The only way any company can grow is by accruing leads, including mortgage lending companies. Lead generation is, quite possibly, the most important thing any business does, so it’s vital that companies develop strong lead generation strategies. However, most struggle with lead generation.
Usually, when people think about lead generation, they become overwhelmed with the idea of traditional marketing strategies like cold calling, direct mail, or newspaper ads. These methods can be incredibly time-consuming and exhausting to think about. Fortunately, you don’t have to resort to these today because stronger, easier methods have been created.
Let’s look more closely at mortgage leads and explore a few simple lead generation strategies you can use to expand your business.
What is a mortgage lead?
You’ve probably seen mortgage leads mentioned all over the place if you’ve done your marketing research for mortgage loan officers, but what is it exactly?
To break it down, mortgage leads are leads that are specifically garnered for those working in the mortgage industry, like mortgage loan officers. “Lead” is the term for any person, group of people, or organization that shows interest in the products or services you offer. Once they become interested in a product or service, leads generally want to seek more information about the product.
For mortgage leads, once they become interested in mortgages, they are much more likely to seek out your business for further information and to become borrowers themselves.
How do you generate mortgage leads?
Generating mortgage leads is one of the most important things a mortgage loan officer can do. After all, without leads, you can’t grow your business or gain new clients. Let’s look at a few ways you can generate these leads online for your company.
1. Organic vs. paid search
Search engine results and ranking high in them is a great way to promote your business to leads. These results are ranked in either organic searches – or searches gathered from unpaid rankings – or paid searches, where rankings are organized by how much a person or business paid for them.
With organic search traffic, leads can find your business among the related search engine results. With paid search traffic, leads find your business when they click on advertisements or sponsored listings that your company has paid for. Generally, you can get faster results with paid searches. However, organic searches are more efficient and cost-effective in the long run.
Getting referrals is another good way to generate leads. Typically, the individuals you solicit referrals from are already happy with the services and products you have provided. These people can give good recommendations to their friends and family on behalf of your business. These referrals can be strong leads are likely to work with you well.
When asking for a referral, make sure you are straightforward and personal but not pushy. Refer to work you and your client accomplished together to remind them of how strong your working relationship was and highlight specific instances. Additionally, even if you ask for a referral in person, try to send an email reminding your clients of your request.
3. Content marketing
With content marketing, you have a whole world of options – from text-based messages to audio clips or videos and images. Companies typically use these on blogs or social media pages to promote their company to a large audience because of how helpful it is in generating leads.
It’s very important to create current content for your target audience because it shows them that you are active in your own community and that you’re staying on top of any new trends in your field when others may not be.
Keep in mind that you need to do appropriate amounts of market research, be aware of the common objections, and know your audience demographics and educational background. If you don’t know who you’re creating for, you can’t make successful, lead-generating content.
4. Email marketing
One of the most cost-effective, easy-to-use marketing tools is email marketing. After all, it costs nothing to send an email, and there are few processes simpler than sending one.
Additionally, of more than 3.9 billion active email users, at least 44% will remember the brand that emailed them, even if they don’t open them. Unfortunately, while email is more cost- and time-efficient, about only 20-30% of them will actually open the message in the first place. This is at odds with the 90% of people who open direct mail, and 75% will remember the brand that mailed them.
5. Google My Business
It can be a great advantage to have a Google My Business (GMB) account. It allows you to track and control how your business appears in Google searches and what specific content people will see when looking up your company. GMB can also show reviews your business has, which is a great way to promote your reputation and show leads that you are a trustworthy business.
Further, you can list your business and GMB account online or in local business directories to broaden your lead pool.
Can you buy mortgage leads?
When mortgage loan businesses look into generating leads, they may often consider whether or not buying leads is an option. The good news for these people is that you can buy mortgage leads. Unfortunately, this isn’t a cost-effective venture. Buying a single mortgage lead can cost anywhere from $20 to $100 per lead, and this doesn’t include any of the cost accrued during the time you spend converting the lead into a borrower.
Mortgage lead generation is a vital aspect of any mortgage business’s success. Without proper lead generation and techniques, a business may well fail from a lack of clients. Investing time and a bit of money in solidly constructed email and content marketing programs, organic and paid research, referrals, and whatever else is an excellent way to ensure that your company will thrive for years to come.