Many mortgage originators are guilty of an ineffective "spray and pray" strategy when it comes to generating leads, it has been claimed.
On this week's MPA TV, we speak industry experts Claire Drage of The Lion's Share Group and Calum Ross of Calum Ross Mortgage, who share their insight into the missteps originators make when trying to generate leads.
Drage has said a blanket approach to generating leads is seldom effective, but is a common mistake among originators.
"I think the primary [mistake] is 'spray and pray' marketing. Spraying your business cards, your flyers and your rate sheets across the city with realtors and just praying the phone is going to ring and you're going to get a lead," she said.
Ross agreed, and said originators need to be far more targeted in their approach.
"One of the biggest mistakes brokers make when trying to generate new leads is they try to be all things to all people. the fact of the matter is you can't hold yourself as an expert in the real estate investment, high net worth segment and simultaneously look at hard to place credit and people with no verifiable income," he said.
Instead, Ross argued that originators should hone their focus in on particular market segments.
"People make the mistake of trying to be a generic market message when in actual fact they are probably much better served in focusing a specific niche," he said.