You can Triple Your Income with Mortgage Leads

If you’re like the rest of the mortgage community, finding ways to increase you income doesn’t just sound like a good idea; it’s more along the lines of a necessity! With the wide range of changes the mortgage industry has experienced over the past several years, discovering new and reliable methods to increase profits and sustain revenue is like finding water in a desert. The good news is that if you’re a loan officer looking to build your book of business and/or loan pipeline, this article is going to help.

It’s no secret that buying mortgage leads is a way to augment your loan pipeline, and to be honest it’s been done for longer than some have even been in the business. The truth is that you can triple your income with mortgage leads if you use them properly and follow some very basic and simple advice.

The very first way that you’re going to triple you income with exclusive mortgage leads is to close some business with the leads that you purchase from the vendor. Yes, we know it seems like a pretty obvious thing of us to say, but realize that there is some really valid truth behind it. Work the leads; make every effort to close some kind of business. Closing loans from the leads that you purchase from the vendor is the short term or immediate ROI that you can and will experience from lead purchasing. While we understand that if you didn’t do your homework well enough and ended up purchasing leads from a company that didn’t provide you with good and quality leads, closing one might be difficult if not near impossible. If you’re unable to close loans off the initial purchase of the leads, there are two other ways that you can still generate more income for yourself so don’t despair. If you're wondering where you can buy the best mortgage leads at, visit here.

One a side note, if you’ve found yourself in a situation where it looks like you are not going to close any business from purchasing leads (and we’re not just talking about one or two) then there are a few things we recommend you do. First, contact the lead provider, and speak with them about your situation. The key is SPEAK, emails will probably not serve you as well. Try to negotiate with the lead provider to perhaps supply you some additional leads in light of your poor results. In addition to this effort, make sure that on the leads you did purchase you make every attempt to at least reach and make contact with as many of the leads as possible. Making contact and speaking with these potential clients might not yield you a deal right away, but your chances of earning their business increases substantially if you can at least make contact with them.

The second method that you’re going to need to employ if you want to triple you income with mortgage leads is that you’re going to have to put all the leads in which you were able to make contact in your follow up system. It’s important to your long term success as a loan officer to have a follow up system already set up for clients that you have done business with and clients that you have spoken to but were not able to do business with at that time. Follow up with these potential customers at regular intervals will provide you with business in the future; provided you use good and consistent methods to stay in touch with the clients.

The third method in tripling your income with mortgage leads is to have a system set up for referrals and repeat business. Many successful loan officers have a referral process that might even offer incentives or rewards for referral business. If you manage to purchase a mortgage lead and close a loan; and then through follow up the same lead provides you with a referral of a friend or family member that needs a loan; and in the distant future the same client refinances or uses you again for another loan … you’ve just tripled your income with mortgage leads! It’s possible that the friend/referral also refers you someone or chooses to do repeat business in which case you would have quadrupled your business.

Mortgage leads are serious business, and if you’re not using them to increase your income you’re missing out on a substantial part of your income.