Before you purchase a list for a mortgage loan, listen up.  We have 8 things you need to know.

Your mortgage company works hard to increase sales and customer satisfaction.  However, there comes a time when investing in purchasing mortgage loan leads might be a smart investment. But if you are new to buying mortgage loan leads, you might be uncertain about what steps to take to both ensure success, but also protect your business.  Making the decision to purchase leads is a big decision, so before you take that step here are 8 things you will want to keep in mind.

Mortgage Loan Leads Buying Tip #1: Lead Generation
Upfront, it’s important to ask the company the source for their leads. Some businesses that sell leads recycle leads and sell them over and over again.  Other companies might buy their leads from another business in bulk and then turn around and resell them to you.  Know the source of your leads if you want the best chance of actually generating any viable sales leads.

Mortgage Loan Leads Buying Tip #2: Price
There are many factors to consider when buying leads, but this one is especially important when first starting out.  Make sure you know your budget and which companies that will accept that dollar amount, because not all will depending on how much you can spend.

Mortgage Loan Leads Buying Tip #3: Return Policy
Take some time to carefully go through the site reviews for any company you are considering doing business with to see that type of return policy they offer.  If you don’t know or can’t find out information, ask before buying.  This will protect you in case you find that you cannot use the data that was provided to you.

Mortgage Loan Leads Buying Tip #4: Customer Service
Good customer service is essential for any thriving business.  Pay close attention to their phone and email etiquette when interacting with you.  If the person you are speaking with cannot conduct themselves professionally, when you could likely be better off considering our options.

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Mortgage Loan Leads Buying Tip #5: Nonexclusive vs. Exclusive
Being the exclusive source for the leads means that no other company can purchase those leads, but that also means that the price will be much steeper.  Leads that are nonexclusive might be sold 5 times or more, but will be much more cost effective.  Keep that in mind when buying mortgage loan leads.

Mortgage Loan Leads Buying Tip #6: Quantity vs. Quality
Occasionally, you might see an offer or be tempted by the chance to get a large number of leads for a low price.  However buyer beware, often those leads are either old or have been recycle or reused.  If the deal sounds too good to be true, it probably is – unfortunately.

Mortgage Loan Leads Buying Tip #7: Filters vs. Cherry Picking
Some lead purchasing companies allow you to cherry pick your leads by hand before buying them.  This is a nice feature for those that offer it, but another effective way is to use the pre-set filters to narrow down your list to those that meet the criteria you are looking for in a sales lead.

Mortgage Loan Leads Buying Tip #8: Referrals
Never underestimate the power of co-worker or friend referral. If you find that they need some kind of incentive offer a small gift or incentive like gift cards or something as a thank you for providing a strong sales leads for your mortgage business.

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How has your organization successfully acquired mortgage loan leads?  What has worked and what hasn’t worked as well?  Is there a specific marketing follow up email sample that has worked for you in the past? Share your thoughts, tips, and comments below!