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The Big Story: Lead generation tuneup

All brokers make a claim to have the best lead-generation strategy going, but many could use a spring tuneup, according to experts Claire Drage of The Lion's Share Group and Calum Ross of Calum Ross Mortgage.
 

Video transcript below:

Reporter:  Staying a step ahead of the curve when sourcing new business is paramount in today’s competitive market.  But how can brokers make sure they are generating the best lead?  We find out in this week’s Big Story on Mortgage Broker News.
 
Finding new leads is important, but so is avoiding a misstep.  So what are some common mistakes to circumvent?
 
Calum Ross, Calum Ross Mortgage
Calum Ross:  I think one of the biggest mistakes that brokers tend to make when it comes down to generating leads is that they try to be all things to all people.  And the fact of the matter is you can’t hold yourself as an expert in real estate investment segment, high net worth segment and simultaneously look after you know hard to place credit and people with no verifiable income.  I think people make the mistake of trying to be a generic market message when in actual fact, they probably are much better served in focusing a specific niche and when it comes down to online leads, they pick that to follow up and being able to demonstrate your unique value proposition is a critical component for success.
 
Reporter:  What are some costly mistakes brokers make when generating leads?
 
Claire Drage, The Lion’s Share Group
Claire Drage:  I think the primary one is what I call spray and pray marketing.  Spraying your business cards, your flyers, your rate sheets with realtors across the city and just praying that the phone is going to ring and you are going to get a lead.  Target demographic marketing is key.
 
Addressing the wants, needs and fears of the person you are speaking to at a networking event or the flyer drop you plan to do in a certain area, that will guarantee you that you will get a client who is interested in hearing more about what you have to offer them and it will lead to more referrals.  
 
Reporter:  There are certain principles that will help brokers maximise their lead generation, leading to more business.
 
Claire Drage:  Brokers can maximise lead generation for better business by tracking what’s working and what’s not.  Where are their leads coming from, what is the quality of that lead, do I spend extra time on a realtor that is only sending me challenged files that has taken me way too much time or do I focus on an area that’s getting me more business, that’s quality business.  Know where lead is coming from, what the quality is and focus in those areas and eliminate what’s not working for you.
  • The Big Story: Is it time for monolines to take their message to consumers? The Big Story: Is it time for monolines to take their message to consumers? (views 14408)

    A broker names a non-bank lender and the client asks “what if they go out of business?” While brokers say a direct appeal by mono-lines to consumers would only strengthen industry credibility and counter negative perceptions about its lenders, the monolines say the idea has merit, but only if everyone in the channel gets on board with the plan.

  • The Big Story: Is graduated licensing the answer? The Big Story: Is graduated licensing the answer? (views 14211)

    Is there such a thing as too much education? When it comes to the training of new agents and brokers some think that the 2 year apprenticeship before being licensed effectively raise the bar on qualifying standards. Not everyone is in agreement though. Isn’t the system in place good enough? Why are brokers asking for this change and isn’t there already accountability?

  • The Big Story: Vancouver brokers have their say The Big Story: Vancouver brokers have their say (views 14037)

    CMP recently held a one-day workshop for brokers at the Vancouver Convention Centre as part of the Canadian Real Estate Investor Forum. Nearly 100 brokers attended four sessions, covering topics such as helping clients with their debt, private lending, the alt-a/sub-prime market and social media.

  • The Big Story: Should clients' legal and appraisal fees be covered? The Big Story: Should clients' legal and appraisal fees be covered? (views 14012)

    What have you done for me lately? Increasingly, that’s the attitude of refi clients who expect lenders and by extension brokers to cover legal and appraisal fees. Are these expectations out of line? More and more bank branches don’t think so. Most brokers, however, think that incentives should be offered sparingly, on n a case-by-case basis.

  • The Big Story: The role of lender BDMs The Big Story: The role of lender BDMs (views 12995)

    Some lenders want to switch up the roles of those Business Development Managers and take them away from the role as go-between and dispute mediator and focus them on attracting new brokers. Brokers, though have their reservations. They say BDMs may be better left in that traditional relationship-building role.

  • The Big Story: Fewer brokers a good thing? The Big Story: Fewer brokers a good thing? (views 13509)

    Is having fewer mortgage brokers a good thing or a bad thing? With mandatory re-licensing education requirements now in effect in Ontario, fewer brokers is a distinct possibility. Some in the industry are predicting a loss of up to 15 per cent. Most of that will come from newer and part-time brokers. On today’s Big Story, we spoke to Linh Ly of Unity Financial Mortgage Services, Danny Kellman of VERICO The Mortgage Leader, and Sharon Ferguson and Sandra Cockburn of The Mortgage Centre-Durham. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • Roy Deeks: Broker retirement plan Roy Deeks: Broker retirement plan (views 14699)

    With economic uncertainty and increased competition from the banks squeezing mortgage brokers, what options are available, especially for brokers looking to get out of the business sooner rather than later? For Roy Deeks, principal broker of Unity Financial Mortgage Services-The Mortgage Centre, the answer is syndicated mortgage investments.

  • The Big Story: Renewal fees The Big Story: Renewal fees (views 15713)

    Recent discussion around the issue of renewal fees has seen a proposal for an across-the-board 15 bps, an idea that is gaining traction on both sides. Lenders would dole it out whether the brokers take commissions straight up or opt for trailer fees. Either way, this mandatory renewal fee is proposed as a good way of eliminating a lot of the moving around that occurs at renewal. On today’s Big Story, we spoke to Ariel Santos of Unity Financial Mortgage Services, Drew Donaldson of Verico Safebridge Mortgage Solutions and John Bargis of Mortgage Edge. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • The Big Story: Lender incentives for Realtors The Big Story: Lender incentives for Realtors (views 17281)

    The latest weapon in the war between the Big Banks and mortgage brokers is Realtor incentives and the newest trick was one bank’s offer to Realtors of 50 bps for every referral that ended in a closed deal.