What Is a Lead Magnet (And Why Should Mortgage Brokers Use One)?

If you’re a mortgage broker looking to generate more high-quality leads without relying on cold calls or expensive purchased lists, you should understand and test lead magnets.

In this article we will break down what a lead magnet and then show you an example of one we made for our Goalee product so you can see how it works after you understand the process.

What Is a Lead Magnet (And Why Should Mortgage Brokers Use One)?

A lead magnet is a free “valuable” resource or tool you offer in exchange for a prospect’s contact information — typically their email, phone number, or both.

Marketing has been compared to dating by many marketers for generations because it is a great framework to think about someone going from stranger to spouse; or in your case how someone goes from stranger to client. 

When you are trying to show a stranger that you are the right fit for them for their home loan you have to meet that person where they are at.

For example: If you walked up to a stranger on the street and proposed to them they may get scared and start yelling for help. You have to start a relationship with someone with a WAY less aggressive approach. Maybe an invite to meet for coffee or go on a walk. Something with no strings attached. 

It’s the same process in client acquisition. And that’s where the lead magnet comes in. 

Why lead magnets work:

1. They provide value upfront (without pressure): The keyword here is “value”. When you are creating a lead magnet you have to create something that will help your prospect. 
2. They build trust and authority: This is true if they are done correctly. Just like in dating; when offering someone a lead magnet, you can ruin your chance if you give them garbage or trick them.  But when done right you start to build good will because you helped them with their goals.. 
3. They give you a chance to continue the conversation: By collecting their name and email at a minimum they are giving you permission to help them more or share more insights over time. They are giving you permission for a second date essentially. 

Example: If you are trying to attract investors looking to expand their rental portfolio:

Instead of saying “Get a free quote,” you say, “Let me send you my investment property calculator that will help you see if the properties you are looking at will cash flow” Where should I email it?

See the difference?!

If you were the investor; which one would add more value to you?!?

IMPORTANT NOTE: While the first step is offering something valuable as a lead magnet. A critical next step is actually delivering it. For example: If you say: “See today’s rate instantly” and then they opt in for access and they get nothing you have earned and lost their trust in the same step. 

The example above with the investors doesn’t work either if you don’t have the tool to give them. You don’t want to start a relationship out with a lie in business just like in real life.

Why Lead Magnets Matter for Mortgage Brokers

People are doing more research upfront than ever. They want answers not sales pressure.
A good lead magnet solves a problem and makes you the helpful expert.

When done right, they:

• Build your email list which gives you a chance to follow up (they will likely forget who you are if they interact with you online and leave unless you follow up)
  
• Get prospects to raise their hand and ask for information
  
• Give you a real reason to follow up (without being pushy)

What Makes a Great Mortgage Lead Magnet?

It doesn’t need to be long, complicated, or overproduced.

The best lead magnets are:

• Simple- Quick to consume (PDF, checklist, short video, calculator)
• Specific-  Speaks to a certain type of borrower (first-time buyers, refi shoppers, VA borrowers, investors)
• Useful-  Answers a question they’re already trying to figure out
• Actionable-  Gives them something to do (not just something to read)

How do I use Lead Magnets in my mortgage business?

Here are some ways you can deploy a lead magnet.

You can add them to:

• Blog posts
• Facebook/Instagram ads (with a targeted landing page)
• Email signature or follow-up sequences
• Social bios, posts, or links in Stories

Typically you will drive the person interested in getting your “thing” aka “lead magnet” to a landing page where they can input their name and email in exchange for access to the “thing.”

Want to see an example of a lead magnet we created for Vonk Digital?

We rolled out our new mortgage calculator software called Goalee recently. And as part of that roll out we could have just said. 

“Hey go buy our new mortgage calcs.”

If you remember from earlier in the article this would have been the same as proposing to a stranger. 

Instead: We spent some time writing a white paper that:

• Looks at how successful companies in the industry are using mortgage calculators in their marketing
• Explains how the sales process has changed
• And then outlined how a mortgage pro could do this for themselves step by step
• Then inside the whitepaper we offer a free trial of Goalee
• And with the trial comes a canva board with editable posts that can be used on social or in ads to promote the calcs

We then created a simple landing page that someone can go to and download the whitepaper. 

And then we created content and posts promoting the whitepaper.

Once someone opts in for the whitepaper we automatically send them an email with the PDF.

If they find it valuable they may take action and try Goalee for themselves. But they may also do nothing simply because they aren’t ready. But now we have the opportunity to continue to add value over time rather than letting them forget about us. 

And whether it’s next week, next month, next year, or next decade when they are ready to add mortgage calculators to their strategy they will hopefully consider Goalee.

That’s the power of a lead magnet in the mortgage industry. 

And you can do this too with helpflu tools or information you have.

This could be a video where you share important information, or excel, or access to some private content, or a PDF, or HomeBot, your calculators, downloading your free app like Finlocker. The list goes on…

Want to see an example of a lead magnet? You can go here to see the landing page and download it!

https://www.vonkdigital.com/mortgage-calc-guide/ 

 

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