Homeowners and first-time home buyers alike are often looking for more than just a mortgage when they’re shopping for a home. This is why insurance agents should look into mortgage leads online, as it can expand their client books.
A mortgage lead is no different than any type of sales lead, meaning it’s a potential customer. Mortgage leads in particular refer to potential mortgage borrowers or customers of mortgage lenders.
You may have heard the terms ‘warm lead’ or ‘hot lead.’ A warm lead is a potential customer who has already expressed an interest in your service or product and wants to learn more, whereas a hot lead is a potential customer who is itching to buy. With these types of leads, it is much easier to secure a sale.
In this article, we’ll explore how mortgage leads work for insurance agents and brokers, whether or not mortgage leads are worth it, and more.
Understanding Mortgage Leads
Because mortgage leads are potential customers who have expressed any amount of interest in obtaining a mortgage, you may have an easier time securing them as a client if you’re a mortgage broker or lender. This makes them highly sought-after‒after all, there’s a reason you invest so much into advertising and marketing.
You can secure mortgage leads from a wide variety of sources. We know that effective marketing and advertising can help you generate leads, but leads can also come from organic website or web search traffic, referrals, and networking events. There are also third-party websites that compile lists of leads to sell to a mortgage broker, lender, or other interested party.
How much do these mortgage leads cost? Purchasing leads from a third party can quickly add up, and it also depends on a few factors, including how the housing market is performing, your specific industry, and how much work you will need to put into the leads to complete the deal.
Leads that are hot or ready to be completed can cost a few hundred dollars, whereas lukewarm or warm leads that require frequent follow-up and convincing sales pitches can range from $20 to $50 per lead. Once you have the lead, you need to check in with them regardless of their metaphorical temperature, give them a pitch for your services, and nurture the lead until the sale is complete.
Why Mortgage Leads Matter for Insurance Agents
So, what about insurance agents? You might not be a mortgage broker, but mortgage leads can still boost your client book. Home buyers typically aren’t just on the market for a mortgage‒they will usually shop for insurance, too.
This can range from dwelling insurance to private property insurance to homeowners insurance. By collaborating with a reputable mortgage lender or broker, you may be able to secure those leads for your insurance quotas.
The insurance and mortgage industries have something in common: the importance of trust. Clients are making some of the biggest decisions of their lives and rely on trust and reputation to select professionals to help them on this journey. So, how can you build trust with potential leads?
Networking with other professionals in your industry and with mortgage lenders is one way to generate warm leads. If the client already likes and trusts your mutual connection, a referral will go a long way.
However, if you need to reach cold leads‒potential clients who may not be aware of or interested in your services initially‒producing high-quality content on your professional social media channels or website can showcase your credibility. You can also request testimonials from past and current clients, and offer a reviews section to your agency’s website to highlight the positive feedback.
Insurance Pro Agencies: Warm Leads and More
At Insurance Pro Agencies, you don’t need to start at square one when it comes to leads. We are a five-star insurance aggregator that connects captive agents and independent producers to a greater network of agents to support one another professionally.
With Insurance Pro Agencies, not only can you offer multiple, big-name national insurance carriers at competitive rates, but you have an entire network of experienced professionals at your fingertips. We offer Direct Carrier Access with No Volume Commitments to make even the newest agencies look like established agencies from the jump. If you’re ready to build your network, have access to a greater range of resources, and generate warmer leads, contact us today!
