Mortgage brokers love leads. Leads are what help them make money. Some are good, some are a waste of time. What they really love are the exclusive mortgage leads.
A lead is typically nothing more than a name and phone number given to you by either a current client or perhaps a friend. They say they know someone who will soon be looking for mortgage information. If these leads turn into sales, great. But most don’t go anywhere. These people, in any case, are most likely doing a lot of research before deciding what lender and what broker to work with.
An exclusive lead, in reality, doesn’t even exist. However, it is technically a lead that is given exclusively to only one broker. It could be a name, or it could be an entire sheet of information including employment history and financial information. In any case, it doesn’t mean that the individual is using you exclusively. It simply means that the person who got the lead originally has not given the information to anyone else.
Because of the recent housing and financial market crises, no one is going to walk into a bank and start filling out applications and leaving application checks. He is going to do his research, check out deals, look at offers, and decide later on. No matter where your lead came from, this is what you can expect.
Because of this level of uncertainty, many brokers use some online services that promise that the leads they sell you are ‘exclusive’. In their minds, they are. They are selling them exclusively ‘ only ‘ to you, at prices averaging well over $30 each.
However, as we’ve said, that doesn’t mean the people aren’t already talking to every lender who answers the phone. They may have a mortgage in place by the time you even call.
That being said, high quality exclusive mortgage leads will take your business a long way if you and your team have solid sales skills.