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Ten Ways To Generate Sub-prime And Purchase Leads

Ten Ways To Generate Sub-prime And Purchase Leads

No matter what the market environment, it is important to generate business from a variety of sources--both traditional and non-traditional

. We all know that the refinance boom could end at any time, but how many of us are adequately prepared? How many of us are positioned properly to maintain our current standard of living? Would you be forced to leave the industry, if rates rose rapidly? These are questions worth looking at.

If the refi-boom suddenly came to an end, your phone would no longer ring off the hook and you would be forced to go after purchase, sub-prime and debt-consolidation loans. In other words, you are going to have to hustle to generate business. But, where will these loans come from?

Over the years, I've compiled some of the best methods of generating these types of leads. Here are my top ten:

1. Approach real estate "seller's" agents. The holy grail of generating purchase leads. I've found the best sources to be the new agents who aren't already working with someone. You can get a list of new agents who have recently gotten their license by contacting the appropriate State agency and asking for a list (you can find the date of completion there).Ten Ways To Generate Sub-prime And Purchase Leads

2. Approach real estate "buyer's" agents. Harder to find, because most agents do both buying and selling. You want to find an agent who only represents buyers. The clients tend to be more loyal and open to using whom the buyer's agent suggests for financing. It is best to specialize and promote your niche products such as 100% financing, interest only loans, and no PMI loans. Buyer's agents usually know more about the client than seller's agents traditionally do.

3. Conduct "first-time homebuyer" seminars once a month or teach a class at your local community college on home finance.

4. Contact the local non-profit and debt-consolidation help agencies and offer to help counsel homeowners or provide advice to those looking to get out of debt and into a new home.

5. Run small classified ads in the rental sections of newspapers and especially the "penny saver" small papers you find free at many business entrances.

6. Put "why rent" flyers in the mail and laundry rooms of apartment complexes in your city. Also, put them in local Laundromats and at drycleaners.

7. Target community organizations, especially inner city and business enterprise groups. Often times, entrepreneurs are looking for additional capital to start or expand their business. Not many loan officers have contacted them.

8. Don't forget about the public and private schools. Many lenders have special first-time homebuyer programs just for teachers, with relaxed lending criteria. You can even get full 100% financing!

9. Contact moving and storage companies. People who have items in storage are predominantly renters.

10. Set up relationships with divorce attorneys. Splitting spouses will need to cash out the equity in the! Don't forget about the alimony payments too. ;-)

Don't overlook the importance of establishing these types of relationships early on. You want to be in a position to take advantage of the opportunity when rates rise rapidly. Now, go out there and get more loans!

by: Loan System
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Ten Ways To Generate Sub-prime And Purchase Leads