Advertisement
Chicago Title launches Wireless Remote Closings
Taking the lead in the do-not-call eraRyan Buellgenerating leads, do-not-call list, live leads
The lending community is undergoing enormous changes. As
interest rates rise and the ephemeral refinance boom begins its
rapid decline, the once-abundant crop of refi prospects is
disappearing. Mortgage brokers know that their membership base has
exponentially increased, resulting in unprecedented competition for
a rapidly declining pool of prospects. Savvy brokers, hoping to
maintain their market share in the competitive and over-saturated
landscape, must now seek out the few proven and well-established
lead generation providers. With the advent of the national
Do-Not-Call registry, purchasing data from unknown sources exposes
loan brokers to substantial loss, not only for monies paid for the
leads purchased, but also up to $11,000 per lead that violates the
national law. Large loan brokers, let alone solo operators, can ill
afford to make the costly mistake of purchasing lead data that is
not compliant with the new laws. Buying bad leads may now put you
out of business.
Implementation of the Do-Not-Call registry and restrictive state
e-mail marketing laws signifies the end of widely-used industry
marketing techniques such as purchasing older data lists, pounding
the phones with a telemarketing force or conducting large-scale
e-mail blasts. Today, loan brokers can ill afford to conduct
marketing with these anachronistic methods.
How, then, does the savvy loan broker continue to use modern
marketing technology while remaining complaint with the Do-Not-Call
laws? Welcome the era of "live leads."
Live leads, which are generated in real-time, command a premium.
However, the ability to contact a prospect who submitted a request
only minutes or hours earlier, is of significant value in a
multitude of ways, and mitigates the risk of you violating the
Do-Not-Call law.
As a lender or broker, you must now exercise extreme caution
when identifying a lead provider that is right for you. Ask any
prospective lead provider whether they generate their own leads;
moreover, don't just accept "yes" for an answer. The potential
monetary penalties mandate that you demand proof of lead
generation. Ask to see the provider's lender request form. A
reputable provider will gladly show you their online application
and methodologies used to generate applicants.
Internet leads are an effective and cost-effective method to
generate new sales. Just be sure you are choosing a proven and
established lead provider. Your business depends on it.
Ryan Buell is CEO of Alansis, a La Jolla, Calif.-based
provider of mortgage and debt leads. He may be reached by phone at
(858) 597-3041 or by e-mail at [email protected].
About the author