Finding Cheap Mortgage Leads That Convert

Posted on | April 4, 2011 | No Comments

As a mortgage professional, you might have thought about purchasing mortgage leads. Many of you have actually taken the steps to purchase leads only to experience bad results. There are methods to acquire cheap mortgage leads that actually become sales. Before you spend any more money, take the time to read these tips.

Sales leads are typically bought from businesses that focus on collecting information from interested parties. If you’re conducting business with a quality company, your mortgage leads are most likely generated via a mortgage application form.

These methods help to confirm that a lead is actually interested in purchasing a home. Their conversion rates are typically higher because they’re in the market to buy. Some people have reported conversion rates (percentage of people who buy) between 10%-30%.

If you’re in the market for cheap mortgage leads, you’ll need to dig harder to find quality. Sometimes you can take a creative approach and buy in bulk. Purchasing a large amount of leads will typically bring down the individual price, saving you more in the long term.

There are a few businesses that run promotions offering free leads based on the amount you purchase. These methods are great for saving cash if you buy in large quantities.

Next, make sure to evaluate the methods in which the prospects were generated. Are they actively looking to buy or is their information being collected from the yellow pages? Remember, the intention of the prospect makes a huge difference in the conversion rate.

Find out the age of the leads. Were they generated within 24 hours or less of your purchase? Focus on leads that are fresh because they’re more likely to buy.

Finally, monitor the conversion rates of the cheap leads you’ve purchased. You’ll notice a trend if many prospects don’t respond. Asking them for feedback will help you determine the quality of the business you’re purchasing from.

Implementing this advice with some careful observation will help you get cheap leads that become customers.

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