How To Identify Mortgage Leads

Identifying quality leads is critical for any mortgage company in a highly competitive environment.

Loan officers and mortgage brokers spend a lot of time prospecting new clients to increase mortgage sales.

But finding prospects who are sales-ready can be challenging for many mortgage brokers.  

Although attracting new leads is critical for companies that are in the mortgage business, identifying quality leads increases their likelihood of converting leads into buying customers.

Mortgage leads are prospects that match your company’s customer profile. Quality leads have a high conversion rate because they’re ready to make a purchase.  

If you’re a mortgage broker or a loan offer, here are five ways you can identify good mortgage leads: 

Gather Lead Data  

The most effective way to identify mortgage leads is to use lead data.

Having information about potential leads makes it easy for businesses to determine which leads are a good fit for their products or service offerings.  

Mortgage companies can capture lead data through their websites using well-designed information capture forms, and then make use of software like this CRM for mortgage providers to help them convert those leads into clients that will be ready to make use of their services.

Some of the information that mortgage companies can capture from visitors to enable them to identify quality leads include the phone number, industry, email address, and job title.  

Using this data, mortgage companies can qualify mortgage leads with ease and nurture them to become sales-ready.

Leverage Referrals 

Mortgage companies can increase the number of leads through their network of customers.

One way of doing this is initiating a referral process that includes informing existing clients of their ideal customers so they can refer leads. 

Companies could also offer incentives to existing customers to encourage the referral of potential leads.

Mortgage companies may consider establishing special selling steps internally to encourage referrals to make purchases.

Such measures may include free consultation, property viewing, and financing linkages.  

Do Some Social Listening 

Social listening involves keeping tabs on conversations in social media spaces and using the insights to identify opportunities, leads, and content gaps your target audience might have.

Mortgage companies can identify leads by paying attention to the comments their posts on social media trigger.  

For instance, posts highlighting customer testimonials or endorsements could attract prospects to leave comments or questions that make it easy for businesses to identify quality leads.

Further, social listening allows mortgage companies to determine whether potential leads are sales-ready or need to be nurtured further.  

Monitor Buyer Intent 

Marketers in mortgage companies can identify leads by monitoring their intent.

The best way to do this is to keep tabs on the online behavior of their target audience. 

For instance, mortgage companies can use predictive analytics to target prospects with relevant ads based on their digital activities, such as online searches.

Companies can track ad clicks and identify leads that show interest in the offerings advertised on those ads.  

Use Online Communities Or Groups  

The other strategy lenders can use to find mortgage leads is by joining online groups.

Mortgage brokers and loan officers can surf the industry for industry communities and groups that have people who fit their customer profile.  

To find leads on online communities, you need to identify the platforms your target audience use and the communities they join.

Create a profile and join the groups that prospects use.

Be active in such online communities or groups, then contribute to discussions that interest your target audience.  

The most effective way to do this is to respond to questions or share additional information about the issues they raise.

By doing so, you can identify people who are interested in mortgage products and start nurturing them into quality leads.  

Apply Direct Marketing Tactics 

Another strategy for identifying mortgage leads is targeting contacts through direct marketing tactics.

Mortgage brokers can send product incentives and offers to prospects via direct mail like e-newsletters, email, or regular mail to identify leads.  

Marketers in mortgage companies may run competitions to attract customers or make cold calls to prospects.

After running direct marketing campaigns, mortgage brokers can identify prospects that warm up to their offers or calls and nurture them into leads.  

Final Thoughts 

Every business must generate new leads to grow its customer base and increase sales revenue.

Mortgage lenders are not an exception. Lead identification determines how effectively a mortgage company can turn prospects into paying customers. 

Mortgage companies can generate high-quality or low-quality leads. If mortgage companies can identify low-quality leads, they risk having low conversion rates.

To increase conversion rates, companies should focus on identifying high-quality leads.

These leads are those who have demonstrated interest in a company’s product or service offerings. By applying the six tactics discussed above, lenders can identify quality mortgage leads.