Internet Mortgage Leads

What are Internet mortgage leads?

Internet mortgage leads are getting to be more popular these days with mortgage brokers.  But for those that have not heard of these types of leads, this article is for you as it will explain what these leads are and what makes for a good lead.

When a person visits a website and fills out a form to request a quote on a mortgage, this is considered an Internet mortgage lead.  These leads are then given to various mortgage brokers and they will provide the customer with a quote. 

But the big question that the brokers have to ask themselves is if these leads are worth it?  There are a couple questions that the brokers have to ask themselves to determine if these Internet mortgage leads are worth the money, as they do pay a fee for the leads that they receive.

Is the lead fresh?  What this means is how long ago did the person fill out the form requesting the information?  For it to be a good Internet mortgage lead, the information should be passed on within 48 hours, less would be ideal.  The longer time in between requesting the information, and contacting the customer, the more likely the customer is going to move on to somewhere else.  They may even forget that they requested the information.

Is the information correct?  This means, did the potential customer enter their correct contact information, mainly their phone number?  The websites that collect this data are getting smarter and can match area codes with the state listed, but cannot check that the number provided is accurate.  It is not a good lead with a wrong phone number.

Is it a true lead?  This means, was the person actually looking to get a mortgage?  There are websites out there that give people incentives to fill out forms on the Internet, and these forms may include a mortgage application.   These end up being worthless leads.

When you are purchasing an Internet mortgage lead, do not expect them all to turn into a successful sale.  Many of them will not for a variety of reasons, but if you can close even 10% you are doing well. 

If you decide that you want to purchase these types of leads, there are things that you want to ask the firm you are looking at using.  What is the return policy?  Can you return bad leads?  Do they sell the leads to multiple brokers?  Can you filter your results so you only get certain types of leads?  How do they get their leads?  How are the leads sent to you?

As with any lead system, one of the most important things you can do is follow up as fast as you possibly can.  This is especially true when you are talking about an Internet mortgage lead, as people can easily fill out several of them in a short amount of time, and the first one to call may be the one that gets the business.