After more than 30 years of steady growth, the United States real estate market experienced a dramatic downturn in 2006. Now, the market is recovering. Real estate professionals who have weathered the troubled times are once again positioned to succeed. If you want to take advantage of the opportunities presented by this upturn in the market, you will need a good mortgage lead generation method.
The Need for Leads
Quality customer leads are a key ingredient of success in any industry. There is no universal technique to generate leads, but there are solid strategies. Here are four mortgage lead generation strategies you can put into place easily and quickly:
- Industry Partners
Real estate industry professionals like realtors and home inspectors interact regularly with people who are in the market. They know which properties are popular. By partnering with these professionals, you can give yourself a steady source of leads. Consider adding your best partners to your marketing media and promote yourselves as a team (co-branded marketing).
- Previous Customers
Customer service does not end when you close the sale. As time goes by, your customers’ situations change. Young families tend to grow. 15 to 20 years later, as children age and leave the home, empty nesters may be ready to live in smaller homes. By maintaining long-term relationships with your customers, you can be there to meet their needs.
Customer Retention in the Mortgage Industry
Home mortgages are long-term situations. You may not think that repeat customers are a major factor, but repeat customers offer many advantages over new customers. When you know that a customer has excellent income and makes their mortgage payments on time, you have less risk. Maintaining long-term communication with a previous customer is not difficult, but it is a task you may consider outsourcing. When you outsource the communication aspect of the relationship, you can realize the benefits of repeat customers without dealing with the tedium of managing and tracking communication with dozens or hundreds of clients.
Mortgage lead generation may not be complicated, but your business cannot thrive without it. Whether you choose one of the strategies outlined above or use your own plan, generating leads is the key to unlocking your success.