Generating Subprime Mortgage Leads

So you have a number of subprime mortgage leads available to you and have no idea how to convert them to clients. This is a common problem. Many mortgage brokers make some critical mistakes when working with sub prime mortgage leads.

One of these key mistakes is underestimating the prospects. They make the mistake of thinking because these potential clients are interested in sub prime mortgages that they do not have many opportunities available to them.

This is not necessarily true. More and more lenders are catering to prospective home buyers with less than stellar credit and generating subprime mortgage leads like crazy.

Know How to Sell Yourself

The key to converting a subprime mortgage lead is knowing how to sell yourself. You know the important of securing a loan and so does the potential client. They also already likely know a sub prime mortgage is the only type of mortgage for which they will qualify.

Therefore, you do not need to go into great detail explaining the type of mortgage and why it is important. Instead you should take this opportunity to really sell yourself to your subprime mortgage leads. Explain how you work hard to secure lending for clients with terrible credit scores. Let your contacts know you go above and beyond to provide your clients with the best possible experience.

Do not allow any of the tasks you perform seem inconsequential. Instead take the opportunity to play up your importance in the process.

Sub Prime Mortgage Leads Tip: Make Your Follow-Up Spectacular

A generic voice message left on your cell phone, an impersonal message in your email inbox and a postcard in the mail…do any of these sound appealing to you? Sure you may get many of these types of communications but think about how you respond to them. Are you quick to hit delete or discard the postcard or do you give these communications a great deal of attention? Most likely you do not pay much attention to them. For this reason, you cannot expect potential clients to pay much attention if you use these types of follow-up strategies.

To really convert leads, you need to get innovative with your follow-ups. Consider alternatives such as flowers, candy, cookies, an action figure of yourself, personalized post it notes or a novelty check for the amount of the loan you could secure for the potential client. These types of follow-up gimmicks are much more likely to get you noticed.

Subprime Mortgage Leads Tip #2: Know When to Back Off

We have already talked quite a bit about how to sell yourself and convert subprime mortgage leads but an important part of converting leads is knowing when to back off. This may sound counterintuitive but pushing too hard when one of your leads just isn't interested can do quite a bit of harm. A prospect who is not interested will not be happy if you keep contacting them numerous times and pushing for a conversion. They are much more likely to remember your name than the names of other mortgage lenders who only contacted them once or twice. The real damage here is done when these contacts tell others how pushy you were. This can be very damaging to your reputation and can cost you future clients.

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