how to generate refinance leads
How do you generate refinance leads these days?
If you find commercial mortgage refinancing leads to be expensive, a cheaper solution could be in-house refinance leads generation.
This sounds easy enough, but in reality the amount of work involved could easy scare most people.
Yes, you need to work a little extra, but these mortgage leads will be much better than the ones you could buy.
The key word in this whole process is people.
Step 1
The first step was mentioned on this blog quite a few times, and it involves social skills.
You meet daily dozens of people, treat each one of them like it’s your only client, and make sure they see a friend in you. This is not easy, and you won’t succeed this with all your clients or potential clients, but any person counts.
Step 2
Home refinancing benefits
Always make sure that your client base understands the benefits of a well-done refinancing.
Let’s face it, these days all of us could honestly say that every penny counts. And it does. By refinancing expensive loans, your clients could achieve more with less money. Think of this as a good slogan.
Lowering the monthly mortgage payment is something most people would try to do if they would know more about the subject.
Step 3
Offer them real-world examples.
Yes, it sounds good on paper, but is it as good in a real-life environment? People are often afraid of getting things worse, so they might be easily convinced if you can show them some hard evidence. Did you refinance your mortgage loan? If so, use your own example. But if you can come up with an example of a person/family very similar to your client, someone they can associate themselves with, it’s even better.
Step 4
Let them think about it
Do not try to make them decide something like this on the spot. Give them enough material they can read at home, share with the significant other, and your contact details. Don’t give them 100 pages to read, this would scare them away, instead provide them with 10 pages of real important information, something easy to understand and to follow.
Yes, there are only four steps. Nothing major. But it works.
If you thought that you need a super-computer to generate refinance leads, you were wrong. I mean, yes, that’s one way of doing it, but the good results aren’t achieved this way. Doing it my way, you achieve something better: referral refinance leads. Make your client happy and he will mention you to a couple of friends, make them happy too, and you’ll have a network. THIS is how refinance leads are supposed to be generated.
exclusive refinance leads
This is a first post from a series dedicated to the so-called “Exclusive Refinance Leads“.
we are going to talk, again, about Mortgage refinancing
So, what makes a lead fall into the “exclusive leads” category? well, shortly said, an exclusive lead is one “for your eyes only” - once the provider sold one to you, it won’t get sold again, and again (and again).
Exclusive Refinance Leads are, of course, not very cheap, but if you can find a good provider (see my previous posts on internet refinance leads ), you will , for example, receive a new lead if the one they gave you wasn’t good)
Traditional methods of generating mortgage leads - are they worth the trouble?
When you buy your leads from a lead-generation company you might not get “perfect” leads in return for your money. The lead-generation companies are sometimes selling the same mortgage /refinance leads to more than one entity, so you might get a list that was already used by another agent, which already got appointments and so on, so you basically get nothing.
At times, the lists are not fresh, and the potential customers might not need your services at all at this time, so you are facing a lot of wasted time trying to contact them.
Is there an alternative, you might ask? The answer is yes. The conventional methods of generating mortgage leads are here to help you.
Many of us consider the traditional methods a waste of time nowadays, and this is only because they are more and more distracted by the “modern” ways to generate refinancing leads, like using computers and computation, but I don’t think that myself.
In many case, I got way better refinancing leads using conventional methods, and they were better. Yes, generating leads this way is a (very) time-consuming task, and, yes, it might look like your time can be put to a better use.
So my answer is YES.
Internet Refinance Leads - a short review
The internet is now part of our life , and work. We simply cannot understand how we used to live and work without it!
And, of course, with time the internet mortgage leads have become more complete, and easier to work with (and close) than ever before. What you should know about Internet Refinance leads :
- In most cases, Internet Mortgage Leads are generated directly by the customers, when he or she completes an online form. This has some benefits, and some drawbacks also, because if the submission was motivated by a gift/free prize the lead value is much, much lower than if the customer filled the form because he needed some refinance tips or even refinance services. So take a closer look at what drives the customer into filling that online form.
- In some cases, fear of unsolicited email or phone calls make the customer to fill the online form with partial or even erroneous data . In this cases, the data must be completed by comparing the submitted info with some databases - ie. you can check if the phone number really exists, and you can also check the address as well, and if the information provided by the customer was incomplete, you now have a way to make it complete , and thus more valuable. Some lead providers will replace the lead completely, for free, if the refinance lead information is not complete- look for them.
- you would rather use your own website for lead generation.
If you don’t have yet a website, or the website you currently have is not generating any leads, you can either buy your refinance leads from a reputable source, or hire a team to develop your site, or both.
Should you need a team of developers, leave a comment here and I can put you in contact with the team I used in the past-they provide you with pretty much everything.
When you buy your refinance leads, you should look for, as I already said, a reputable source. See if they can provide some sample data, so you can test the accuracy , or buy a limited number first, so you can test the accuracy prior to committing to a larger paid package.Also, as I previously mentioned, look for the seller’s policy on invalid or inaccurate data- if they offer to replace invalid leads, that’s a very good sign. Some companies will replace the leads if they are sold to more than one buyer, or if the phone number they have on file is actually a fax/pager number, if it’s a duplicate/contains info about a family member at the same address - make sure the seller has a Lead Replacement Policy before you buy any leads.
lead management - a short intro
When it comes to refinance leads/mortgage leads, you did notice that quality is the key, not the quantity. More leads equals more time invested to process them, and fewer high-quality leads will be more profitable than hundreds of so-so leads, as time is a very valuable resource to you and your company.
So what do you do with the leads you just acquired? Lead management !
Firstly, you need to understand the basics of lead scoring. You might know this from my previous posts, but just to be on the safe side, I’ll re-iterate here : not all leads are equal. Some leads are fresh, while some are vintage leads, some contain very accurate data, while some are duplicates, or contain false/erroneous information. Also, in the event that you only have accurate lead information, not all clients are equal - some need your services right now, while some are only considering going on this route in the next few months.
So what you need to do? You need to process the leads, and score them. Make sure you prioritize the right leads, and start profiling your customers. By doing that, you will notice some benefits , like :
- lead conversion rates will greatly increase;
- sales cycles will be a lot shorter.
Converting leads tips
Converting the shiny new mortgage leads you just acquired, and that are now sitting in your shiny, well-organized database into loyal customers might sound like an easy task, but it’s surely not.
The work begins right when you got the refinancing leads - you need to parse them, read the data, and prioritize them. There are many leads that are there by mistake- the customer got on the lists either by mistake, either the lead provider was not very reliable - you need to remove them from your database.
Also, many customers won’t actually require your services in the next days (weeks, even months), so you need to get the customers that WILL require your services first at the top of your list.
After you do that, immediately start the lead conversion routine. Contact them, get an appointment, make sure they understand well your services. They can loose interest/change their mind about refinancing, so don’t hesitate much.
Last, but not least, don’t forget about the tips from my previous post!
You have anything to say?
I’d love hearing from you!
5 tips for better mortgage refinancing leads
If you read my earlier post about mortgage refinancing , you know that I always put the customer first, and by doing that, I make sure that the customer will get me referral leads.
But how do we get a first-time customer, and not one referred to us by one of our previous customers?
I will not get into what I call unethical methods of “luring” customers. I do not condone my business this way, nor I do promote this at my seminars. It might payoff in the short run, but in the long run you will lose customers, credibility, money.
- Make sure a potential customer feels that he has your undivided attention
- Make sure you understand exactly why your potential customer is in your office
After seeing dozens and dozens of cases, you might tend to believe that you have saw all there is to know about mortgage refinancing, and might tend to interrupt your client - never do that. Sure, help him/her when you need to, but let the customer explain his situation fully before you start advising him.
- Find the right solution for your customer, and not the best solution for YOU.
We are all humans and we are all tempted sometimes. You might get a higher commission by recommending a different plan, but if you know that that won’t be the best route for your customer, simply don’t recommend it.
- Avoid confusions, and avoid technicalities
Use simple words to explain what your customer has to do and what benefits the suggested plan has.The clearer your explanation are, the better chances you have.Remember, this is all about money, and people are more likely to ask for a second opinion (yes, they will ask your competitor too) if they do not understand fully what you are trying to sell them. Use their body language this time, and make sure they *really* understand every bit of information, they could lie to avoid embarrassment (wouldn’t you?)
- Make yourself available for the customer in the future.
A brief meeting could fill them too much information, and they could need more time to process it. Make sure they get your card at the end of the meeting and they understand that, should they have any further questions, you will gladly help them.If your phone gets too busy at times, recommend your client to send you an email.
Ever left a restaurant because the waiter acts like you are invisible? The same effect you might have on a potential customer. When in a meeting, put your calls on hold, stop everything you usually do “on the side”, like responding to emails.Tell your potential customer that, although you have a very busy schedule, the next 30 minute, or the next hour, he has your undivided attention. Make sure your body language does not say anything you don’t want it to say.
Do you have other great insight information to share? Leave a comment.
so, what is refinancing after all?
I’m sure you all think you know what refinancing is - replacing a debt with another, you say.
But for you to get good refinancing leads and turn them into paying customers and , why not, money, you need to put yourself in your (potential) customer’s shoes. Let them know why it would be a good idea for them, do the extra mile in order to convince them that you are not just another salesperson wanting their money, but you are truly trying to help them with their debt (mortgage or otherwise).
Mortgage refinancing
Mortgage refinancing is, after some reputable researchers, the heart of the mortgage industry. And where there are money involved, there are people to claim them, some of them doing it ethically, by the book, and some others not-so-much.
What you should know is that having a few clients (or leads), and taking good care of them, may payoff much better in the end than hunting leads with unethical, invasive maneuvers. And why is that? By helping a client to get a better mortgage plan, and treating the client in the best possible way, you are opening a new lead generator for yourself. The client surely has friends, or other family members, that could use your services, and the better you take care of your customer, the better the customer will take care of you.
It might sound corny, but take it from a person with years of experience in the field-it does pay off.