Home Loan Leads

| November 5, 2011

When Looking For Home Loan Leads

Your business may depend on new prospects for mortgages. It is very important to find as many different avenues as possible. This is a good way to increase your chances for success. When looking for home loan leads, the word is diversify.

Real Estate agents and brokers

This is a very lucrative arrangement, if you can get it. However, it is also covered by strict laws. The Real Estate Settlement Procedures Act makes many transactions illegal. You cannot pay money to a realtors for referring people to you. This is considered a kickback. The reason is simple. It can eliminate competition for both the real estate and the mortgage professional. This law is also referred to as RESPA.

There are some exceptions, for example. You can provide promotional material to realtors. This includes things like pens, papers, and pencils. However, they must have your business name on them. If they contain the name of the real estate business, it is a payment. This is illegal.

When talking to real estate people, you must be very careful about the law. The best thing to do is to be honest. Tell them that you are looking for people do to business with. They may be able to tell you what is legal. In this way, you can legally provide compensation to them. After all, nobody is going to refer you for nothing. Many realtors have working relationships with mortgage people already. You may have better luck with inexperienced real estate people.

Local sources

People place ads in the newspaper. There is a good reason for this. They work. The more attractive the ad, the better chance it will be read. This type of venture is never guaranteed. However, it is a business expense. Do not forget things like local bulletin boards. People read these, too.

This involves work, but talking to people is a good way to find prospects. The more people that you talk to, the better your chances are. You cannot grow your business by sitting and wondering what to do. If you ever unsure what to do, get out and meet people. This will help to expand your list of contacts.

Study

The best way to achieve success is to study the successful. Find several successful mortgage people in your area. Carefully examine how they conduct business. Look at their ads and promotional material. Visit their office and see how it is set up. You may able to get some good ideas for finding new prospective clients.

Check out their website. Notice how it is set up. Why should this website point to a successful business? This can give you ideas for our own website. A website is a very good way to get the attention of the public. You can reach a large audience for minimal cash outlay.

Summary

If you need home loan leads, you cannot leave anything to chance. Talk to some real estate professionals. Ask their advice on what to do. Try to find real estate people that you can develop a working relationship with. Be very careful about federal anti kickback laws. You cannot pay a real estate person for referring you. Keep placing ads in newspaper and bulletin boards. Study professional mortgage people. Learn how they find new clients. When all else fails, get out and meet people. You will expand your list of contacts and increase your odds for success.

Category: Home Loan

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