Question about lead generation

Let’s face it, the loan officers that focus on lead generation instead of “chasing bank statements” are the ones that make all the money.

A member of our Mortgage Marketing Animals (and a super cool and smart guy) asked a great question the other day, and I thought I would share his question and my response.  I think you may find this helpful.

His great question:

“In the past I used an online service to help drive consumer direct business, and it ended up being more of a headache than what it was worth….

The idea of being able to provide my realtor partners more leads, and drum up extra business could be worth it. But I was wondering if some fellow animals had any experiences or tactics they want to share.

I like to come at my business from every angle, if it gives me a few deals and keeps a few realtors happy, why not?”

My response:

“Here’s the thing, I work with already successful agents.  They don’t need me to give them leads because they already have listings that do that.  People looking to buy houses generally call agents first, not LO’s.”

“The top 3 complaints of Realtors about LOs are:
1. Don’t close on time

2. The LO doesn’t inform me what’s going on with the loan
3. The LO doesn’t follow up on the leads I give them.”

“The top agents don’t complain that the LO isn’t giving them leads.  Only the struggle bunny agents complain about that.”

“Solve those top 3 complaints, and you will have a very robust business with an army of agents giving you the leads that they already have.”


So do we give Realtors leads?  Of course we do.

When we market to our past database, we refer them back to the agent that referred them to us in the first place.

When our past database refers us to a friend, family member, or a co-working that is looking to buy or sell a home, of course we refer them back to the agent that introduced that person in the first place.

But understand, it’s been my experience (in helping to build a multi Billion $$ lending “empire”) that simply sticking with the main 3 things has been the thing that has really moved the needle for me and the LOs and branch managers on our team.

Most everything else is a distraction and perhaps a feeble attempt to sell us something that we may not even need.

Do those 3 things first THEN we can look to add to those things.

Just sharing my thoughts in hopes of relieving you of what may be unnecessary stress ☺

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