The reverse mortgage lead business is a very cut throat and competitive business. You are competing with thousands of other mortgage brokers within the same geographical area along with National Banks. However, if you are smart about it and apply the techniques mentioned here you will be way ahead of the game.
For most mortgage companies the target customers are potential home buyers as well as existing home owners who has a higher than average interest rate. How do you go about finding these clients? Here are few tested and proven method of generating commercial mortgage leads:
Cold calling – this age old method has always been proven effective which is why it is still in use today. Many people look down upon cold calling, however, even big companies still use cold calling to generate sales. However, since you will be calling mostly homeowners, you have to abide by the FTC’s DO NOT CALL list. Breaking that law can get you fined up to $10,000. As with anything in sales, cold calling is a numbers game. You should however target your list so it is people who bought a home between 1 yrs and 2 yrs ago as many home owners refinance within their first two years.
Word of mouth/Networking – This is also another time tested method of getting business. Have a list of your old clients and call them up to let them know about your new rates or any other special offers. Joining a Network group such as BNI can bring in an influx of new business. However, be patient as this method takes time because you need to build up list of contacts, past clients, etc.
Internet – Internet is a huge tool that you can use as your disposal to find clients. Thousands of people log on every day looking for mortgages. Using internet marketing techniques will definitely get you leads from people who are very interested in getting a loan.
Just use this techniques and experiment to start generating mortgage leads and you will be no your way to a successful career in the lucrative world of mortgages.