If you do a search on Google for the term ‘generate real estate leads’ or ‘generating real estate leads’, you will find plenty of ways to find real estate leads. I’m not going to give you more suggestions on how to do that. But what I am going to discuss here is what to do with the leads that you generate that don’t qualify for a mortgage. If you’re a new real estate agent you’ll learn quickly that when generating real estate leads, a significant percentage do not qualify to buy a home.
You may be fine with the percentage of those that do qualify. But the problem is that you’ve used precious hours of your time to get the lead to the point of knowing whether they qualify or not. Instead of making the call to your real estate lead to tell them that they don’t qualify, why not also offer help? By doing so, you can also help yourself by building a pipeline of buyers for the near future.
Typically, when real estate leads don’t qualify it is because of their credit score. Or some related issues on the credit reports. You may expect your mortgage partner to help rectify those problems. However, in most cases, they don’t have the time or the expertise to truly help your disappointed real estate lead. So, what can you do to offer some assistance? By doing so you can continue the relationship and potentially sell them a home in the future. At the very least by offering assistance, they may refer other people to you.
Refer Your Unqualified Leads to a Credit Repair Company
If you're generating real estate leads that don't qualify, you can develop a relationship with a good credit repair company that is going to get your lead some solid results. You may resist doing so because the credit repair industry has a poor reputation for a couple of reasons. The first is that in its not-so-distant past, some credit repair companies took advantage of consumers by taking their money and providing no service. That issue is largely part of the past as the federal and state governments are now enforcing the laws preventing this.
However, there is still a problem with credit repair companies. Their ability to help your lead or client is limited because of how credit repair works. The process of credit repair is limited to removing derogatory accounts from credit reports to positively affect credit scores. The fact is that many types of derogatory items simply will not be removed because the creditor isn’t ready to allow them to be removed from the credit report.
So, if you want to refer your credit-challenged real estate leads to a credit repair company, you must find one that does more than try to remove derogatory accounts from a credit report. They must also offer other ways to improve credit scores. The good news is that there are a lot of ways to improve a credit score outside of removing derogatory accounts from credit reports.
Our company does offer the service of removing derogatory accounts from credit reports. However, we also have several other ways to improve a consumer's credit scores. We rely on referrals from real estate, mortgage, and professionals in other industries for our business. Therefore we must perform as quickly as the law will allow.
Let’s say that you find a company like ours that does has many ways to improve a credit score. Now you must wait for the results to happen. It could take 45 days to 6 months. And you still haven’t earned a dime from generating this real estate lead. Even when your prospective client gets the results, they may not come back to see you unless you do a good job of following up with them and maintaining that relationship. We provide you with a portal so you can monitor what’s going on with your lead's progress, but it doesn’t guarantee they’ll call you when they become a truly viable real estate lead.
Here's Another Option
You could become an Agent with our company. You sell the services directly to your lead solidifying the relationship and you get the commission for making the sale. On average you would earn $175 per sale. This can help you offset the cost of your marketing. But just as important, you could stay in closer contact with your lead.
Being an Agent with our company to help your leads become qualified buyers does not violate RESPA or any other laws. But please consult your state Board of Realtors or a real estate attorney. We have hundreds of real estate agents and mortgage professionals that are Agents with our company all over the U.S.
If you would like to learn how to start a credit repair business, watch a 30-minute detailed business overview video by clicking the link above. If you like what you see you'll have the ability to schedule a phone appointment with us to get all your questions answered and make an informed decision.