Business and Investment Center

If you are a loan officer or mortgage broker on the market for mortgage leads, you will have a few different varieties to choose from.

For starters, your budget is the most important thing to consider. If you are on a limited budget, you will need to take a look at the lead companies that allow for low minimum deposits to get you started.

In the mortgage lead industry, a low minimum deposit is considered to be around $100.00.

The two most common leads out there are known as exclusive and non exclusive leads.

Exclusive leads are sold only one time. The lead will go to you and to you only.

Non exclusive leads are sold up to five times on average by mortgage lead companies. So if you are going to buy your lead’s non exclusively, be prepared to compete with other loan officers.

One of the most popular methods of buying mortgage leads is to cherry pick your leads. Cherry picking your leads allows for you to look at the lead before you purchase it.

Real time leads are another popular type of lead to buy. Real time leads are delivered via a streamline process to your e-mail box.

It works like this . . .

You open up an account with a real time lead company and set up a filter specific to the type of lead you are looking for. Lead type, ltv, loan amount, credit rating, specific state, etc.

Once a lead comes in matching your filter scenario, it is delivered to you via e-mail. The lead arrives in your e-mail box literally seconds after the customer submits their on-line application.

The benefit to buying real time leads is that you can count on the quality because the lead is fresh.

Try to steer clear of recycled leads, or what is better known in the mortgage industry among loan officers as junk leads.

These leads are bought and sold from one lead company to the next, than sold to loan officers at a profit.

The chances of turning a junk lead into a loan are slim to none, so stay away from these types of leads.

Perhaps the best way for you to determine the best lead company for you is to do your research. Speak with someone in customer service and ask a lot of specific questions. If you are not happy with the customer service or the answers you get to your questions, than more than likely you won’t like the leads.

Many of us are aware of the marketing strategies many consumer based organisations use when getting people to buy their products at selected price structures. The most common price structure used to win over competition is the number 99 which has been proven to increase sales but have you ever considered other pricing numerals which may be just as advantageous over your competition.

Numbers in pricing products are more than mere quantitative data and numbers also have psychological values which should never be underestimated when beating your competition.

Many people are religious around the world, certain numbers have a religious significance such as 12 for disciples and jurors and folklore.

The number 3 is associated with bad luck and the number 7 associated with being lucky. If you take these numbers into consideration when pricing your products or services you may tap into the psyche of the consumer and win sales by merely adjusting your prices accordingly.

The number 3 should be avoided, a recent study into price setting tested consumer products with different prices other than 3 which concluded that the prices which sold best were 495 and 295 which equalled 34% sales.

The price of 395 sold worst in the study which equalled 17% of sales with the number 7 in 9.97 sold 10% more than 9.98 or 9.96.

Small numbers generally promote simplicity, large numbers mean masculinity and complexity. Even numbers, particularly the number 2 usually promotes femininity or convenience. Odd numbers means power and happiness. A good marketing pricing structure when targeting the male market would be to use large, odd numbers.

When targeting a womans market, it would be more appropriate to use small, even numbers. The number 8 coveys power so use this number if you want to project a powerful impression.

However choosing wisely is a recommendation when pricing products as generalising can be dangerous. Remember to consider psychological factors when choosing your numbers, a case study would be beneficial first using one of your products as this would provide damage limitation in your sales market if this information did not work for you.