Cheap mortgage leads? Seriously? You expect a company to offer mortgage leads for pennies that could potentially make you thousands of dollars? When it comes to mortgage leads, you do get what you pay for. There are plenty of companies using “free mortgage leads” or “cheap mortgage leads” in their advertising but there may be a catch—often a deposit and a contract.

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What you’ll usually find in your quest for cheap mortgage leads is an offer to sell a certain number of leads and throw in a few for free or at a greatly reduced price. If a company is confident of its product, why wouldn’t they give you 5 or 10 cheap leads to prove their quality? Because mortgage leads are an unusual product. The more they’re distributed, the less value they have. It’s not like handing out free samples of toothpaste where you can provide the same product over and over. Each time a mortgage lead is given to a loan originator, the value of that lead is diminished.

Reputable mortgage leads companies want to provide high quality, fresh leads to develop repeat business, but they know the success of their product also depends on the sales ability of the recipients. Think about some of your peers. Do you know two or three who could take solid-gold leads and totally blow them? Then you know the situation of the mortgage leads company. Imagine you were selling cars and a number of people test drive a hot, high performance, stick-shift auto. They all claim to know how to handle such a car, but each returns the car complaining about its lousy performance and hard-to-shift transmission. Who’s really to blame? Maybe the car does have a problem…or maybe it’s the drivers. Could be the mortgage lead or it could be the loan originator.

If you’re going to spend your hard-earned money buying mortgage leads, make sure your sales skills are exceptional. A knowledgeable, well-prepared and empathetic loan originator may convert an iffy lead into an application, a loan and a commission check by knowing what to say. However, if you know in your heart you’re really not comfortable making sales calls, then cold calling leads may not be your best avenue to success. If you can’t speak comfortably with a prospect on the phone and close the deal, then cheap mortgage leads, even free mortgage leads, aren’t much of a bargain. You might try a program like Sales Call Reluctance to brush up on your mortgage sales skills. Or consider another method such as Direct Marketing. And don’t forget to ask for referrals from the customers your already have.

Whether mortgage leads are free or cheap, the same rules apply to checking out the company before you accept any mortgage leads. With lousy, recycled leads, not only are you wasting your time but you’re setting yourself up for repeated rejection with no hope of a positive outcome. That’s depressing! Start your quest for a good mortgage leads company with our article, Buying Mortgage Leads: 10 Steps to Finding the Best Mortgage Leads Companies and visit our Mortgage Leads Directory.

© Sharon Hassler. All rights reserved. Sharon Hassler is president of Go Get Experts, LLC, owner and operator of GoGetLoan.com, GoGetEscrow.com, GoGetNotary.com and GoGetRealEstate.com. She has written articles for Broker Agent Magazine-Phoenix, RealtyTimes.com and LoanOfficerMagazine.com, and is author of the ebook, “So You Think You Want A Website: Internet Marketing 101 for Real Estate Agents.” A former loan officer and real estate agent in Southern California, she served as Communications Manager for First American Title-Arizona for 11 years. For more about Sharon, visit GoGetLoan.com/get/Sharon.

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