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Exclusive Mortgage Leads – Myth Or Reality?
By Mark greig
Exclusive Leads – Myth or Reality?Exclusive leads can help boost your business – but how do you know if they are really exclusive? There are a few things you can do to make sure.When it comes to running a business, one thing is for sure: the more marketing strategies you pursue, the better your odds of being successful. Buying exclusive leads is one avenue you can take. Rather than depending solely on the business you can drum up on your own, you can supplement your clientele with leads you buy from a lead generation company.This sounds great, you say – but how do you know the leads you pay for will actually result in new loans for you? The answer is that you don't, but you can increase your chances of making a sale by ensuring that your leads are exclusive – meaning that you are the only business who buys them. High quality, exclusive leads have been known to close at rates as high as 15%. However, many lead generation firms sell each lead to a variety of different brokers, which sharply decreases your chances of making a sale.The biggest disappointment can be purchasing what you believe to be exclusive leads, but finding when you follow up on the lead that someone else has beaten you to the punch or you are competing against six other loan officers. Many brokers have been disillusioned in this manner. How does this happen? The problem is that although many lead generation companies market "exclusive" leads they also offer leads that are sold to multiple brokers at the same time. Some times you order the wrong product, some times it's the fine print and most times it's an unscrupulous vendor that stills sells your exclusive lead to others.The problem with non-exclusive leads is that the more brokers who have the same information, the less likely it is that you will make the sale. This is why conversion rates for most leads are in the 2-3% range. And if you are lucky enough to get the loan, often it is a very competitive situation which means lower yield spread premiums. Thus the low price that initially attracted you turns out to be less of a good deal than you thought. Not to mention you are wasting a lot of time chasing 97-98% of those leads that go no where.But with the proliferation of websites where brokers compete for borrowers' business, are exclusive leads even a reality
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any longer? The answer is yes – if you know where and how to look for them. Here are a few tips for ensuring those "exclusive" leads are really what they claim to be:Read every piece of promotional material you can get your hands on. When you are looking for exclusive leads, the worst thing you can do is to simply skim the main page of a company's website. A well-marketed company will always put their best foot forward on their home page – that's how they hook customers. However, you may find as you read more of their materials that the deal isn't quite as good as they portrayed it in the beginning. That's why it is so important to do your homework before making a decision.Ask questions. Sometimes the information provided on a website will not answer all of your questions. If there is any doubt in your mind, ASK. Often what is not said is more important than what is. Ask what exclusive really means. Ask to see a sample exclusive lead.Read your contract. Reading every word before you sign is a good habit to get into. If you are buying exclusive leads, you want to be sure that you contract doesn't call for shared or non-exclusive leads. If you do find an inconsistency, it doesn't mean the company is shady – for instance, since some lead generation companies sell multiple types of leads, the person who prepared your contract may have selected the wrong option. However, since the company may hold you to your contract once you have signed it, you should always double check for mistakes before agreeing to anything.Exclusively, exclusive leads. Look for a lead generation company that only develops exclusive leads. Buying leads from an aggregator is the surest path to disappointment. If possible, try to purchase leads from a lead generator based in the United States. They are rare, but you can find them. This way you know the odds of a "mistake" are drastically reduced.If you're in the market for exclusive leads, don't be caught flying blind! You will have better success with your leads if you understand which type will benefit you most, and know the right questions to ask.Vertical Measures is a lead generation company that specializes in developing high quality, exclusive leads for brokers in the United States
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