Mortgage brokers make money when people obtain mortgages through them. The more mortgages they arrange, the more they earn in commissions. However, finding mortgage leads is the first step for brokers, who then have to convert those leads into clients. Lead generation is the process of finding potential clients, and is crucial to success in this field. Keep reading to learn a few ways of generating mortgage leads.
Get your own marketing material
Before you go looking for leads, you must prepare your marketing materials, which include business cards, brochures and stock statements etc. You will need these in order to reach out to people and make sure they have something to remember and contact you with. However, be careful about pushing too many cards and coming across as an annoying sales person.
Start at home
Don’t hesitate to use your personal contacts. Send your cards and your stock statements to as many friends and acquaintances you have. In order to stay organized, you should make a list of all the people you send your material to.
Seek help from existing clients
Satisfied clients are a great way to generate leads. You can contact your existing clients and ask them to refer their contacts. To make it interesting, you can start a referral incentive program, according to which you give gift cards to clients who bring in others.
Advertise in newspapers and magazines
Advertisements and publicity is essential for your business to thrive. Note the popular local newspapers and magazines and have your advertisement published in them. Even if you don’t get direct leads from advertisements, they will help you be more recognized in general.
Use the Internet
The internet is a powerful communication medium in this age and is being used by many as an extremely effective marketing tool. Fire up your own website and use social media channels to promote your mortgage packages. Offer free information and consultation in order to attract potential clients.
Realtors deal with buyers and sellers all day and can be excellent sources of mortgage leads. However, contacting and convincing one may not be so easy. You will need to call the realtor multiple times and arrange a meeting, during which you can present your mortgage packages and solicit leads from the realtor’s listings.
Browse orphan files
Your mortgage company will have orphan files (cases which belonged to agents who have quit) and browsing through them can lead to new leads. However, you will need to seek permission before you can use company files for your portfolio.