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How to Get Free Mortgage Leads

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by Rachel Southcott, Marketing & Lead Gen Consultant

by Rachel Southcott, Marketing & Lead Gen Consultant

Free mortgage leads?

Surely there’s no such thing, right?

Well, in fact, there are a few things you can do to generate free mortgage leads, although they require ongoing effort and consistency. There are no quick wins or ways to cut corners.

Let’s get the most obvious method out of the way first - referrals.

Referrals (don’t skip this section…)

It’s no secret that mortgage brokers heavily rely on referrals to grow their business, especially when first building a client base.

The reason I say not to skip this section is because you might believe that referrals just happen on their own and there’s nothing for you to do, but you would be mistaken.

What are you doing to incentivise and encourage your clients to recommend you? Do you have a clearly defined process that you implement consistently?

If not, you’re missing a trick and could be missing out on free mortgage leads.

Now is the perfect time to review your processes and client comms to identify gaps and opportunities that will increase the likelihood of referrals.

For example, do you:

  • Send a card, small gift or branded merchandise when a client completes their purchase?
  • Send an e-card or a physical card in the post on clients’ birthdays?
  • Actively ask clients to refer you to their friends and family?
  • Provide a stellar service and truly build relationships with clients? What are you doing to go above and beyond?

Hopefully these suggestions provide some food for thought and inspire you to take action - even if you’re already doing everything on this list - because there’s always room for improvement.

Google Map Listing

Mortgage brokers tend to work with clients in their local area. One way to increase visibility locally and generate free mortgage leads is via Google Maps.

If you haven’t done so already, you can create a free Google Business Profile where you’ll add details about your business, primarily your business location. That could be your office or your home address, for those of you who work from home.

Once your profile is set up, you’ll be discoverable by people looking for a mortgage broker in your area.

However, to increase your chances of being found via Google Maps you must keep your profile active by regularly collecting reviews. The more good quality reviews you have, the better your chances of being shown at the top of Google Map results above other brokers in your area.

The key is to gain a steady volume of reviews frequently over time. It’s no use gaining 30 reviews within a few months and then nothing for over a year. Consistency is key to generating free mortgage leads via Google Maps.

Pro tip: When asking clients to leave you a review via Google, provide them with some prompts to help influence how they write the review and what keywords they include. For example, if you’re based in Essex then ask clients to mention ‘Essex’ in their review. Or, if you specialise in buy-to-let mortgages then make sure clients use the phrase ‘buy-to-let’ in their review. By including the right keywords that align with your objectives, you can increase your chances of being discovered by your ideal type of clients.

This may require time, effort and consistency, but the leads are free!

Email Marketing

You thought email marketing was dead, right?

That’s certainly not the case.

Email marketing is a viable way to generate free mortgage leads. Although, you may need to invest in an email marketing platform like MailChimp or Dotdigital, for example. So whilst the leads are free, they’re not completely free.

First things first - don’t buy an email list. Thanks to GDPR the days of buying email lists and sending cold email blasts are over. Some email marketing platforms are smart enough to know when an email list has been bought and they’ll prevent you from uploading the list to their platform, so don’t waste your time or money!

Email marketing for mortgage brokers can serve two key purposes:

  1. To communicate with existing clients and stay front of mind, so when their mortgage is up for renewal, they’ll contact you.
  1. To communicate with prospects who made an enquiry but never used your services. Perhaps the timing wasn’t right or they used another broker. Whatever the reason, you have their email address. It would be a missed opportunity if you didn’t add them to your database to stay front of mind so when they need a mortgage, you’re the first person they think of.

Like all suggestions in this article, email marketing requires time, effort and consistency to deliver results. You need to proactively build your email database, segment contacts into relevant categories and keep the lists updated. That’s before you even begin to think about the content and frequency of your emails.

Social Media

Last but not least, social media. Over the last few years the number of mortgage brokers using social media to increase their visibility has skyrocketed. As the level of competition increases, so does the need to create better-quality content and think outside the box.

However, brokers tend to overestimate how many free mortgage leads they’ll generate through social media. You’ll be among the top few if you consistently gain one enquiry per week. So don’t put all your eggs in one basket and expect social media to deliver a steady pipeline of new business.

It’s worth mentioning that social media will only be a free way to generate mortgage leads if you create the content yourself, which will require a significant time investment. Whereas, if you choose to outsource social media management you’ll need to pay and so the leads won’t be free.

When deciding whether to do it yourself or to outsource, consider:

  • How much time you can dedicate to managing your own social media
  • The value of your time and whether it is better spent on other tasks
  • Your knowledge and experience of social media marketing

There you have it! 4 ways to generate free mortgage leads.

If you’re interested in exploring other ways to generate mortgage leads that aren’t free, take a look at this article

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Hi, I'm Rachel.

I’ve spent the last 10 years building a career in marketing and lead generation for financial and professional services. I’d love to chat with you to learn about your business, discover how I can elevate your marketing strategy and drive more leads.

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