Question:
“I like to get your advice on how to get more clients these days. I’m in California I been doing loans for 14yrs. I have always strive to give my clients the best product available. Based on your experience as a professional for the past 30yrs. what have you found to be one of the most effective ways to generate more leads? There’s a lot of companies offering their leads. How good are these sources?
Your valuable input will be greatly appreciated.”
Answer:
This is a very topical question. We have done some research and with our experience have found the following to be very helpful.
As far as lead sheets, be sure of what you are buying. A loan originator
using a call sheet from a lead generation company is just as liable under
the law in regards to how the leads were developed. Loan originators may be
held liable to Do Not Call Registry law violations from purchasing a list
from the lead generating company. Verify that your potential clients are not on the “Do Not Call Registry”.
Also you need to ask questions about the lists. What are the demographics
of the list. How many others have been sold these leads? Does the company
offer exclusive ‘single user’ lists? What are the guarantees regarding success?
What is response rate or closing ratio predicted? These are just a few of the questions
you must know when using these types of lists
Title companies offer ‘farm lists’ for the specific criteria you request.
These lists are offered free by most title companies. You will have to
do more work as you will have to ensure they are not on the ‘do not call’
registry, and then develop the lead yourself.
A 2-3% response on cold-call direct mailers is considered good. So
it’s a numbers game and accurate targeting with direct mailing and
cold calling is crucial.
One key thing loan originators learn is that every client they serve is now
a referral source and possible repeat business in the future. That being
said, it is crucial for achieving steady reliable business is to have
constant contact with past clients to remind them how professional you are.
Referrals are the best and easiest way to generate new leads. In addition
it’s a warm lead which increases the prospect to client ratio. When was
the last time you reached out to your past clients and asked them for a referral?
This should be scheduled for no less than 6 times a year. It is much cheaper
to keep a client than to develop a client.
You may want to combine Newsletters and marketing pieces. Newsletters are
not a ‘call to action’ as is a marketing piece. All correspondence need to ask for
the referral and have a meaning or purpose for the approach to the recipient.
For attracting new clients you will need to adapt to what your target market
is looking for. Who is it you want as a client, must be identified, besides
anyone that wants a mortgage loan? A target market may be “First Time
Homebuyers” or “Senior Citizens”. Become the expert in that area and focus.
Know the programs that are designed for what ever group you are targeting.
Then you set up marketing campaigns that targets these clients.
To help loan originators attract their target market, MTGTNA offers two lead
generating tools. “Home ownership Question and Answer Session” presentation
designed for attracting first time homebuyers and existing homeowners that
may want to refinance into better loan programs. Attendees will receive the
basic necessary information to qualify and how the mortgage cycle works.
Your attendees with have the necessary information to qualified for the best loan
to serve their purposes. The attendees with be able to see how their income and/or
credit affects their ability to qualify for a new mortgage.
The other lead generating tool is a “Homebuyer ‘Knowledge is Power’
Seminar” presentation designed to attract first time home buyers. Special
knowledge of the loan programs that are targeting this market is crucial.
Both will require you to generate the people to attend. This professional
presentation for your prospects will have an appreciated value.
To help you in making your marketing plan, please access our website for the
free Goal Sheets offered on the Benefit page. www.mtgtna.com They will help
you plan your marketing approach and set your goals. While your at our
website join the ‘Professional’s Club’ so you can be included in our email
database. Then you will receive our special offers, discount coupons, and
other industry information. Our Linda Williams just finished an article that
outlines the response to this question of leads. It outlines the ’10 steps
for Marketing Success’ and has 32 lead sources listed. We will be notifying
the club members when this article will be available on our website.
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