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I have seen many post on websites, broker chat rooms, outpost,
and comment sections about mortgage leads being bad and down
right fraudulent. Well I have taken this question to the next
level, "Are mortgage leads still worth buying?"The answer is of
course. I ran an experiment in late July that tested major
mortgage lead websites and this is what I generally found.
Mortgage leads are a much more competitive marketing tool
compared to several years ago.
Online shoppers definitely do submit their application to more
than one site when shopping online - this is the biggest issue
noted through out our research.
Return policies are the biggest key to making this investment
profitable.
Time spent on calling mortgage leads can be enormous if you let
it.
The ROI on mortgage lead purchases is still high if you manage
your purchases, people, and profits correctly.
The biggest issue with calling mortgage leads is that we as
mortgage brokers and loan officers are spoiled or think that we
are calling deals - not leads!
Leads have to be worked, worked, and worked some more. We bought
10 mortgage leads each from 5 top sources and the results were
pretty good. We found that 3-4 were completely bad and the rest
had to be called over 4 times just to make initial contact. In
the end we had to work the leads for about 3 days and we
received 3 applications and one deal went to the table. We found
this in 3 of the companies we reviewed.
The outlook we have on the scenario is this - 10 leads for an
average of $150.00 and we got 3 potential deals -2 deals we
could not get because of the borrowers situation - which is not
the lead companies fault - and the other one we had to work for
over a week to get a deal struck and bring in 2245.00 in total
fees to our net branch.
What a massive ROI - don't you think?
Another scenario we had was a reorder with a company that we
did not strike a deal with, but this time we bought $500.00 in
leads and the return was the same. Did we complain, NO, we
profited over $1500.00 for a $650.00 investment - that is an
easy choice in my office. After calling these leads we called
and interviewed a few of the mortgage lead companies and asked
them how they view their product and view the brokers that buy
leads from them.
First we spoke with Dave Henry (http://www.leadorder.com) and
he spoke with us about the cost of generating quality mortgage
leads. Dave stated "Mortgage leads can cost between 8 dollars to
14 dollars just to generate, as long as you are using legal and
ethical methods to generate mortgage leads. We do not
participate in SPAM or incentive backed leads and that drives
cost up and drives quantity down."
"With cost going up it has forced 100% of all Lead Companies to
work with other marketing companies - do not be fooled all of
them do - this in turn can drive down quality because as a
company you can not screen every lead. To combat this we have
instituted a verification process that all our affiliate leads
go through before hitting our system."
Off the record Mr. Henry stated that he sees his company as a
leader in Lead delivery, a big issue with most lead buyers.
Their MLT, Mobile Lead Technology, a system powered by Yahoo
actually sends a text message or page to a mobile device once a
lead hits your email - We say that is a cool idea!
The second person we spoke with was Jayson Williams with
Leadbull.com (http://www.leadbull.com) a mortgage lead company
with one of the largest member databases on the web. Jayson
states "Our system is simple and since we do put so many leads
on our system from our own websites and other marketing
companies we want all of them to be backed with the best return
policy, so we credit back most request if they fall in our
parameters. We want to make the experience easy and profitable.
The main issue we find is brokers that call a lead 2-3 times do
not get an answer and try to report as bad - just because a
borrower does not answer the phone or call you back does not
make it a bad lead."
Jayson says "Our system is based on 3 principles - fair trade -
good service - and affordable products. We know that most LOs or
Brokers are new or have good employees below them and are
responsible for keeping their leads flowing. This is why we
offer such a vast array of products like aged leads that are
good for telemarketing or new loans officers getting their feet
wet. Our verified and exclusive leads come in at a slower rate
but are packed with much success. These leads are good for the
experienced employee that can close a hot deal and fast."
We asked Jayson about exclusive and verified leads and he
stated the main thing to remember is that "most lead companies
are trustworthy and do sell their lead once or the stated amount
of times, but the Internet has made it so easy for a borrower to
submit an application to 3 different sites in a matter of
seconds. This causes your exclusive $75.00 lead to be worked
more than you expected - but that is the name of the game. The
Internet makes them easy to get but more people are getting them
- don't be fooled the less that lead is sold the better but mix
it up, do not put our eggs in one basket, but different types of
leads and make sure the company has a good return policy."
We want to thank these companies for their insight and we will
add more about or research in the coming weeks. From our
findings Mortgage Leads are still a viable source for generating
revenue.
Thanks. Jeff McGuire - BrokerTrends.com - Coming soon!
About the author:
Independent research group looking into the power of certain
marketing channels in the mortgage industry. Stop wasting money
and start with research by BrokerTrends.com