You just started working with a new customer and already they are getting calls and direct marketing pieces from your competitors trying to undersell you. While the enemy may seem to be your competitor, the real culprit is the trigger lead. When you pull someone’s credit, the credit bureau may sell your borrower’s information to other brokers or originators. Your borrower becomes a hot lead because they are in the market for a new mortgage.
Buying trigger leads is a personal decision. They are great leads for buyers because they help you target borrowers that are showing real interest in refinancing. These valuable leads are worth the price. However, for the targeted borrower, they can mean cold calls. And let’s face it; no one likes cold calls peddling mortgages. Users conduct some unethical behavior as well. Some buyers claim to be another broker working together with the borrower’s real broker, or they claim to be from the underwriting department and need more information. Everyone doesn’t perform this type of behavior, but it makes borrowers very weary of the practice of using trigger leads.
With all this said, there are brokers that report much success by using trigger leads. They are a hot topic in the mortgage industry, so there has to be some value there. Again, buying them is a personal decision; a decision that must be made for the benefit of your business and clients. But now, we are going to touch on the marketing value in avoiding trigger leads.
Trigger leads could cost you valuable customers. Once inundated with several cold calls and marketing materials, your borrower may blame you for his or her personal information being released. Or, a trigger lead buyer may be successful in coaxing your borrower away from you. So, how do you keep from losing your customers? You can execute the following tactics to prevent loss and earn some marketing points at the same time.
Be up front with your customer. As soon as you begin working with them, explain what happens when you pull their credit and how they could become a trigger lead. Be sure to emphasize that this can happen no matter the broker or originator they may choose to work with. It’s important they understand that it is not you personally selling their information to other brokers. Being honest from the beginning will earn you points and set you above the rest.
Warn them of cold callers using trigger leads. Let them know that you will be calling them for more information if needed, not someone claiming to be affiliated with you or your business. Tell your customer that if someone does call requesting information, they should call you to verify the caller. Explain that brokers buying these trigger leads will go after them full-speed because they are a ‘hot lead.’ Don’t be afraid to tell them that you are working hard for their business and don’t want to see them work with someone else based on a call or mail piece.
Offer to opt them out or tell them how to do it themselves. The website www.optoutprescreen.com allows consumers to opt out of receiving offers for five years online or forever by mail. (This site also allows them to opt in). It can take up to five days for their request to process and up to 60 days for all offers to cease. Make sure your customer understands this wait time.
Trigger leads must be considered individually for your business. If you are on the side of frustration from running from these leads, remember they represent a marketing and customer service opportunity too. Use them to your advantage to earn honesty points and proving to your customers that you have their best interest in mind.
Titan List is a full service Advertising and Design agency specializing in Direct Mail, Mortgage Marketing, Search Engine Optimization and Website / Graphic Design. Established in 1998, Titan and their staff of highly qualified individuals with experience current marketing trends that fit all kinds of companies. Unlike other agencies that source their work out, Titan List & Mailing handles the entire campaign in-house. Looking for a special list of data for your business? We can customize any data list for your company.
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