Tuesday, November 27, 2007

Mortgage Marketing: Cost Effective Internet Mortgage Leads

Small mortgage companies need to conserve cash flow with cost effective marketing, but how do you get the most bang for your buck? The trick is to know your marketing possibilities and to know them well.

Buying internet leads has become a common practice. Websites like GetSmart.com which is owned and operated by LendingTree offer lenders who purchase mortgage leads the opportunity to expand business through the internet. These high traffic websites have easy to fill out forms that entice consumers to get more information about mortgage products. Their refinance leads and second mortgage leads go to you and four other lenders. When you purchase leads that are exclusive like this, you pay more, however. Many companies cut costs by buying leads in bulk.

Buying online leads in quantity may be less expensive and get you a greater number of loan leads, but they not be of quality. Bulk leads have often been recycled, shared and may be a year old. Buying mortgage leads based on quality will be more fruitful as they are from a direct source, meaning they are immediate and new. This can make a difference in debt consolidation leads and other home equity loan products that will be secured quickly. You would be receiving the leads hopefully the same day the prospect applies. There is a lot of question, as well, about how useful internet leads really are to lenders. You may want to consider some other marketing options.
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In a sea of mortgage leads being bought and sold, you may want to consider inexpensive ways to stand out from the crowd to secure the still booming home equity leads. Radio advertising can get to your local market, but may be pricey. With the new generation of buyers coming on board, you may even want to consider a podcast. Gen Yers are hungry for information that can be easily accessed on the internet, but they're savvy about how they get it. Listening to a radio podcast is appealing. You can have your own web radio show with no more equipment than a computer, internet connection, website and an inexpensive microphone.
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Your best bet to staying on top of the most effective form of mortgage marketing is too read the latest new and information. Websites like nationalmortgagenews.com can help you understand what products are currently hot with consumers, so that you can tailor your marketing plan.

Rebecca is a web editor and author of 9 books on a variety of subjects. When she is not writing books, she produces fresh financing articles for mortgage industry publishers. If you are a mortgage broker, lender or loan officer looking to purchase Online Mortgage Leads, please visit the Leadplanet.com. If you are a homeowner looking for a second mortgage refinance or a home equity loan quotes, please go to MyLoanQuote.com, and get the answers for your lending questions.

How To Become a Mortgage Broker

The mortgage industry accounted for $1,815,949,279,000 in loan transactions in 2004. That's one trillion, eight hundred and fifteen billion, nine hundred and forty-nine million, two hundred and seventy nine thousand dollars... in one year!

Mortgage brokers average better than 1% commission on every transaction...so a conservative estimate is $18,159,492,790 to the mortgage industry in commissions last year. Eighteen billion is a lot of money to go around.

Consider a profession that doesn't require any formal schooling yet offers a six-figure plus income potential to any broker who wants it.

Here's how the business works...

A mortgage broker acts as the middle man between a borrower and a lender. The broker bridges the communication gap between the technical requirements of the lender and the non-technical demand of the borrower. And here's the best part...mortgage brokers get a cut of every loan they close.
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The upside for this profession is nearly unlimited. Once you've reached a high monthly income level from your mortgage commissions you can move into other areas of the business and make huge amounts of money.
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Buying second mortgages, funding choice loans yourself and buying real estate investment properties are just a few examples of the opportunities for expansion that are available to successful mortgage brokers.

If you're ambitious and want to become truely wealthy this industry will afford you every opportunity to do so.

The mortgage industry does, however, require that you master three important skills before it will reward you with success.
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You have to be able to sell.

This is ultimately a personal business. You will be dealing with people every day. Knowing how to relate to all kinds of people to make sure they are comfortable during an unfamiliar and very important process is vital. Sales skills are essential to your success as a mortgage broker.
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Prior sales experience is helpful but not necessary. Regardless of your sales skill level you should commit to continuously learning everything you can about sales.

You have to understand loan processing.

Processing a loan is an exercise in navigating a bureaucracy. It takes patience and a different mindset than you need when you deal with your clients. Put in the effort to make the personal relationships with decision makers at your favorite lenders...it will pay off in concrete, financially measurable, ways.
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The best way to establish yourself as a professional is thorough expert knowledge. Study the loan process from front to back and really learn the in's and out's of funding a loan. It will give you insight and perspective on the business that will enable you to offer better service, faster closings and a smoother process to your clients.
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You have to use effective marketing.

Without effective marketing you won't have any prospects to sell to. It's the marketing that brings in prospects. Your mortgage business, indeed...all businesses, depend on it for their very survival.

But marketing can do much more for you than help you survive. If done carefully, methodically and scientifically, marketing can propel your mortgage business to levels of financial success you never dared imagine.

Effective marketing can build a mortgage business into a cash cow...sales and loan processing can't. The greatest success in the mortgage business can be had the quickest by mastering the art and science of mortgage marketing.

This is a great industry. It offers all the opportunity you could ever want. True wealth awaits those who apply proven methods to their mortgage business.

Download your free copy of the mini-eBook "How To Become a Mortgage Broker". Gain valuable insights into the mortgage industry. Learn veteran mortgage broker techniques and strategies that are making successful brokers millions in commissions right now. Go to Mortgage Marketing Guide today!