Everything You Need To Know About Buying Aged Mortgage Leads

Are you thinking about buying mortgage leads? You’re on the right track if you’re doing the research and shopping around. We know from experience that investing in mortgage leads can be one of your most successful lead generation strategies. However, you should consider a few things before you buy mortgage leads from just anywhere – especially from vendors overseas promising rainbows and butterflies with every lead.

Things To Consider When Buying Mortgage Leads

If your business seems like it’s running low on prospects, or you’re looking to scale and grow this year, now is as good a time as ever to look into buying mortgage leads (because your competition sure is.) Even in this competitive market, the right leads can help you jumpstart your marketing strategy. Also in any market, salespeople burn & throwaway leads like the secretary’s brussel sprouts in the office microwave.

So whether you’re looking for aged mortgage leads, shared leads, or exclusive leads, read our guide below before you take the plunge.

Pricing

Let’s discuss pricing first. Many companies don’t like to disclose their prices, but we know that pricing does matter. There’s a wide range of costs per lead when it comes to mortgage leads, but more expensive doesn’t mean better! The Ferrari is ultimately a lot more expensive to maintain than the 1990 Ford Pinto that still gets you from Point A to Point B…it just may not get as many ladies eyeballing you. Leads are an investment, but you don’t want to spend your entire budget; you want to find the sweet spot so that you can get the best ROI possible. In addition, it’s a great idea to test multiple vendors/sources and track performance. 

Lead Source

Do you know where your leads are coming from? We think that the source of your mortgage leads is essential. Find out where the lead company you’re using sources the leads you’re buying. Some firms use leads that have already been resold countless times, mix good leads with hot garbage, while others get their leads directly from mortgage industry giants.

Lead Quality

Everyone wants quality leads! You want a list that has all the right information and is preferably generated by a real person who is actually shopping for a mortgage – not overseas bot farms or craigslist ads. Quality lead companies like ours will ensure they do their due diligence on your behalf, testing in advance so you don’t get burned by a vendor using your dollars to advance their other clients! In addition that vetting goes to compliance as well, a simple mistype/paste of shady data could land you in hot water with angry reviews and at worst lawsuits!

Lead Quantity

You’ve heard that quality is better than quantity, but in this competitive market, quantity also significantly impacts how successful your mortgage lead investment will be. All lead pools will vary; some will have higher close rates than others. However, if your collection of leads starts small, the chance that you’ll have a low close rate will increase. Don’t be the guy that calls 5 leads and screams at your lead vendor that these are terrible! It can take sometimes up to 20 calls to reach a consumer. Your marketing methods should be omni channel as well – SMS, e-mail, carrier pigeons, and your salespeople sending flowers and chocolates…just kidding…kind of.

Small batch lead lists are also more expensive. It’s cheaper to buy quality leads in bulk that have a better ROI.

 

Lead Formats

No matter the size of your business, if you’re working with any considerable amount of leads, it pays to use customer relationship management software (CRM). When you’re considering buying mortgage leads, make sure the lead company you work with will be able to deliver your list in a format that works with your chosen CRM. CSV is a popular format that works in Excel and many CRMs, so double-check that this format is available. Once you’ve established a relationship with your vendor, you could consider an API/host & post into your CRM/dialer.

Discounts or Surcharges

As we mentioned above with pricing, it pays to do a little research and see if any companies are offering discounts or adding surcharges. Take the time to compare the number of leads you’re getting and their exclusivity before you buy. Many companies provide large discounts for buying leads in bulk, but this might not be the best option for you if you have a small company and don’t have the resources to go through them quickly. 

Some firms also have been known to charge more per lead when you use filters, so keep that in mind as you’re shopping around…filtering to much can eliminate prospects that could still qualify/be interested, perhaps they just made a typo, my fingers are covered in cheeto dust usually, so I make plenty.

 

Filtering Options

Though they might charge you for using filtering options, it can be worth the extra price to find the prospects you can serve best. Filtering options allow you to narrow down your search to a home purchase, reverse mortgages, refinances, who has a pet tiger and lives in Alaska, and more. Depending on what you need, you might choose to focus on aged mortgage leads in a particular zip code or a particular loan to value ratio cut-off.

Would filtered leads make the most sense for your business? Is the price worth it to get high-quality leads that could lead to a higher percentage of close rates? These are questions to ask as you’re browsing through lead providers.

Exclusive or Nonexclusive

Another important factor to consider is whether you need exclusive leads or nonexclusive leads (also known as shared leads). Exclusive means that the particular lead included on the list hasn’t been sold to any other sales professional. However, we think it’s important to note that it doesn’t mean that the customer hasn’t filled out other leads request forms. A terrifying thing about Facebook ads is once a consumer fills out a Mortgage form for example – facebook actually shows more of the same ad type/your competitors!!!! Though exclusive leads sound like the most ideal option for any mortgage provider, they can be costly, which could hurt your ROI. You can get a ahead of the competition by making sure your caller IDs don’t say “Spam Likely”, monitor your salespeople’s calls on occasion, and encourage gentle scripting that doesn’t make your reps sound like they’re selling used Kias at a 39% APR while they smoke a pack of Marbarols.

Though nonexclusive leads often get a bad reputation, the firm that is willing to capitalize on them can see great success rates. In addition, shared leads don’t get the attention they need after the first week or month, which means that persistent sales pros have an opportunity to prove their skills. Simply put, money is left on the table!

Real-Time or Aged Leads

The last thing you should consider when buying mortgage leads is to consider the pros and cons of real-time and aged leads. Though most people will pay high-dollar for fresh leads because the opportunity seems ripe, it can also result in more competition and higher prices. In addition, most first-time mortgage shoppers might not be ready to buy after that first phone call (or are tired of phone calls) from you and your company, and the other 20 forms they filled out. It might take a lot of nurturing to make the sale. 

However, you’ll likely pay less for the list with aged leads, meaning you get more bang for your buck and a potentially higher close rate/a lower CPA – as these leads are probably right on the verge of choosing their mortgage lender. 

Conclusion

Whether you’re looking to build a new business or supplement your existing sales, buying mortgage leads can make all the difference. But just like with any investment opportunity, it pays to do a little research and consider what is the most important for your own lead generation strategy. With the right bulk order of high-quality leads, you can increase your ROI and grow your business (provided you have an efficient method and team that can efficiently sort through them). Fresh or exclusive leads can also be a good option, depending on what you’re looking for. 

Get started today with a fresh supply of high-quality leads from The Leads Warehouse when you’re ready to reach more customers and grow your business. We’ll supply you with thousands of sortable leads that can help you grow your mortgage business, help you sell life and health insurance, auto insurance, residential solar and more. 

We’ve made it our mission to offer high-quality, exclusive leads so that you’ll come back again and again. The Leads Warehouse strives for repeat business, not taking your money and running to the bahamas. Let us help you eliminate the hassle and the legwork of finding the perfect leads. Instead, choose one of our lists that are primed and ready to generate sales. Get started here.

 


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