Lenders Must Be More Selective Of Refinance Leads In A Post Housing Bust Economy
Refinance Leads Need To Be On Target
Finding refinance business in the post housing bust economy has become more difficult than ever. Millions of Americans have suddenly found themselves unable to obtain credit for a variety of things including refinancing their homes. Rates for mortgages have dropped to historic lows and the number of people able to qualify for these is few and far between. Finding these qualified borrowers has also become increasing challenging for mortgage and refinance companies. Lead generation companies have to be more selective in the types of leads that they choose to include in their databases and unfortunately, some are not. Mortgage professionals should be looking out for some of the following features when purchasing refinance leads that will not waste time and budget dollars.
The age of a lead is one of the most important factors in its quality. Lead generation companies collect information about buyers of particular products from the web, surveys, previous relationships and a variety of other time sensitive situations. Looking for companies that put a time stamp on their leads as well as selling ones that are less than 15 days old is essential to generating quality contacts. Real estate buyers and sellers are fickle and make new decisions almost instantly because of the high value of their home. A mortgage company that is trying to contact a potential refinance client that made the decision to do so 30 days ago may have already found another solution.
Consumers are smart and attempt to gain information for free almost every time. Lead generation companies that offer web services for lead capturing or do it themselves often generate bogus information. Consumers who visit a site that provides real estate listings or refinance information in exchange for the consumer’s semi-personal information usually enter limited or false information in order to gain access. They may enter false names; slightly altered email or home addresses, which in turn generates a junk lead. Setting up a website or using a service to capture leads in this way is not the most effective lead capturing tool for the mortgage industry where the ratio of client contacts to actual revenue generated is very large meaning many people can be contacted about the service and only a few may actually use it. Buying leads from companies who are honest with consumers about what their information is actually being used for is the best route to go.
For example buying leads from a corporation that features numbers that are do-not-call compliant, derived from consumers who want to be contacted about the service or featuring phone numbers that are verified to be active. The pool of potential refinance customers and leads has shrunk significantly after the housing bust. Using the most effective contact generation tools is essential for the success of today’s mortgage companies. Buying from a business that supplies quality leads that have been screened and are recent is the best way to drum up new business.
|
|
