Cross Selling, The Secret to Closing Aged Leads

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Buying aged leads is one of the most economical marketing methods. You are getting consumer inquiries (hand raisers) at a fraction of the original price. Obviously, there is a reason for that discount. However, many folks make aged mortgage or debt leads a primary element of their marketing strategy.

How do they do that? Simply by thinking through all the various opportunities within each lead.

The Obvious

Most people buy and work aged leads with the obvious approach. Naturally mortgage and debt leads are categorized by how they were originally generated or targeted (i.e., refinance, purchase, debt settlement, loan modification). That typically leads people to simply call and offer products and services in that same category. Chances are the borrower’s situation has significantly changed since the original lead was generated.

That is where savvy lead buyers get creative.

The Cross-Sell

As you are developing your sales process for aged leads think about the type of people you are calling and what may be going on in their financial lives. This critical thinking is likely to give you alternative approaches to convert the lead and help the customer.

Refinance Mortgage Lead – Many people that are coming to websites and responding to emails for mortgage refinancing are homeowners struggling to make their mortgage payments. This could be due to a job loss, resetting mortgage rate, or mounting debt.

This means that you can easily talk to these clients about loan modifications or debt settlement solutions. In addition, you should make sure they didn’t already refinance into a mortgage that puts them in an even worse position, which is becoming increasingly common.

Loan Modification Lead – In this case the obvious approach may just work. Loan modification programs have gone through so many iterations and fluctuations most attempting to get one are unsuccessful in their first attempts.

However, loan modification customers are typically also in need of debt consolidation or settlement services and could simply need to refinance a mortgage.

Debt Lead – Borrowers looking for debt relief are often unsure of what they need. They know that they can’t pay their bills, but are unsure how to fix it. The remedy could be as easy as a loan modification, refinancing a depreciating home, or consolidating high interest rate cards.

Don’t simply look at or buy aged leads by the “original” label. Think beyond what the marketer labeled them and think about what the consumer is probably really looking for—loan modification, refinance, debt relief. Write your telemarketing script to offer a full range of solutions. You just might find yourself closing more loan modification deals with mortgage refinance or debt settlement leads.

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