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.