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.
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.
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.