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Long Form vs Short Form Mortgage Leads: Why There's A Big Difference In Conversion & Contact Rates Between The Two Types
One of the most important aspects mortgage brokers rely upon when investing in leads for their business is ensuring they are maximizing conversions and have high connection rates to ensure their time and money is well spent.
This comprehensive analysis aims to shed light on why longform leads offer a higher value, particularly for Mortgage Brokers, Mortgage Loan Officers, Mortgage Originators, and Mortgage Lenders.
As we layout the key differences between the two lead generation types - shortform and longform mortgage leads - you'll quickly understand why we commonly see 70-80% connection rates with the lead generation process we employ for our clients.
Longform leads, in contrast to shortform leads, display a higher level of intent. The effort exerted in completing a detailed longform lead generation form indicates a more serious, engaged prospect. These leads are not just casually browsing but are actively seeking mortgage solutions, demonstrating their readiness to engage in meaningful conversations about their mortgage needs.
On the contrary, shortform leads require minimal effort to generate. With a simple click of a button, the lead's contact information is populated automatically. While this method may generate a larger volume of leads, it's important to remember that a higher quantity does not necessarily translate to better quality.
In particular, shortform leads generated through platforms like Facebook and Instagram often lack the critical financial and property details needed by Mortgage Brokers, Loan Officers, Originators, and Lenders to assess the viability of a lead. Without this key information, valuable time and resources may be wasted on leads that are not a suitable match.
Moreover, while shortform leads may be cheaper to generate, they often prove to be less responsive. This lack of engagement can lead to wasted time and resources for Mortgage Originators, as they attempt to connect with leads that lack a genuine interest or the necessary qualifications for a mortgage.
In contrast, longform leads provide a wealth of financial and property-related data. This comprehensive information allows for effective segmentation of leads into distinct categories. Depending on their qualifications, different leads can be targeted with tailored text and email campaigns. This automated segmentation not only saves time for the Mortgage Loan Officer but also increases the chances of successful conversion.
Furthermore, the detailed data provided by longform leads enables the implementation of qualification filters. These filters, set by the Mortgage Broker and executed by the lead generation service, prevent unqualified leads from booking calls with the broker. This feature is another significant time-saver, allowing brokers to concentrate their efforts on high-quality, viable leads.
In conclusion, while both longform and shortform lead generation methods have their pros and cons, the longform method provides distinct advantages for Mortgage Brokers, Loan Officers, Originators, and Lenders. The high-intent leads generated by this method offer superior quality, providing the necessary information for efficient lead segmentation and qualification.
The time saved by focusing only on viable, high-intent leads can be better utilized in closing deals and growing the business. Therefore, when it comes to lead generation in the mortgage industry, the longform method is the clear winner.
Embrace the longform method for your mortgage lead generation and reap the benefits of high-quality, high-intent leads. Enhance your efficiency, save time, and increase your success rate with this proven method. As a Mortgage Broker, Loan Officer, Originator, or Lender, make the smart choice: invest in longform leads for a more productive and profitable future.
How do you know when it's a short form lead or a long form lead?
Fortunately, this is pretty simple!
Generally a shortform lead will collect basic contact info and perhaps just a few other mostly unhelpful, irrelevant questions.
At least with our process, longform leads can actually include any questions you'd like since we customize this for each client.
Of course a longform lead acquires contact information, but typically will include:
● Credit scores ranges
● Income ranges
● If they're a first-time buyer
● If they're a first-time investor
● What kind of loan they need
● What kind of terms they need
● If the property is identified yet
● Down payment availability
● Bankruptcy status
● Location of the property
● And more
While not everyone generates longform commercial mortgage leads (or residential mortgage leads) the same way we do, our process also includes logic based questions and answers, or in other words, adaptive forms to exclude or include questions based on previous answers in the form.
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