How do I get leads when starting in the mortgage business?

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I”m new to the mortgage business and just have completed my training to be a loan officer. Now I’m stuck wondering the best way to get my first leads. Most of the marketing I have found so far is all about pumping past clients for referrals. What should I do? I would be grateful for any input.

3 Comments
  1. Reply
    Jim C
    February 17, 2011 at 8:46 am

    I would get in good with some Real Estate Agents.They are selling and you are financing.

  2. Reply
    mktgurl
    February 17, 2011 at 9:45 am

    If your approach is to pump your clients for referrals, I think you may be in the wrong industry. Mortgage brokering is partly sales and partly relationship management with both builders (lot and construction-to-permanent loans) and consumers (pick any home mortgage product). Training to be a loan officer isn’t enough in certain states, you need at the very least a real estate license. Hopefully you have that because in California you wouldn’t even be able to sell a loan.

    Moving on.. there are plenty of websites that sell “mortgage” leads ranging in price from $ 3-25+ per lead. These leads are at best warm, and almost never a hot lead (meaning the investor has both the money and the interest in a mortgage deal). You might be better off attending a Chamber of Commerce mixer just to get the feel of a particular region, like who your potential competitors are and if the market is hard or soft.

    You could also do what many others have done, and that’s to offer a free seminar about the local housing market geared towards your prospective audience; you’ll have to determine who those people are.

  3. Reply
    emalie_rose
    February 17, 2011 at 10:23 am

    Basically, referrals are handy but do not develope a sufficient amount of leads to work with.

    *How many consultants is there to chase leads?
    *How much budget do u have allocated for lead generation?
    *Do you have any advertisements on websites, radio, tv, newspapers, finance mags???
    *what sort of people do you want to gain business from? – first home buyers, NEGATIVE GEERING customers, new business owners?

    Other ideas how to get leads:
    1. Running frequent campaigns- introduction seminars on loans or advertisements.
    2. Mail shots- which usually are not that successfull as most information sent out without authoration is seen as junk mail.
    3. telemarketing- contact companies, residents at night to see if they have a requirement for a loan or if they have ever had a loan?- maybe even switch the loan over to you , how they merge credit card accounts together.
    4. radio advertisement- i have a friend that hasdine thins and made millions through this sort of marketing.
    5. hire a business developement company that can assist you with your pipeline, and create a strategic plan to head in a successful direction- these sort of companies do also provide telemarketing.
    6. create a reltionship with real estate’s and make them business partners where u will also gain referrals.
    through all these methods you will gain a sufficient amount of qualified leads to keep you busy for months.

    What country are u based in????

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