Mortgage refinancing is a major component of every mortgage business and generating leads is something that every loan officer works to do. But what exactly are mortgage refinance leads? Should you buy them? Can you obtain exclusive refinance mortgage leads? This quick guide will take a closer look at what these leads are and how your can best benefit from them.
Key Takeaways
- Mortgage refinance leads are potential clients looking to refinance their homes, often generated through websites like Experian or LendingTree.
- Buying bulk mortgage refinance leads can boost lead generation and sales, often providing a greater return on investment than traditional methods.
- Prices for mortgage refinance leads can vary depending on factors like lead age and quantity purchased.
- Generating mortgage refinance leads can also involve website optimization, content marketing, social media marketing, advertising campaigns, and referrals.
- Focusing on lead generation is essential for success in the mortgage industry.
What are mortgage refinance leads?
Mortgage refinance leads are specific lead types that are often generated through online websites, such as Experian, LendingTree, NetQuote, and TransUnion. When a prospective buyer visits one of these sites looking for information on a home refinance, they provide contact information, creating a lead. These websites then sell these to loan officers within the first 24-48 hours as “fresh” or “live” leads. Any leads that do not sell immediately becomes known as ‘aged leads’ and are typically sold at a reduced cost.
Should you buy mortgage refinance leads?
Purchasing bulk mortgage refinance leads, including aged leads, is a great way to boost your lead generation and increase your sales. These leads are validated and, depending on cost, often provide a greater ROI than traditional lead generation methods, such as cold-calling, direct mail campaigns, and other advertising methods.
How much does mortgage refinance leads cost?
Mortgage refinance leads can vary in price and that price depends on many different components, such as the age of the lead and how many leads you are looking to purchase at one time. For example, you can expect to pay between $20-$30 per lead for an exclusive, fresh lead. If you are looking for more affordable bulk prices, aged leads can vary from $0.08 to $1.50 per lead based on the age of the mortgage lead and how many leads you are purchasing at a time.
Are mortgage refinance leads exclusive?
Most reputable companies that sell mortgage refinance leads offer exclusive leads to all their buyers. This means that you are the only one that will get these leads. However, it is always a good idea to confirm with a company that your leads will be exclusive.
Other ways to generate mortgage refinance leads
While purchasing mortgage refinance leads is a great way to start and, in many cases, can be the most cost-effective method of generating these lead types, there are other ways you can generate leads for your business.
Optimized website
Creating an optimized website is a great place to start when it comes to lead generation. But what is an optimized website? Website optimization is a process that involves many different strategies to improve the performance of your website, drive more traffic to your site, and increase conversions. For example, you want a website that looks inviting on both a computer and a mobile device, loads quickly, offers seamless navigation, and includes the correct keywords and content to rank well within the search engines. Using tools like Google Analytics, you can track various metrics within your site to see what areas may need improvement to meet these goals.
Content marketing
Content creation is an effective method of lead generation, as well as a way to highlight your knowledge and expertise. Content marketing can include everything from blog articles posted to your website or partner’s (real estate agent) website, videos shared on social media, regular podcasts, or more that are designed to educate and engage prospective leads. For example, if you are looking to generate refinance leads, creating a blog post or podcast on the benefits of a mortgage refinance would be a great place to start. When creating content, be sure to include a call-to-action and contact information that tells your readers or viewers how you can help and what to do next.
Social media marketing
In today’s world, just about everyone has a social media account and uses it daily. As a loan officer, you must tap into the power of social media when it comes to lead generation. With a business social media account, you can share your content marketing, as well as other short statistics or other information your clients may find interesting about the industry. When you provide valuable information, your clients are likely to share this information with their followers, giving you a far greater reach and exposure to many potential leads.
In addition, through social media marketing, you can actively engage with customers and prospective leads, sharing your knowledge and establishing yourself as an industry leader.
Advertising campaigns
While traditional advertising methods, such as mailers or brochures, are still an effective option in some cases, many have turned to online marketing campaigns. Paying for pay-per-click advertising on sites such as Google, or social media advertising campaigns on Facebook, can often be an effective method of generating mortgage refinance leads when you choose the correct keywords, such as “mortgage refinance in (your city).”
Referrals
Leveraging referrals can also play a major part in your mortgage refinance lead generation. Networking with industry-related partners, such as real estate agents, financial planners, CPAs, and more can be a great place to start. Working together with these professionals will help you boost your referral network and help to enhance your lead generation.
Generating mortgage refinance leads
Whether you choose to purchase mortgage refinance leads or try and generate your own leads using some of the techniques recommended, boosting your lead generation is essential for success. At Good Vibe Squad, we understand the importance of quality leads and lead generation for the mortgage industry and our Unfair Advantage™ program can help to set you apart from the competition. To learn more about how we can help, schedule a call today.
