New Versus Aged Mortgage Leads – What’s Better?

Posted on | March 31, 2010 | No Comments

With such a large amount of companies selling leads online, it becomes difficult to decipher between them and choose good or bad leads. One of the things you need to evaluate before purchasing is the type of leads you’re looking for. There is a wide array of leads available for you to purchase including semi-exclusive, exclusive, verified, and aged mortgage leads.

It really breaks down between new or aged (used) mortgage leads. Before we decide, we need to understand the pros and cons of each of these types of leads.

Aged Mortgage Leads

These are leads ranging from 7 days to 1 year in age. These leads are among the cheapest and work well with mass (shotgun) sales approaches such as telemarketing. In order to be effective with these leads, you should expect to buy large amounts (between 1000-5000) and close a small amount (less than 1%). Aged leads are most commonly used with companies who have large telemarketing budgets.

Real-Time Leads

These leads are about as new as you can get since they are available mere minutes after the lead has been generated.  These work great because they are the newest you can find. You will literally be on the phone with the potential customer mere minutes after they have filled out an application. Expect these leads to be more expensive the aged mortgage leads, but also expect a much higher closing rate.

So the answer related to new versus aged leads really depends on your goals and your strategy. If you have a team of telemarketers ready to make high volumes of calls you may benefit from the low price of aged leads. However, if you’d rather take a more focused approach, pay the higher rate and benefit from the higher closing rate.

In building a successful mortgage business, you need to identify a clear strategy that works with you and your resources. Overall real-time leads give you a higher conversion rate while aged mortgage leads are better for mass marketing approaches.

Once you’ve determined the types of leads you’ll be using, take the time to research different companies and measure their track records. Go with companies who are proven in the business and can back up their credibility with statistics, testimonials and figures. The type of company you use combined with the type of lead you choose will lead to your potential in the mortgage business.

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