Finance Articles

Services-On-Tap Announces Mortgage Lead Generation Tips

(PRWeb) December 12, 2006 -- Services-On-Tap offers tips for generating leads as the real estate market cools off and mortgage brokers are increasingly challenged to make their volume goals. Mortgage brokers and loan officers who are looking for new customers won't go far before being inundated with offers to buy mortgage leads. How do mortgage brokers find leads and maintain an affordable budget when it's possible to pay as little as $3.50 and just as easily spend well over a $100?

Greg Harris of Services-On-Tap said, "The answer is 'mortgage lead quality'." And yet there isn't a mortgage lead provider out there who doesn't insist that their leads are of the highest quality. More precisely it's important to estimate what it will cost to close a sale before purchasing any mortgage leads. Harris offers some questions that can determine the right mortgage leads:

How are the mortgage leads generated? There are three common techniques: snail mail, Internet and telemarketing. Typically snail mail and Internet generated mortgage leads produce less qualified prospects than telemarketing leads. Internet generated leads don't tend to be quite as far down the sales funnel and may produce lower close rates. Telemarketing techniques can create a better informed prospect that is closer to a purchase decision. Telemarketing leads typically have a higher close rate and command a higher price.

Are the leads "exclusive" or "shared"? Most mortgage leads are resold multiple times. While this can dramatically reduce the price, it will also reduce the expected close ratio and create a more competitive environment for the mortgage broker. Exclusive leads, on the other hand, are more expensive but create a one to one introduction to a potential customer. Exclusive leads also give the loan officer incremental control over what type of customer they require.

What verification strategy is used? Verification is simply the process of confirming that all the data is accurate and the prospect is really interested in learning more about a new home loan. There are many techniques employed for verification to ensure a provider is committed to verifying every lead they sell.

What's your guarantee? This is the question that separates the wheat from the chaff. It's unlikely that any company can guarantee a specific close ratio since so much of that relies on the sales skills of the mortgage broker. On the other hand, it's reasonable to expect that any company selling mortgage leads will guarantee that their leads meet the criteria they promise. At the end of the day, the company should be prepared to guarantee that every prospect is interested in learning more about a refinance or mortgage loan.

Are the mortgage leads "live" or "electronic"? Live mortgage leads are also known as warm transfers. This eliminates the need to reconnect with the customer and ensuing battle with voicemail. Live leads always have higher close rates.

About Services-On-Tap™
Services-On-Tap, based in Santa Clara, CA, provides a range of on-demand services for the mortgage industry including exclusive live and electronic mortgage leads, loan processing, and employment and income verification services. Services-On-Tap has helped generate more than $1 billion in loans and is committed to helping mortgage brokers and loan officers profitably grow their customer base while reducing their back office costs. For more information visit www.ServicesOnTap.com

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