Summary
This article offers eight quick, cost-effective methods to expand your mortgage lead database. Learn about strategies such as importing existing contacts, leveraging social media, and hosting events, and how to implement them to grow your client base. By the end, you’ll know how to build a robust lead database to fuel your business growth.
Mortgage professionals and companies who want to do more business know that the money comes from their database. Beefing up your lead database is one of the most cost effective marketing and deal flow producing strategies out there. Anyone interested will find these eight solutions will help make huge leaps towards growing your database with a reasonable investment, or even for free.
How Do I Build My Mortgage Lead Database?
You can build your mortgage lead database in a few simple steps. Start by importing & consolidating all your contacts. Convert social media contacts and buy or lease lead lists. Trade lists with partners or bring in leads with ads, and sponsor or speak at events.
Ready to quickly and effective way to build up your mortgage lead database? Check out these strategies…
1. Import & Consolidate All Existing Contacts
Most mortgage businesses are overlooking a ton of contacts that could be in their lead nurturing databases. A great deal of those are already in email accounts or mobile phones. They just need to be moved over. Don’t leave anyone out. Friends, family, past coworkers and bosses, and team members. Often these are the most likely leads to close. Don’t waste the opportunity.
2. Convert Social Media Contacts
It’s relatively easy to build big followings on LinkedIn, Facebook and Instagram. All those contacts should go into your mortgage CRM, with as many contact methods as possible. This can be done manually by an assistant, or automated with ads or by running competitions and getting them to complete a short opt-in form. Thousands of prime leads can be added to your database just using this tactic. Get phone numbers, addresses and emails for a diverse range of ongoing communications. Check out the best Social Media platforms for loan officers.
3. Buy Lead Lists
Those who want to instantly super-size databases without the guesswork can just buy lead lists, or use software to pinpoint the best matching leads and import them. You can get these from your Realtor associations, list brokers, and specialized solutions providers like REWW who provides access to vacant home and cash buyer leads.
4. Lease Lead Lists
Leasing lead lists can be a more affordable alternative to buying them. Especially as emails and phone numbers can change frequently. You won’t get the list of data, but will commission a list broker to send out mail or email or text or ringless voicemail blasts on your behalf to their lists. Then pile all the respondents into your permanent database.
5. Trade Lists with Strategic Business Partners & Vendors
Your title company, real estate agents, preferred insurance broker, attorneys and home warranty companies all have their own databases of relevant leads. If you can turn those into fresh leads for them, that’s a win-win. Why not trade some contacts, or get your hands on their lists and generate some business you all benefit from? Just be careful about the legal aspects of sharing this data and make sure you provide the proper disclosures.
6. Google Adwords
Google Adwords is still one of, if not the most efficient and predictable ways to generate leads on-demand. Use it to drive in hot live leads and bulk up your database at the same time. You can start with $10 a day, $100 a day or more. Do whatever you can afford. Then use retargeting ads to keep nurturing those leads until they are in your database or do business with you.
7. Sponsor or Speak at Events
Sponsor or speak at an event in exchange for the list of leads and attendees. You may even be able to barter so that it doesn’t cost you anything to do this, while you top up your database with fresh names, and gain more brand visibility and build credibility. Then automate, so you follow up fast while your name is still fresh in their minds and generate new loan applications, referrals and partnerships.
8. Meetup.com
For a few dollars you can setup your own Meetup account and host your own local events for networking and lead generation. Or if you are on a tighter budget, attend other existing meetups, network and add everyone you meet to your database. If you have a team of loan officers this is something you can encourage them to be out doing at least once per week, if not more. Just be sure to capture as much contact information as possible so you can follow up with low cost phone, email, social and direct mail marketing month after month and nurture them until they all become loan customers.
Key Takeaways
Use affordable methods like social media and events to grow your leads.
- Stronger Client Relationships
Build a database to nurture prospects and maintain connections.
- Sustainable Business Expansion
A robust lead database fuels long-term growth and revenue.
Commonly Asked Questions
- Why is building a mortgage lead database essential?
It provides a structured way to manage and nurture potential clients, leading to increased conversions.
- What is an effective method for capturing leads?
Offering valuable resources, like eBooks or webinars, in exchange for contact information.
- How should leads be segmented within the database?
By criteria such as loan type interest, buying timeline, and demographic information.
- What is a best practice for maintaining the quality of a lead database?
Regularly updating and cleansing the database to remove outdated or incorrect information.
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