Mortgage Leads Key Terms
Expand your knowledge of mortgage leads with a solid understanding of key termsMortgage leads are used by mortgage brokers and similar professional business persons in order to locate individuals who might need a mortgage for a home or business. Once found, these professionals attempt to match the individual or entity with the best mortgage available. Thanks to the Internet, many of these leads may be found online. However, the industry is full of subtle intricacies and nuances which, once learned, can help improve the odds of success.
Autoresponder"Autoresponder" is the term referring to the one or more email messages which are automatically sent out to recipients as a result of a pre-determined or defined action of schedule. Mortgage lead specialists often use autoresponders to immediately contact prospects that request mortgage quotes, while more personalized messages may be sent at a later date. Some in the mortgage field find autoresponders particularly useful when it comes to making initial contact with potential mortgage leads and prospects.
Conversion rateA conversion rate is used to measure the number of mortgage leads and prospects who take part in the desired course of action, such as getting a mortgage. There are different types of leads available, such as Internet leads and incentivized leads, each which offer their own conversion rate. In most cases, the conversion rate is expressed as a particular percentage. This calculation is an important tool when it comes to measuring the success of marketing and sales campaigns in relation to mortgage leads.
Shared leadsShared leads are those which have been sold off to more than one broker. As a result, they are sold at lower prices when compared to exclusive leads, which are sold to only one broker. As a result of the multiple brokers working on the leads, there is a greater degree of competition when it comes to the conversion rate of these leads.
Lead managementLead management is the process through which busywork is minimized and returns are maximized when it comes to lead generation and mortgage leads. For example, lead management may be utilized to organize lead information, keeping all important information, such as names, addresses and progress made, in a single and easily accessed location. Recent software tools have increased the productivity of lead management and made it easier to use and implement.
Mortgage lead filtersFilters are controls built into software which helps mortgage lead specialists determine which kinds of leads they are going to receive. They can be filtered by such aspects as geography, mortgage amount and credit rating of the prospective lead. Through filters, mortgage lead specialists increase the odds that they are not paying for leads that they are ultimately unable to use.
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