Mortgage Broker Leads

Mortgage Brokers are having a rough go of it currently in many parts of the U.S. Just like the Realtors. Mostly because of tightening of lending requirements.

I recently witnessed a couple methods that Mortgage Pros are using to ramp up their chances of landing an application.

When the Light Bulb goes on, You own a Piece of their Brain

Working with borrowers to boost their Credit Scores thru education. Any sort of educational program like this is certain to build a long term loyalty to your team. The reason is because whenever they reference what they learned, most people remember who taught it to them.

Making Juice Out of Pulp

Marketing Sherpa studied America Funding, a Mortgage Company and what they did to squeeze extra juice out of old leads.

As it turns out the Company realized that like most sales organizations they were concentrating on their new -fresh leads.  They were only closing 5% of those. While 95% affectively went into the trash. While most companies were dropping in sales they figured out a way to get over 11% closure on their old leads. All from email marketing. They used video and sequential messages to get the high ROI.

This is a lesson that can cross over to Realtors as I am sure there are plenty of Orphan files and Orphan leads sitting in Real Estate Agencies and Databases across America.

Comments

[John beck]

Go with your gut instinct. Don’t rush into anything. Walk away. Due your own due diligence even when the agent does it for
you. Build relationships, then when someone says ‘trust’ it holds more weight.
Enjoy your blog and site - keep it up.

http://www.johnbeck.tv/index.htm

[Richard]

Interesting post,

Mortgage brokers are individuals or firms who find customers for lenders and assist with the loan process. Brokers are independent contractors – they provide a way for mortgage lenders to increase their business without incurring the expense involved with employing sales staff directly. Brokers also play a key role in today’s mortgage market: According to the Mortgage Bankers Association, mortgage brokers now originate 45 percent of all mortgages, and 71 percent of subprime loans. :)