Should you buy mortgage leads?
As every LO is aware, success in the mortgage industry is predicated on increasing customer exposure to get more mortgage leads. If you are trying to increase your sales by buying real estate leads, you need to learn what to expect. A sale is not guaranteed even after you purchase leads outright. For this reason, you should not break the bank to buy mortgage leads, but instead, find out the costs of mortgage lead generation tools in general, and develop a budget that simply includes buying mortgage leads.
Before you decide to buy real estate leads, consider your options. What types of leads are most important to you? Do you want to have only unique leads, or do you want to save some money and find free or cheap leads? Think about your options:
Exclusive or semi-exclusive mortgage leads offer promising results
You may want to spend the extra money to find the most exclusive sales leads, those that have yet to be dried up by the mortgage industry. The cost for such leads can range from about $40 to more than $100. Semi-exclusive leads are a cheaper, but still promising alternative that might be sold to only two or three people. These can range from $20 to $40.
Purchase detailed real estate mortgage leads
All mortgage leads that are fresh must also be detailed. The more details in a lead, the better, as it will be easier to assess the leads fit. Don’t waste your time on a lead that has few details as this could result in a deal that falls through. Detailed leads usually run about $12 to $20.
Look for free or inexpensive leads
Some mortgage lead generation companies offer cheaper leads than others, and sometimes, they offer them for free. While not nearly as effective as detailed or exclusive leads, these leads may work. Look for companies that offer free leads after you purchase exclusive leads. Cheap leads are usually less than $10 each. Usually, such leads are older, less detailed or sold more often than typically desired, but they can still work. If you cannot afford exclusive, detailed or fresh leads currently, these may be better than nothing.
When choosing a lead type, realize that a detailed, targeted lead with a great deal of exclusivity will close a sale in a shorter amount of time than less exclusive, cheaper lead.