Key Takeaways
- Loan officers need quality leads for a successful business.
- Exclusive mortgage leads are only sold to one loan officer, meaning there is no competition, while non-exclusive leads are sold to multiple loan officers.
- Exclusive leads cost more, but they provide less competition, increased control, and better relationships with clients.
- To purchase leads, loan officers need to become a member or partner with lead generation companies and consider factors such as company reputation, lead types, budget, and return policy before committing.
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What are exclusive mortgage leads?
Lead companies gather and collect information from borrowers looking for mortgage services. Once collected, these companies then sell these leads to loan officers. An exclusive lead is a high-quality lead that is only sold to one loan officer or company, meaning you have no competition when trying to win over the borrower. In contrast, a non-exclusive lead is sold to multiple loan officers, and it is up to you to try and win over a borrower that is being contacted by multiple loan officers. Because these leads are exclusive to your business, you can expect to pay a higher rate per lead.
Semi-exclusive leads
In addition to exclusive and non-exclusive leads, some companies offer semi-exclusive leads. These are similar to non-exclusive leads in that more than one loan officer can purchase the lead. In this case, however, the lead is only available for sale to 2-3 loan officers whereas a non-exclusive lead can be sold to many more. This makes them slightly cheaper than exclusive leads, but still more expensive than non-exclusive lead options.
Advantages of exclusive mortgage leads
Most mortgage brokers prefer to purchase exclusive leads as they are often more likely to convert to a closing. Here are three main reasons why exclusive leads prove beneficial for most loan officers.
Less competition
When purchasing an exclusive mortgage lead, you don’t have to worry about competing loan officers beating you to the initial contact. With non-exclusive leads, a borrower is often overwhelmed by multiple loan officers battling for their attention. In many cases, this can actually drive the potential client away. When you purchase an exclusive lead, you can initiate contact immediately and provide them with the information they request without having to apply pressure in order to stay ahead of the competition.
Increased control
How you deal with a client often depends on the competition. If a lead is hearing from multiple loan officers, you may be spending a lot of time trying to compete instead of providing the borrower with the real information and services they need. When you purchase an exclusive lead, you don’t have to worry about battling for attention and can instead focus on providing the quality services that the borrower deserves, putting you in better control of the situation.
Better relationship with clients
When you purchase an exclusive lead, you are the main contact in the mortgage industry for this new lead. This means that you have the ability to build, foster, and nurture a strong relationship with this new client. This allows you to establish a relationship, often before the borrower even begins looking for a home to purchase. In creating this relationship, you are likely to be remembered and draw potential referrals from this lead down the road.
Steps to buying mortgage leads
Buying leads is a process that, in many cases, is not open to everyone. As a loan officer, you will likely find you need to become a member or partner with one of the many companies that provide leads for purchase. Once there, you will need to inquire about their pricing system, the types of leads they offer, and minimum lead purchase requirements. You also want to inquire about how leads are delivered.
Where to buy quality mortgage leads
There are many different companies that offer mortgage leads for sale to loan officers. Here we take a closer look at some of the top companies, what features they offer, and reviews from other loan officers.
1. Lending Tree
LendingTree is a well-known and trusted brand in the mortgage industry and chances are your potential leads have already heard their name. In order to purchase leads from LendingTree, you need to join their network which gives you immediate access to lead purchases. When a borrower visits LendingTree and fills out a lead form, they are automatically forwarded to five loan officers in real-time, meaning these are semi-exclusive leads. Using a filter system, you can target specific audiences that you choose.
2. Zillow
Zillow is another well-known company in the mortgage lender and real estate industries. With Zillow’s mortgage marketing program, loan officers receive lead information from home loan borrowers looking to connect with local mortgage loan services. The cost for these leads depends on the loan amount, borrower credit score, and loan types, and they require a minimum initial deposit before sending you leads. To get started, you can call to speak directly with their team in order to learn how their services can benefit your business.
3. Trulia
Trulia is a part of the Zillow Group, so when you purchase mortgage leads from the Zillow Group, you are also accessing all of their partner brands, including Trulia.
4. Bankrate
With Bankrate, mortgage brokers only pay for leads after the consumer progresses through their funnel and provides the contact information. They guarantee qualified and engaging leads that are looking for mortgage services now and are likely to progress to closing. They utilize rate table advertising to bring in new leads and you have the option of cost-per-lead, cost-per-click, or cost-per-call structuring.
5. Best Rate Referrals
Whether you are looking for first-time homebuyer leads, mortgage refinances leads, or reverse mortgage leads, Best Rate Referrals has the lead options you are looking for. With their mortgage website MortgageAdvisor.com, they are able to connect qualified borrowers with lenders in their area. They work as an extension of your marketing team by putting your business needs first and generating the leads your business needs to achieve your business goals.
6. Lead Planet
Lead Planet is a mortgage lead generation company that offers exclusive mortgage leads for home purchases, refinancing, home equity, and many other mortgage services. They leverage both online and offline marketing strategies to gather leads. In addition to exclusive leads, Lead Planet also offers non-exclusive leads at reduced costs.
7. TransUnion
TransUnion is a major credit bureau that produces credit reports for consumers. With TransUnion’s mortgage lead generation, you are able to purchase qualified exclusive leads that have met your credit criteria. You are able to carefully filter your lead generation to deliver a targeted prescreen audience that provides the leads most likely to qualify and close.
8. Realtor.com
Realtor.com is one of the most well-known realtor sites in the United States Their ReadyConnect Live Buyer℠ provides mortgage businesses with live connections to motivated home buyers and homeowners. Their site processes millions of online real estate inquiries 7 days a week, every day of the year and you can instantly become connected to homebuyers through a live phone call transfer to buyers who are interested in getting pre-qualification from a lender. In addition, you are connected with real estate agents in your area to further build your referral network.
9. Loanbright
Loanbright has been a leading company in the mortgage lead industry for over 20 years. Founded by two loan officers, the goal of the company was to create a way to deliver leads to mortgage companies and that is just what they have done. With Loanbright, you are not purchasing individual leads but rather buying a Season Pass that provides access to the marketing engine and an unlimited number of leads. You can get started risk-free as they offer an unconditional money-back guarantee.
Things to consider before committing to buying leads
When considering which business to purchase mortgage leads from, there are a few things you need to consider.
The company you choose
Before you commit to purchasing leads, it is important to research the companies you are considering. What do online reviews say about the company? Do they offer exclusive, quality leads or multiple lead purchasing options? Do they generate their own leads or do they purchase leads from other lead-generation companies?
Types of leads you are looking to buy
While most loan officers opt for exclusive leads for their unique advantages mentioned above, there are other lead purchasing options to consider. For example, if you have a quality CRM in place, you may opt for the cheaper non-exclusive leads that, when entered into your CRM, are immediately sent a welcome email or trigger an immediate phone call as they enter your pipeline.
Your lead budget
Price is a major consideration for every part of your marketing strategy, and lead purchasing is no different. Determine what your lead purchasing budget is and compare that to the potential leads a company can generate each month for that price. Can they generate enough leads to make it worth your money? Will the type of leads you can afford justify their cost?
Quality vs quantity
While it may be tempting to purchase more leads for a reduced cost, you have to consider the type of leads you are purchasing. For example, 100 non-exclusive leads may be much less than the cost of 10 exclusive leads, but which set of leads are you more likely to convert to sales?
The company’s return policy
Inquire about a company’s return policy and what it means for you. If you receive bad leads, such as the contact information being incorrect, will they refund the cost of the leads?
The company’s customer service
Above all, you want to find a company that you are comfortable working with and that provides quality customer service to both you and the borrowers they are providing services for. Are they willing to answer your questions and work with you to determine the best lead purchasing options for your business?
Buying leads as a part of your lead generation strategy
As a loan officer, quality lead generation is essential for the success of your business. Whether your lead generation strategy is just not bringing in the leads you need or you are looking to further boost and enhance your current lead generation, purchasing leads can be a beneficial option. While you are likely to find the best results from exclusive leads, you may consider other options as well.
Let Good Vibe Squad make a difference
At Good Vibe Squad, we understand the importance of quality lead generation and how it contributes to the success of your business. Our Unfair Advantage program is designed to address the unique needs of the mortgage industry and help you significantly boost your lead generation. To learn more about how we can help you generate quality mortgage leads, book a strategy call today.
