Realizing your pipeline is full of unqualified leads might be one of the most frustrating things you can learn as a loan officer. Your success hinges on connecting with qualified leads that give you a high chance of conversion. Below we offer some strategies for you to generate qualified mortgage leads for your business. But first, let’s have a look at what constitutes a qualified lead.
What Is a Qualified Mortgage Lead?
When you think of a qualified mortgage lead, you can substitute the word quality for qualified. You cannot capture qualified mortgage leads without understanding why these leads are of higher quality than their counterparts. Crucial attributes of high-quality mortgage leads include:
Quality mortgage leads are not simply homebuyers that are “kicking” tires. They are homebuyers or homeowners that have a problem and need a solution. For example, first-time homebuyers might need to act because their lease is expiring in a year, or their rent has increased, and they feel it’s finally time to make the move to buy.
Homeowners might need to reduce their monthly payments or need money for a large purchase or home remodel, making a HELOC or cash-out refinance a potential solution. Other buyers might need to move because of a change in life circumstances or a career move.
Quality mortgage leads see the value in the solution(s) you can offer them, so they are ready to act. This can mean taking on their first mortgage, refinancing, or using their home’s equity in another way.
Another characteristic of a qualified mortgage lead is that the lead values time and understands that overthinking and debating about their decision for too long doesn’t solve their problem. Of course, buying a home is not like buying a pair of jeans at The Gap. Leads need a little time to review information, but a quality lead will not drag their feet for months when making a decision to refinance or buy a home.
Quality leads recognize your company and already have a feel for the products and services you provide. It’s much easier to close a refinancing deal or take on a mortgage when a lead has a better understanding of what they want and need. Instead of you selling a refinance option to them, they will buy from you, giving you the best chance of closing a deal.
5 Ways You Can Generate Quality Mortgage Leads
With an understanding of what lead characteristics create a qualified mortgage lead, you can focus on generation. If you want to generate quality mortgage leads, then you can:
1. Provide Social Proof
Online reviews of businesses have increasingly become a part of the consumer experience. Reviews provide social proof to those looking to do business. You can provide social proof by asking current customers to give testimonials about your solution. You can also create case studies to share on your website. Providing social proof helps increase your recognizability and inspires those looking for a mortgage or refinance to contact you. In case you’re not convinced, have a look at these recent statistics from Bright Local’s Annual Consumer Review Survey:
- About one-third of all consumers use the internet every day to find a local business.
- More than 80 percent of consumers read online reviews about local businesses, and at least half of those aged 18 to 54 say they ‘always’ read reviews.
- The average consumer reads ten customer reviews before they feel able to trust a business. They also spend more than 13 minutes reading reviews before deciding where to take their business.
2. Create a Referral System
As mentioned above, people give their businesses to companies they trust. Referrals have been a go-to marketing strategy for decades. Your current and past clients can potentially be your largest source of quality leads. Offer incentives for those who have refinanced, gotten their first mortgage, or done other business with you.
When you create a strong referral system, it encourages your customers to provide quality referrals of friends or family members who might be moving or have other mortgage needs. Your referral system should also be prominent on your website and any social media accounts you use to promote your business.
3. Engage With Your Community
Community engagement can happen in multiple forms. You might consider hosting a community event, sponsoring a local softball team, volunteering, hosting a credit repair workshop, or getting in front of potential leads in several other ways. COVID-19 has made some face-to-face events difficult. But you can still engage with your community online and get involved.
Regardless of the path you choose, physically or virtually shaking hands with others is a powerful way to network. You’ll increase your recognizability as an individual mortgage officer and as a representative of your business. When people in your community have home-lending needs, some qualified leads can come your way.
4. Include Qualifying Questions in Your Blog
If a blog is not part of your digital marketing campaign, you are missing out. Companies with blogs generate at least 67 percent more leads than companies that do not. Leads that emerge from your blog are definitely warm. But you can qualify them even more by providing qualifying questions when you move potential leads from your blog into your sales funnel.
You can include questions about buying, moving, and refinancing that separate the most qualified leads from your run-of-the-mill blog leads.
5. Consult With a Mortgage Marketing Specialist
You can save time and money by consulting with a company that specializes in mortgage lead generation tailored to individual loan officers. The best companies boost your earnings and help drive the right traffic into your sales funnel. Ultimately, you want to connect with borrowers who are already looking for you, whether for a first mortgage, HELOC, or refinancing.
Empower Funnels builds plug and play marketing systems that save mortgage loan officers time, increase productivity, and promote conversion. Contact us today to learn more about generating quality mortgage leads.