How to Use Mortgage Telemarketing Leads to Quickly Build My Mortgage Business

Your mortgage business needs a steady supply of interested prospects. This article will show you how to buy and use mortgage telemarketing leads to quickly and easily grow your business, without the hassle of cold-calling and marketing to uninterested prospects. Mortgage telemarketing leads are a reliable source of new business, and can be extremely profitable when used correctly.

Difficulty: Moderate

Instructions

1. *Choose a Lead Method*
   
   It's important to choose a mortgage telemarketing lead method that takes into account your needs and budget. Mortgage leads generally come in one of two available formats: live transfer mortgage leads or raw mortgage leads. A raw mortgage lead allows you hand pick leads based on pre-set criteria. These mortgage leads are usually prospects who have submitted information over the internet expressing interest in a particular type of loan. You are then responsible for making the outbound call and initial contact. This type of telemarketing mortgage lead works well if you want to hand pick your prospects and make a personal contact from the beginning. Live transfer mortgage leads are prospects that have already been called on your behalf with a recorded message or who have responded to an advertisment. If the call recipient wants to hear more about your offer, he or she is immediately forwarded to you as a live transfer. If you have a very appealing offer, live transfer mortgage leads can work extremely well.

2. *Choose Your Type of Mortgage Lead*
   
   It goes without saying that you may not be prepared or want mortgage telemarketing leads that don't fit your criteria. For example, if you aren't licensed to originate FHA loans, you wouldn't want to purchase FHA mortgage leads. If your business isn't set up to handle purchase loans, then refinance mortgage leads are the right choice. Also, if you are only interested in originating conventional mortgages or A-Paper loans, then stay away from subprime mortgage leads. The right telemarketing mortgage lead is important to the success of your campaign.

3. *Buy Mortgage Leads Wisely*
   
   Buying mortgage telemarketing leads can be an expensive proposition, and a bad choice in a lead supplier can be devastating to your marketing budget. The best place to start is to ask for referrals from trusted associates or from your mortgage broker association. A good mortgage lead company will have a strong following of customers who make repeated purchases from them. I personally recommend eLeadz.com as a company I have used and trust, but there are several other good mortgage lead companies available. Look for a lead company who has been in the mortgage game for a number of years. Although a new lead company isn't always a bad company, there are many fly-by-night mortgage lead companies that simply will not be able to follow through on their promises and may not be around when you need them. Although price is important, customer service, lead quality and knowledge of the industry are key factors in deciding on a mortgage telemarketing lead company.

4. *Be Prepared*
   
   When you begin a new mortgage telemarketing lead campaign, it can result in an immediate explosion of new prospects. It's important to be prepared to follow up consistently and professionally. Make sure that you tailor your lead campaign to your staffing level and that you have systems in place to take the leads through your mortgage pipeline to closing while maintaining a high level of customer service. A single mortgage telemarketing campaign can produce generations of additional repeat and referral business, but only if clients are treated professionally and have a great experience with you and your company.

5. *Track Performance*
   
   Closed loans per number of leads purchased is an important factor in any mortgage telemarketing lead campaign. As you begin to close loans, carefully track them back to the source and keep a detailed record of which leads produce the best results. Calculate your close ratio and cost per closed loan. Armed with this information you can make a better mortgage lead buying decision. All other aspects of your prospecting method being equal, you should be able to determine the exact value of a mortgage telemarketing lead. Mortgage leads are a great asset to your prospecting efforts, but if the profit margin doesn't justify the cost of leads, you may be better off to reevaluate your telemarketing leads campaign and focus your mortgage prospecting efforts on other types of leads or other prospecting methods. Don't rule out the fact that improving your system and pipeline method may cause unprofitable leads to turn a profit, so if you need to change your system go ahead and do it.

6. *Rinse and Repeat*
   
   Once you've determined the best mortgage lead company and type of mortgage lead for your business, and once you've seen a reasonable return on your investment, you can repeat your efforts. You can also begin to increase your staffing to allow for more volume and higher margins. Along the way, remember to keep a sharp eye on how you can improve your mortgage marketing system and customer service. Also look for new and profitable ways to generate business so that you remain diversified and strong in the marketplace. Mortgage telemarketing leads can be a valuable asset to almost any mortgage business, but one lead source should never be depended on for all of your mortgage prospects and revenue.

Tips & Warnings

• Test your mortgage lead telemarketing campaign before you spend a lot of money on it. Begin with a small amount of leads. This not only tells you the quality of the mortgage leads, but also gives you a chance to work out any kinks in your system before you roll it out on a large scale.
• Mortgage leads can be placed on a scale from most effort required for follow-up to least effort required for follow-up. You will pay more for leads where more effort has been done on your behalf, such as prequalifying and credit evaluation.
• Although you may develop a great relationship with one mortgage lead company, try not to rely on them for all of your prospecting efforts. Diversification will make your company stronger and more able to withstand adverse market conditions.

Resources

• eLeadz.com

[telemarketing]

on 9/25/2009 This is a great article about Mortgage Telemarketing Leads. http://www.tslead.com/

[handyblog]

on 8/13/2009 very helpful