But getting leads is only the start. Whether you generate leads yourself or buy mortgage leads online you need to act quickly and decisively to have the best possible chance of converting leads into actual money-in-the-bank business. With high quality leads and hard work on your part you should be able convert around 10% of your mortgage leads into loan sales.

Act Quickly, Even if You Can’t Make Contact Personally

Fast action on all your leads is crucial. Potential mortgage borrowers will not wait around for you to contact them and there are other brokers out there anxious to have their business. If you find you simply do not have enough time to contact your leads promptly consider hiring an agent to make calls for you.

This agent does not have to be a trained professional.

While having a trained agent make the initial contact with your leads is certainly desirable it is better to make contact with the lead quickly, even if this means using the services of untrained family members or students. Have your agent simply make a friendly call and set up a time for you to get back to them. This will establish your interest in providing mortgage funds, get your name into the leads memory banks and help you to prioritize your telephone schedule. If you wait two or three days to make any contact on a hot lead, chances are another mortgage broker will have closed the sale.

Be Sure to Follow Up

Once you have established a time to call back to your lead, make sure you are prompt. Mortgage lending is about personal service and a potential borrower will not appreciate being kept waiting for your call. If you do not make the sale on your first personal contact with the lead be sure to call again. The borrower may not find the terms he or she is looking for right away.

And Then Follow Up Again

If you do not close the sale with a potential client don’t strike them off your list. Anyone who is interested in Real Estate is a potential client. Follow up a month after initial contact and then again after six months. Conditions may have changed for this potential borrower putting him or her back into the Real Estate market. Or they may have friends or family that are looking for a mortgage.

To convert mortgage leads effectively you need to make contact quickly and often. The few minutes it takes to make a call could make your mortgage lending business a lucrative one.

But with a little ingenuity cold calling can be made into warm calling and be much more productive and much less difficult to do.

Use Low Tech Media to Generate Mortgage Leads

Cold calling usually means calling random numbers out of the phone book or walking door to door to offer your services. But why not reach more potential borrowers faster with hand-delivered fliers?

For a very small sum you can have a thousand or more simple but carefully worded flyers printed. Then you just walk door to door and deliver them, or better yet, hire a student or a flyer delivery service to do the job for you while you while you handle the telephone.

A Concentration of Potential Mortgage Buyers

Many people who are living in rented apartment accommodation are dissatisfied with their housing situation. They feel under the thumb of the landlord, they are subject to rent increases and they know that the money the pay for rent each month would be better spent on a mortgage.

But many renters feel they do not have the resources to obtain a mortgage. Pluck up your courage and go door to door in apartment buildings. Explain to the tenants that you may well be able to provide them with a mortgage for about the same amount of money that they are currently paying in rent. If no answers the door leave a card that encourages the apartment dweller to call you about creative mortgage financing.

Newlyweds and Their Friends are Potential Mortgage Buyers

Newlyweds often get help from family to purchase their first home together. This makes them good mortgage leads. But typically the friends of newlyweds are all in the same situation and also looking to buy their first home. Watch the newspapers for wedding announcements and then simply go around to the event and slip your business card under windshield wipers. Who knows how much business you might generate this way.