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.