How to Use This Guide
To make it easy for you, below are the topics we’ll cover as separate sections. Skip to the ones that are most relevant for you, or read it all to get a better idea of how to improve your mortgage business. Here are the sections we’ll explore:
- What is mortgage lead generation?
- How to generate mortgage leads?
- How does mortgage lead automation help get more leads?
- What are some of the best mortgage lead management software?
- How do lead conversion scripts help convert more leads?
What is Mortgage Lead Generation?
Mortgage lead generation refers to all the techniques used by mortgage lenders to generate leads so they can sell more mortgages. The idea behind it is to increase your success in finding customers that are ready and willing to purchase a home.
How Does Mortgage Lead Generation Work?
It can be a challenging process to find people who need mortgage loans, and are ready to sign the dotted line. This is because there are many layers of people that have many factors attributed to their decision of whether or not they will qualify for it, such as:
- Employment status.
- Income level.
- Credit score, etc.
To get the best possible leads, businesses need to use mortgage lead generation strategies that can and will interest people in their products and services. Mortgage lead generation is all about targeting customers that have a high chance of becoming a client or customers. When done correctly, you will also be able to ascertain their characteristics and unique needs so that you can understand what will be needed for them to qualify for a mortgage, second mortgage or refinancing. Having this knowledge also helps you determine what verbiage you can use when you reach out to them to show them your offering is a good fit for them.
The process of selecting consumers who are appropriate for your services begins with gathering a pool of leads and then moves into the research of potential borrowers. This can be done by bankers, mortgage agents, or other experts. Or you can use scoring rubrics that automate the process for you. However you go about categorizing your lead list, the end goal is the same - to come up with a list of prospective clients that are most likely to get a mortgage.
Benefits of Using Mortgage Lead Generation Techniques
There are many benefits of using mortgage lead generation techniques. One of the most obvious benefits is that it allows you to find potential customers more quickly and easily than if you were to search for them manually.
Additionally, using lead generation techniques can help you target your advertising efforts more effectively, which can result in more qualified leads. Furthermore, using lead generation techniques can help you save money on marketing expenses, since you will be able to focus your efforts on specific channels that are most likely to generate leads.
Finally, using lead generation techniques can help you build a database of potential customers that you can contact now or in the future. However, that’s not to say all leads are created equal. What you want is qualified leads - and the more those you have in your pipeline, the better.
Here are three reasons why having qualified leads is important:
How to Generate Mortgage Leads
You now have a firm grip on why getting mortgage leads, specifically qualified ones, is so important for the success of your business. Now let’s explore how you can get more of them. Although there are multiple ways to generate mortgage leads, to gain access to the people most likely to work with you you’ll need to hone in on the best marketing and outreach techniques. After all, these efforts will provide you with the most accurate information regarding potential clients and will help you build your business over time. That said, there are five generally accepted techniques of lead generation for mortgage brokers - cold calling, networking, advertising, email marketing, and content marketing.
How Does Mortgage Lead Automation Help Get More Leads?
Mortgage lead automation is a process that helps you collect and manage mortgage leads. It does so by ensuring that all the data collected from potential home buyers and sellers is well organized, stored, and maintained.
- Faster first-contact.
- Smooth nurturing of the mortgage leads you acquire.
- Helps you to scale your business.
When you automate your mortgage lead generation process, you will be able to get more leads because the systems and process you create does a lot of work for you. You’ll effortlessly collect data from potential clients, and store it in a well-organized database. Through this process, you will be able to access contact information about potential customers instantly and contact them promptly in order of those most likely to close.
What Are Some of the Best Mortgage Lead Management Software?
Mortgage lead management software can significantly impact the success of your mortgage lending business for the better. It's a valuable tool for lenders and brokers allowing them to streamline their process for acquiring and managing mortgage leads. Mortgage lead management software can help mortgage companies improve their customer service and increase their bottom line while automating many tasks, which in turn saves more time and money. Software can help you to better track leads, measure the effectiveness of your marketing campaigns, stay competitive in the mortgage industry and improve business efficiency and profitability.
The question is, which mortgage lead management software should you choose? In our post 4 Best Mortgage Lead Management Software for Loan Officers, we shared the top programs are:
- Agent Legend
- SimpleNexus Mortgage Platform
- SureFire CRM (By TopOfMind)
- Velocify LoanEngage
Below is a brief overview of each one.
Agent Legend is a user-friendly, powerful mortgage lead management software that can help you nurture your leads faster and with less effort without losing the personal touch clients demand. What sets Agent Legend apart from other mortgage lead management systems is that it allows you to quickly search for past leads and review notes from other agents with a simple text search.
Agent Legend also features advanced analytics and data records, and internal reports so that you can track your performance over time. Agent Legend acts like a digital assistant, tracking leads and automating your communication helping you to quickly generate estimates or set up drip email campaigns that keep you connected without manually sending correspondence. Do the work once, and it does the rest while seamlessly integrating with all of your favorite software including AWeber, BoomTown!, AgentZip, Velocify, Zillow, Zapier and many others.
SimpleNexus Mortgage Platform
SimpleNexus Mortgage Platform is a mortgage lead management software designed to easily help loan officers manage their leads and track their progress. It's designed to help keep you organized and keep track of any kind of deal you close. It includes features such as a mobile app, payment calculator, integrated home search options, instant chat, and document management.
SureFire CRM (By TopOfMind)
SureFire CRM is a mortgage lead management solution that was created by TopOfMind, a provider of sales automation and customer relationship management (CRM) solutions. SureFire CRM helps loan officers keep track of their leads, stay organized, and close more deals with templates that are customizable, lead routing, interactive calculators, and SMS messaging.
Velocify LoanEngage promises the user 25:1 return on investments. Their features include: specialized technology to gather leads from numerous models, automated communication workflows, funnel analytics, and lead scoring. This software also integrates seamlessly with Agent Legend.
Bottom Line - Mortgage Lead Management Software Helps You to Be More Efficient
Regardless of the software you choose, as a mortgage business, efficiency is key. You need to be able to operate as quickly and smoothly as possible in order to make a profit and stay afloat. This is especially true for smaller businesses, who may not have the same resources as their larger counterparts. In order to be efficient, you need the right tools. And one of the most important tools a business can have is automation software.
Software can make tasks that would otherwise be time-consuming and difficult much easier. And when tasks are easy and quick, it allows businesses to focus on their core competencies and grow their businesses more efficiently.
Unfortunately, not all businesses take advantage of mortgage lead management software’s potential efficiency gains. Many still rely on outdated methods and systems that are no longer efficient or practical in today’s fast-paced world. That’s why you need software now more than ever - to gain that competitive edge and boost your bottom line.
How Do Lead Conversion Scripts Help Convert More Leads?
Lead conversion scripts are important tools for businesses that want to convert more leads into actual customers and clients. These scripts help you engage with leads on a personal level, which can significantly increase the rate of conversions. They can also help you to qualify your mortgage leads, which in turn can also increase your mortgage lead conversion rates.
Your Answer to a More Efficient Mortgage Lead Generation and Management Process
In this guide, we’ve covered a lot. We talked about what mortgage lead generation is, and how to generate more of them. We discussed how automation can help you get more mortgage leads and four lead management software to help you with your day to day operations. Finally, we discussed how lead conversion scripts can help you to increase the amount of deals you close.
To wrap things up, we’d like to share the best software on the market to help make your entire business run more smoothly with less time and energy, and it’s Agent Legend. Though we touched on it briefly in our software section, there’s more to the story.
Agent Legend was built with real estate agents and mortgage loan officers in mind. Our mission is to make your leads practically work for you. The idea of software is to automate many of the systems and processes of your business, and Agent Legend is no different. We help you show up even when you’re offline with customizable correspondence that works on your behalf around the clock.
Imagine being able to automatically respond to a lead in the middle of the night while you’re in dreamland, or while you’re at your daughter’s soccer game. You’ve got a lot going on in your life, and you shouldn’t have to spend it tethered to a desk in the hopes of converting more leads into customers. That’s where Agent Legend shines. Regardless of what you’re doing at the time, it’s automatically messaging your new leads, stagnant leads, and the leads that are ready to close. Simply put, it’s the digital assistant in your pocket that never asks for a day off, and is always ready to put in overtime.