I"m new to the mortgage business and just have completed my training to be a loan officer. Now I'm stuck wondering the best way to get my first leads. Most of the marketing I have found so far is all about pumping past clients for referrals. What should I do? I would be grateful for any input.
2007-02-05 10:54:30 · 4 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Basically, referrals are handy but do not develope a sufficient amount of leads to work with.
*How many consultants is there to chase leads?
*How much budget do u have allocated for lead generation?
*Do you have any advertisements on websites, radio, tv, newspapers, finance mags???
*what sort of people do you want to gain business from? - first home buyers, NEGATIVE GEERING customers, new business owners?
Other ideas how to get leads:
1. Running frequent campaigns- introduction seminars on loans or advertisements.
2. Mail shots- which usually are not that successfull as most information sent out without authoration is seen as junk mail.
3. telemarketing- contact companies, residents at night to see if they have a requirement for a loan or if they have ever had a loan?- maybe even switch the loan over to you , how they merge credit card accounts together.
4. radio advertisement- i have a friend that hasdine thins and made millions through this sort of marketing.
5. hire a business developement company that can assist you with your pipeline, and create a strategic plan to head in a successful direction- these sort of companies do also provide telemarketing.
6. create a reltionship with real estate's and make them business partners where u will also gain referrals.
through all these methods you will gain a sufficient amount of qualified leads to keep you busy for months.
What country are u based in????
2007-02-05 11:09:24 · answer #1 · answered by emalie_rose 2 · 0⤊ 0⤋
If your approach is to pump your clients for referrals, I think you may be in the wrong industry. Mortgage brokering is partly sales and partly relationship management with both builders (lot and construction-to-permanent loans) and consumers (pick any home mortgage product). Training to be a loan officer isn't enough in certain states, you need at the very least a real estate license. Hopefully you have that because in California you wouldn't even be able to sell a loan.
Moving on.. there are plenty of websites that sell "mortgage" leads ranging in price from $3-25+ per lead. These leads are at best warm, and almost never a hot lead (meaning the investor has both the money and the interest in a mortgage deal). You might be better off attending a Chamber of Commerce mixer just to get the feel of a particular region, like who your potential competitors are and if the market is hard or soft.
You could also do what many others have done, and that's to offer a free seminar about the local housing market geared towards your prospective audience; you'll have to determine who those people are.
2007-02-05 11:04:59 · answer #2 · answered by mktgurl 4 · 0⤊ 0⤋
It is very hard to start off from scratch in the mortgage business. Your leads would come mainly from real estate agents and from customer referrals.
2016-03-29 06:40:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would get in good with some Real Estate Agents.They are selling and you are financing.
2007-02-05 11:02:31 · answer #4 · answered by Jim C 6 · 0⤊ 0⤋