The Mortgage Marketing for Lead Buying Problem. Lead providers are everywhere. We all know the big names in the game, but a quick Google search will reveal countless companies that are vying for the opportunity to sell you mortgage leads. If the past few years have shown us anything, it’s that lead buying will be far more sophisticated in the coming years, as we understand more about online homebuyer behavior and have more information on the lead before initial contact. At Intent, we take pride in delivering the best possible communication strategies to lead buyers. We also strive to show our mortgage originators that buying leads isn’t really necessary when you have a robust database in which opportunities abound.
Old school mortgage lead generation-
Likely a Realtor came to you and asked you to split the costs of leads. Those leads presumably went into your CRM system and not your agent’s. From there, they may have been on a campaign or a call list, but more often than not, the leads ended up accounting for no more than 5% of your overall business. Thus, Mortgage Marketing for Lead Buying Problem.
Newer school mortgage lead generation-
You have a good system of lead intake and a few campaigns. You make your calls and hopefully convert to a higher percentage, but unless you have a dedicated caller on your team, chances are low that you are finding many more treasures than the old-school way.
Intent’s mortgage lead generation-
Leads are sent to the system where they are automatically routed to the correct person on your team. Each lead is then assigned the appropriate campaign that charms the lead into answering or opting into a conversation. From here, call reminders are set, lead behavior is understood, and, once certain criteria are met, communication strategies align with each stage of the long-term customer journey. In addition, leads are monitored for any homebuying action and any variance in credit scores.
Intent’s purpose with leads-
The reality is that every single lead could mean 4-7 deals for you. Their value is in the LONG GAME. The key is to listen to their needs while not stalking them. At Intent, we continuously track all leads, and when a lead is poised to convert, we let you know when the time is right to take action. We spend a lot less time and resources hoping for a lucky lead and far more time giving you lead opportunities from your own database that you never knew about. Solved: Mortgage Marketing for Lead Buying Problem
Let us show you how every lead can be the difference between a good year and a good career.
What strikes us about lead generation in the mortgage industry is not so much how it is created (though the model could use some refinement) or the follow-up (which is decidedly interesting across the board). Rather, we are struck by how far the industry is actually behind in cultivating leads from past data and re-targeting leads on sites to build brand awareness and remind them to apply for home loans.
We teach digital marketing to our customers, and one of the “scariest” things for them is typically just how much data is out there to draw from and how “weird” it feels when they see an ad on one website that features something they were scoping on another site. Simple re-targeting of leads works. Not only does it capture attention, but when done subtly and artfully — two things that are always the most important part of marketing that involves data — it can be incredibly effective.
Intent founder Kelly Yale often tells a story in training with mortgage processionals and real estate agents about two years ago when she was building her dream house, which just happened to contain her absolute dream closet. Kelly was at Target enjoying a coffee and doing a nice, slow meander down all the aisles to consider what she would need once she and her family moved in.
In one of those aisles, Kelly spotted something she had never seen — TANK TOP HANGERS. Who knew such a thing even existed? She paused for a moment and considered picking up a pack or two but thought better of it and decided to wait until they had the house completed before filling her closet with every conceivable organizing product.
Ten minutes later, Kelly hopped in the car, opened up Facebook and found an Amazon ad for tank top hangers that was front and center in her News Feed. How could a picture of something she had never seen now be following her around the internet? Although Kelly is someone who truly understands much about how data is collected and marketed to, this simply blew her mind.
It was then that she thought about all the possibilities. Kelly had her Target Cartwheel app open when she was shopping. Had Target geo-tracked her around the store, noting where she stopped the longest? How did it pinpoint where she was looking? Did her buying behavior indicate she was looking into closet organization? Or was it possible that it just randomly happened that Amazon happened to target her with that ad?
Very little these days is unknown. We don’t fly under the radar nor do we live off the grid. We have all been stunned when a kitchen conversation turns into an online ad an hour later. It’s easy to be freaked out. It’s harder to accept that data collection is real.
But re-targeting is actually one of Kelly’s favorite things. She can’t tell you the amount of time and energy it saves her to be marketed to with ads on Instagram for things she likes and wants to buy, based off of her spending habits. Kelly happens to love when she forgets something in an online shopping cart and sees a little ad featuring the exact shirt she was buying. And if she was considering a home purchase and felt unsure of the next steps or wanted more information, she would be looking to have a branded experience built on trust and education.
Times have changed. Modern marketing is required in the mortgage industry, and it goes far beyond creating opportunities based on past databases. Loan originators should instead focus on creating the best buyer experience based off all data. If mortgage professionals want to find new business, they need to start looking outside their comfort zone and find homebuyers before those buyers are ready to offer up their data in a lead capture form on someone else’s website.
Let’s face it: In the mortgage and real estate worlds, the only word more overused than “digital” is LEADS! Everyone wants to talk about leads — where they are coming from, how to get better ones, when more are coming in, who is talking with my leads, and, most often, how to follow up with leads.
“Do you call?”
“Do you text?”
“Do you email?”
The constant questions and discussion about homebuyer leads are creating follow-up fatigue for those who work in the mortgage and real estate industries.
So, let’s settle this once and for all. Of course, we are going to believe that a CDP (customer data platform) will allow you to keep track of homebuyer leads effectively (as will a CRM), but it’s the way you follow up that sets you apart from the rest.
- Timing is EVERYTHING. You need to make contact and do so quickly and often. Having a plan to do that is actually going to make life a lot easier. Set your CDP up with built-in calls to voicemail, texts, videos and emails. You may be surprised how personal this can feel if you set them up the right way and schedule them appropriately.
- Keep notes on calls if they are completed or note any responses you receive. Once you establish contact with a buyer and understand their needs, you should have campaigns built around those buying preferences and life circumstances to individually speak to the needs of that buyer.
- Retarget your buyer through ads. Keep your brand in front of them.
Remember that a lead is a lead. Even if the customer is in a lease for another six months, have a plan to market just to them. Even if your customer has a low credit score, have a plan to market just to them. Lead success is all about the plan. If you ever need help creating your plans, Intent is here for you.