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Lead generation: Staying ahead

Staying one step ahead of the curve in sourcing new business is paramount in today's competitive market, so how can mortgage originators be certain they're generating the best leads?

We find out this week's Big Story on Mortgage Professional America.

Video transcript below:

Reporter:  Staying a step ahead of the curb on sourcing new business is paramount in today’s competitive market.  But how can mortgage originators make sure they are generating the best leads?  We find out in this week’s big story on Mortgage Professional America.

Finding new leads is important, but so is avoiding a misstep. So what are some common mistakes to circumvent?

Calum Ross, Calum Ross Mortgage
Calum Ross:
 I think one of the biggest mistakes that brokers tend to make when it comes down to generating leads is that they try to be all things to all people.  And the fact of the matter is you can’t hold yourself as an expert in real estate investment segment, high net worth segment and simultaneously look after you know, how to place credit with people with no verifiable income.  I think people make the mistake of trying to be a generic market message, when in actual fact they probably are much better served in focusing a specific niche and when it comes down to online leads, they are quick then to follow up and being able to demonstrate your unique value proposition as a critical component [of what you’ve got].

Claire Drage, The Lion’s Share Group
Claire Drage:
 There are some costly mistakes brokers make when generating leads.  I think the primary one is what I call spray and pray marketing.  Spraying your business cards, your flyers, your rate sheets with realtors across the city and just praying that the phone is going to ring and then you are going to get a lead.  Target demographic marketing is key.  Addressing the wants, needs and fears of the person you are speaking to at a networking event or the flyer drop you plan to do in a certain area.  That will guarantee that you will get a client who is interested in hearing more about what you have to offer them and it will lead to more referrals.  

Reporter:  There are certain principles that will help brokers maximise their lead generation leading to more business.

Claire Drage:  Brokers can maximise lead generation for better business by tracking what’s working and what’s not.  Where are their leads coming from?  What is the quality of that lead?  Do I spend extra time on a realtor that is only sending me challenge files that’s taken me way too much time.  Or do I focus on an area that’s getting me more business, that’s quality business.  Know where your leads are coming from, what the quality is and focus in those areas and eliminate what’s not working for you.

  • Ray Bartreau on the state of the mortgage industry Ray Bartreau on the state of the mortgage industry

    The last few years have seen a lot of change in the mortgage industry. And now, continued home-price gains, regulatory uncertainty and a new administration mean even more change on the way. MPA recently chatted with Raymond Bartreau of Best Rate Referrals about the current state of the industry.

  • Busting the myths around VA loans Busting the myths around VA loans

    Many originators shy away from VA loans, thinking they'll be too complicated. Coming off of a record-breaking year for VA loans, the product can be more viable now than ever. MPA sits down with Carrington's Ray Brousseau to get his take

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    House Financial Services Oversight & Investigations Subcommittee Chairman Sean Duffy’s bill passed with an overwhelmingly bipartisan vote of 401 to 2 this week. The bill would bring greater transparency and accountability to the Consumer Financial Protection Bureau.

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    The share of zombie homes has increased, despite the decline in total foreclosures, according to the latest data from RealtyTrac.

  • NAMB: CFPB's rate checker tool problems NAMB: CFPB's rate checker tool problems

    The CFPB released its rate checker tool in an attempt to better prepare consumers for buying a home. While their intentions may have been good, the result was not, according to NAMB.

  • LendingTree translates real estate buzzwords LendingTree translates real estate buzzwords

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  • Buyer confidence keeps pending home sales growing Buyer confidence keeps pending home sales growing

    Pending home sales slightly improved in November and are above year-over-year levels for the third straight month, something Lawrence Yun, chief economist at the National Association of Realtors, says is due to buyers' confidence in the economy.

  • Obama talks housing, lower FHA rates Obama talks housing, lower FHA rates

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  • AAG head Reza Jahangiri on the advantages of reverse mortgages AAG head Reza Jahangiri on the advantages of reverse mortgages

    MPA talks with Reza Jahangiri, CEO of American Advisors Group, about the advantages of reverse mortgages

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