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Are You Subsidizing the Purchase of Leads by Competing Lenders?

Many lenders mistakenly believe that highly filtered, high quality, long-form mortgage leads are the only leads that will convert to closed loans. This is born from their experience with their short form, non-exclusive leads, which have been sold to multiple lenders. To be sure, exclusive, highly filtered leads yield better results, but they come with a price. Often, the additional premium you pay for quality makes the leads prohibitively expensive.

If you do not call your shared leads in less than 5 minutes, you are essentially subsidizing the purchase of these same leads by more responsive lenders.

A Better Internet Lead Strategy

Consider purchasing lower-cost, non-exclusive leads from the various lead vendors and lead aggregators, then use LeadQual’s Rapid Response and Live Transfer service to call, scrub, qualify and live transfer the interested prospective borrowers to your sales team.

The cost for lead scrubbing and warm transfers should be multiples lower than the premium you might expect to pay for exclusivity or heavy filters.

LeadQual’s instant, live, professional response to your low cost leads will result in contact and conversion rates higher than you may be seeing with your premium leads.

The small incremental cost for LeadQual scrubbing and warm transfer, added to the much lower cost leads, will still result in a lower cost than your premium leads. With good conversion, the return on your lead investment will be higher.

Watch out though. For this strategy to work, your leads must still be real-time and not aged or recycled. LeadQual’s Rapid Response and Live Transfer service works because we are the first to respond to a lead, in a professional manner. If a lead is aged, the liklihood of contact will have already dropped considerably.

Strategic Approach to Mortgage Lead Acquisition

LeadQual’s top mortgage clients succeed with Internet leads where others don’t because they are essentially exploiting the state of Internet lead response in the mortgage industry. Read Mortgage Leads Study.

A lead vendor can sell you competitive leads for less, because they sell them multiple times. The way to make these non-exclusive leads work is to take advantage of the fact that half the lead vendors’ clients will not call the leads they buy, and those that do will call hours too late.

If you do not call your shared leads in less than 5 minutes, you are essentially subsidizing the purchase of these same leads by more responsive lenders. If you buy cheap mortgage leads and respond to them first, you will effectively be buying an exclusive lead, the cost of which is closer to that of a non-exclusive lead.

LeadQual makes lower cost, competitive leads convert like the more expensive premium mortgage leads, yet there is a lower overall net cost. As a result, LeadQual’s service can maximizes the ROI on your overall Internet lead effort.