Jumbo Mortgage Leads – Are they worth the effort?

Posted on | March 30, 2010 | No Comments

As a mortgage professional, you want to get the most value for your time. When we look at the types of loans available on the market, jumbo loans often appear to be the most attractive. Jumbo loans are typically valued above 1 million dollars, depending on where you’re operating. Since the mortgage business is based on commission, brokers want to chomp on the biggest piece of the pay to earn the most revenue. But are jumbo mortgage leads really worth the effort?

Sure there’s much more money to be made on jumbo mortgage leads, but there is also more competition in this arena. Even if competition wasn’t an issue, the volume of jumbo leads is typically much lower than regular mortgage leads. In order to succeed in this arena, you need to focus you marketing efforts on the higher end market. This market will be the one who need jumbo loans.

Differentiate Yourself

Go where your market is and you’ll be sure to find the jumbo leads your business needs. If you decide to focus on these types of leads, you need to stand apart from the competition. You need to differentiate yourself from everybody else. Make a list of the mortgage brokers you know that focus on the jumbo loan market. Note everything they do: how they dress, how they build relationships, how they market to customers. Now, make a list of how you’re going to be different. Take the good parts, but differentiate your approach. For example, if your friend Bob Smith sends professionally designed mailers to his clients, you can send handwritten mailers to your clients. This will make you stand a part and keep you in their mind longer.

The key is to learn from what others do well and make it your own through differentiation. You’ll never be the best if you’re just like everybody else. You need to be seen as better than your competition.

Go Where They Go

They first rule of marketing is to “know your customer.” This means knowing what they look like, who they are, and where they congregate. Interview a few of your existing clients and learn about his or her likes and dislikes. What magazines do they read? What do they watch on TV? Where do they like to go for fun? Learning this information will tell you about the psychology of your customer. Understand where they hang out and make it a point to spend time there. If your customers golf, you should start golfing. If they like to surf, buy a surfboard and learn for yourself. They key is to make friends with your clients and hang out where they do. The results will be an increase in leads. In your case, an increase in jumbo mortgage leads.

Generating income through jumbo leads comes down to your ability to differentiate your business and your ability to connect with your customer. Take the time to understand your market and stand apart in a way that makes you more valuable to your client. Remember, people like to do business with people they trust. Take the tips above and become a real friend to your clients.

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