Buying mortgage leads can be a great strategy for building up your pipeline and exceeding your loan volume goals—provided you choose the right partner. But finding a reputable mortgage lead provider can seem daunting, especially when there is so much noise out there. How do you know who to trust? Here are four things to look for:
For a partnership to be successful, both sides must share the same goals. The right mortgage lead provider will have a vested interest in your success—because when you win, they win.
When assessing a provider, be sure to look at the company’s mission, model, existing partnerships and testimonials. Find out what they offer in terms of training, support, and other resources that underline their commitment to the businesses they serve. These are all great indicators of where their motivations lie and whether their goals align with your own.
At Opcity, our goal is to facilitate more home closings by connecting consumers with the right real estate professionals at the right time. Everything we do is designed to move consumers smoothly and painlessly through the process of buying or selling a home, so they reach the closing table faster. Our goals are aligned with our lender partners’ goals. We all want the same thing: more closes!
Before you partner with a provider, do your due diligence to ensure they have the capacity to consistently fill your pipeline with quality mortgage leads. Do they have sufficient lead availability in your market? Do they have the manpower, technologies, and proven processes in place to source, screen, and deliver the monthly volume your loan officers need to hit their goals?
As the #1 buyer of online real estate leads in the United States, Opcity speaks to hundreds of qualified borrowers every day. Our 400+ trained inside sales agents are on the phones screening mortgage leads from 7am to 11pm, 365 days a year. Our matching algorithm then instantly compares consumer and lender data and determines where to deliver the lead. This combination of tech, data, and human power operates like a well-oiled machine to provide a predictable monthly lead flow for our mortgage lender partners.
As with any business decision, cost is a consideration. Look for a reputable provider whose offerings fit your budget—taking price per lead, minimum purchase requirements, and any deposits or additional fees into account.
At the same time, keep in mind that you get what you pay for. Not all mortgage leads are created equal, so it’s important to get a good read on the quality you can expect for your dollar. Here are two key factors to help you assess quality:
- How fresh are the leads? The shorter the window between inquiry and delivery, the better. And we mean short: If an online lead is not contacted within 5 minutes, the probability of closing drops by 400%. You want to make contact with borrowers when they’re primed and hungry to speak with you—in other words, as soon as they’ve requested information about the loan process. Ask the company about their average response time. Seventy-eight percent of buyers work with the first person who reaches out to them, so you want a partner who will get your loan officers on the line before the competition.
Opcity contacts leads faster than any other solution in the market. We get buyers on the phone within seconds of their online inquiry and connect them directly to a network lender in real time, so you can strike while the iron’s hot.
- How do you screen your leads? Find out what criteria the company uses to deem a mortgage lead viable. At minimum, make sure they screen for intent. You don’t want to waste time speaking with consumers who aren’t serious about obtaining a mortgage. Do they ask buyers about what property types they’re interested in, what price range they’re looking for, what timeline they’re working with? Do they confirm proof of income or inquire about credit? Get a solid grasp on what information is gathered during the screening process, and at what level of detail.
All leads provided by Opcity are prescreened by our trained inside sales team to ensure we only transfer you to motivated borrowers who fit your criteria and are eager to work with you. Once a potential borrower is transferred, we send you the consumer’s information in real-time so you can begin marketing yourself right away.
Of course, the biggest indicator of lead quality is conversion rate. What percentage of these leads will actually result in closed loans? A reputable mortgage lead provider will have a proven strategy and consistent success rate so you can predict your ROI with relative accuracy.
Opcity has cracked the code for online lead conversion. Every home buyer lead we connect you with is also matched with an Opcity network agent. And not just any agent—but the agent our algorithm has determined is most likely to close that specific buyer. This data-driven approach increases the likelihood of a closed transaction. In fact, agents close leads received from Opcity at a rate 3-5x higher than industry average.
This model also benefits lenders in the long-term: we provide a warm introduction to the agent on your lead’s account, giving you a winning strategy for expanding your agent network and driving future business.
Ready to exceed your loan volume goals and expand your agent network?