How do I get leads when starting in the mortgage business?

Elmira Nancy · Joined: 13 Nov 2009 Posts: 28

I"m new to the mortgage business and just have completed my training to be a loan officer. Now I'm stuck wondering the best way to get my first leads. Most of the marketing I have found so far is all about pumping past clients for referrals. What should I do? I would be grateful for any input.

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

Nancy

If you are truly in the mortgage business, then I would start with networking with everyone you know in life.

cezzz · Joined: 01 Dec 2009 Posts: 9

I agree networking is one of the best way in starting a business, especially in mortgage business

mobilehomelender · Joined: 01 Dec 2009 Posts: 3

1. Make a list of all your friends, family and anybody that you can contact. Best is to call them and tell them about your new post and ask them what they need, then follow it up with an email. You must talk to people on the phone or face to face. If you rely only on the internet you'll starve. That does not mean that the internet and emails are useless on the contrary it can be of great help but only if you use it as a tool in addition to live communication.

mobilehomelender · Joined: 01 Dec 2009 Posts: 3

2. It is not an easy market. Be prepared to handle situations. Don’t be surprise that many of your friends already know someone close who arranges loans ( it can be a brother sister or someone very close to them). Don’t worry about it. If you communicate honest they will give you the business. Be prepare to struggle, don’t give up. It may take some time but you can make it if you persist.

Csolorzano · Joined: 07 Jan 2010 Posts: 3 Location: Morristown, TN

There are so many ways to get new business just look around...

Best of Luck,

JPowell · Joined: 20 Jan 2010 Posts: 103 Location: PA

Try networking and social networking sites as well. Starting a website might be a good idea also. You can do so with minimal costs and if you use the proper format you can quickly start getting traffic from google.

You can also try utilizing Craigslist and other sites like that.

johncollins · Joined: 26 Jan 2010 Posts: 7

You got to do networking both offline and online.

JPowell · Joined: 20 Jan 2010 Posts: 103 Location: PA

johncollins wrote: You got to do networking both offline and online.

That's definitely true, the more you network the more leads you will generate.

You can even try putting up flyers on message boards around apartment complexes and things to try and get some interest from them. I'm not sure what the conversion would be in that case though since a lot of people in apartments just plain can't afford houses.

On the flip side though, lots of people rent until they can buy, so you might get a few bites.

savana · Joined: 22 Dec 2010 Posts: 15 Location: United States

Mortgage business is what people are really looking into and they are looking forward to gain some advantages in loans and different mortgage plans.

rahnjoseph · Joined: 06 Jan 2011 Posts: 5

This business is all about patience as you know very well but if you think to boost up your business in less time then it would be difficult and referals only generates calls not the conversion of deals so meet new peoples and try to impress them.

paydayloan · Joined: 06 Jan 2011 Posts: 9

Hi,

I think first you need to promote your business locally. So for that you need to local classifieds ads posting, banner ads, social media optimization. You can do TV ads, news papers, or you can consult with Real Estate companies also for that.

Thanks

laseen · Joined: 20 Apr 2011 Posts: 3

If your approach is to pump your clients for referrals, I think you may be in the wrong industry. Mortgage brokering is partly sales and partly relationship management with both builders (lot and construction-to-permanent loans) and consumers (pick any home mortgage product). Training to be a loan officer isn’t enough in certain states, you need at the very least a real estate license. Hopefully you have that because in California you wouldn’t even be able to sell a loan.

kenl314 · Joined: 21 Oct 2009 Posts: 4

It is tough, and an on-going issue for 90% of the loan officers out there. The top 5%- 10% of mortgage officers always do well enough and they have numerous clients that will be repeat clients, etc. The majority of LO's out there do not have this luxury.
How do you get people to call or email YOU instead of the 100's of other LO's in your area? That's tough.
People like to do business with people they know- so that is a start; network.
BNI isn't bad for that, and there are other professional groups that can be helpful and don't cost a lot of money.
Don't be afraid to work phone leads and make the cold calls needed. Its not fun, but it can be helpful.
Good luck,
Ken

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