How to Find Mortgage Leads
A mortgage broker often must be industrious and innovative when attempting to secure new business and develop a clientele. Finding new mortgage leads requires an approach that is new and different from the competition. Maintaining a mortgage business, if self-employed, is demanding, and consistently sourcing new business is crucial to operating a profitable business.
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How to Find Mortgage Leads
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Determine your expenses. If you are operating a small business, you must first determine your operating costs to find out whether you can purchase leads. If you've invested in the business and have capital to spare, you might be in a better position to purchase leads. Find some reputable lead generation sources in the resources bar.
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Do your own research. Determine the market you intend to target. If you are a full-service operation, you can cast a broad net - that is, you can attempt to attract borrowers of all credit standing. However, if you are a specialized lender with narrow qualifications, you will need to research the types of clients you hope to attract.
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Use the Registry of Deeds whenever possible. Most townships and cities have a free website that lists all deeds and mortgages on local properties. Blindly searching the database will not get you far. Instead, target your search to specific neighborhoods or simply focus your search alphabetically. Look for mortgages that are about to adjust, mortgages that have prepayment penalties set to expire, and mortgages with large principal balances.
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Consider advertising. Again, it's important to be specific with an ad campaign. Target certain neighborhoods. Perhaps you specialize in multi-family homes - look for neighborhoods with lots of renters. Develop literature that is both attention-grabbing and concise in the pitch. Words like "guaranteed," "pre-approval" and "low fees" tend to attract interest. Make sure you have a website that consumers can research as well.
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Share information with other brokers. Mortgage lenders (brokers especially) rely on one another to trade business. By developing solid professional relationships with colleagues, you'll be ensuring future referrals and new business.
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