Finding great mortgage leads in the current economic environment can be tough. There are several things working against you–declining credit scores, depreciating home values, and tightening lending guidelines. These factors should lead you to only one conclusion–I should be paying less for leads.
If your conversion rate is inherently going to be less because of market factors, and you can’t filter out those factors without phone calls, you need to adjust. This is why keeping an eye on your cost per funded mortgage loan is critical. If it changes you need to make adjustments.
Reviewing the Mortgage Market
The current mortgage market has a few unique twists that are making aged leads increasingly valuable:
- Failures in Hope for Homeowners and possible broadening loan modification programs
- Uncertainty in the anticipated economic policy changes of President-elect Obama
- Ever tightening lending guidelines and credit standards
These unique situations are taking some of the urgency out of Internet mortgage leads. Meanwhile, it is adding the need for education and smart mortgage counseling. These are elements that make aged mortgage leads an intelligent choice for your marketing budget.
Focusing My Mortgage Lead Buying
Aged mortgage leads are going to be full of potential homeowners and mortgage borrowers that are patiently waiting for the right market conditions or the right loan officer to guide them into a good mortgage financing decision. These are not hasty real-time Internet lead customers that are desperate and willing to be hooked into another bad loan. These are customers that want to talk to a professional.
You have the perfect opportunity to focus your mortgage marketing on less expensive mortgage leads, without sacrificing big on quality. Your trade-off might be a little more work on contacting and following up with these clients, but this is the client you want. Someone who knows you have invested time in their financial health when times are hard. This will be a client for life.
Finding the Right Aged Leads
Finding the right aged leads is key. Don’t just rush into aged mortgage leads because they are cheap leads. No, really think about what adds value to your mortgage business. Spend time finding the right filters and pick an aged lead broker that takes time to make sure you have the best leads. A lead broker that invests in your success.
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Next Wave Marketing Strategies brings over 5 years of integrity, innovation, and client satisfaction to the aged mortgage leads market. We offer industry leading quality control, data cleansing, and a generous return policy to empower you to build your business in the fastest, most cost effective manner. Learn more about aged mortgage leads.
(photo credit: TruthAbout…)
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