for users who will fill out mortgage lead generation forms. To get a high quality mortgage lead, it is best if you stay away from these types of mortgage lead generation companies.
Mortgage Lead Expectations
Closing expectations of mortgage leads, especially those that are available over the Internet, are low. Closing mortgage leads at a rate of 8%-14% is already considered a good thing. Accurate data in Internet mortgage leads is only expected at 80%.
Closing Internet Mortgage Leads
As outlined earlier, closing mortgage leads depends on how quick you respond to a mortgage lead. The quicker you respond, the better your chances of closing a mortgage lead. The first thing you do when you get your mortgage lead is make contact with the one who generated that mortgage lead. Follow up your questions with quotes, again based on the mortgage lead generated. In short it all depends on your response…
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