Guaranteed Rate offers internet leads on different levels and we get a discount. Its taken from our commissions so its pretax. Works very well for me, I mix it in with my referals, and my team loves them. Its not for every one. We have a guy out in your area that does 100 million a year and 30 million of that is from interent leads.
I only buy purchaseleads for my new guys. I find these leads give them an opportunity to get on the phone and gain live experience speaking with prospects. I don't expect them to land any loans from this exercise but rather to get more comfortable on the phone talking to prospective borrowers.
I do reverse Mortgage So I only deal with people 62+. I teamed up with a Medicare rep who bought a few lists & he gave them to me when he was done with them. I haven't tried it yet but I thought it would give me a good idea if buying a list would work for me.
HI, no we do not buy leads. We find they are sold to multiple people even though claim sole leads to us. Internet leads have never produced valid loan prospects.
I've read all these answers and find them quite interesting. I'm not a mortgage company, but an agency that sells leads. We provide mortgage leads, home buyer leads, leads for attorneys, and a few other areas.
Our leads are exclusive - we only have one client of a given type (e.g. mortgage company) and all the leads go to that firm. And the leads are delivered in real-time to our clients. We don't charge by the lead - we charge a monthly retainer plus ad spend.
Yes, I've had clients tell me the leads are junk. It's hard for me to believe though, that out of 300 leads I sent one client, they weren't able to close a single loan. After some research on my part, reaching out to the leads and discovering that quite a lot of them were never contacted at all! Others, the broker would only try to contact one time and never again.
After dealing with this with multiple clients, & knowing that my leads weren't junk, I found a solution. I now implement an automation sequence that reaches out to leads for up to 7 days. This system takes the followup out of their hands, and actually makes sure followup is completed, and in a timely manner. When someone responds to the sequence, the broker is notified and they now have a very warm lead. Too bad I didn't have this setup for my very first clients.
So for those of you that say all leads are junk, I challenge you. They aren't. You have a responsibility to put some work/effort into turning that lead into a client. Are all lead providers reliable and worth it? I'm sure they aren't. But we all aren't bad either.
Purchasing leads is a waste of time and money. You are better off investing in an outbound system, e.g., a blog, an outsourced CRM that tracks your clients birthdays, anniversaries etc. Every industry has an expert in this arena and for mortgage clients, Outbound Engine seems to do a decent job. I have also recently found that blogging in Q&A sites works the best even though it does take a bit of time. As a matter of fact, this site has become my favorite; the quality of the questions is excellent and often makes you pause and think before you answer, triggering more questions and ideas.
Business from Santa Rosa, CA
Answered on Jun 8th, 2018
Our BNI group has an opening for a Mortgage Lender/Broker. We meet Friday mornings at 7:00 a.m. at Sam's For Play Cafe on Cleveland Ave in Santa Rosa. BNI is a GREAT way to get qualified referrals - not just 'leads.' Much less work to get a deal done. We are having an open house on June 22nd. Please contact me if you would like to attend.
My company paid for us to get leads from Inzopia. Found myself doing nothing but running bad credit reports. Zillow solicited me recently to buy. For a fee of $1,000 they will give you 20 leads per month, with the hope that 25% of them will work. So, that means you would be paying $1,000 basically for five deals. The time wasted on the 15 that don't work just didn't make it pencil out for me. Not to mention the cost of the credit reports.
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Answers (1-10)
I do not purchase internet leads as I don't see the value. I did one time and did not get one of them to pan out.
Guaranteed Rate offers internet leads on different levels and we get a discount. Its taken from our commissions so its pretax. Works very well for me, I mix it in with my referals, and my team loves them. Its not for every one. We have a guy out in your area that does 100 million a year and 30 million of that is from interent leads.
I only buy purchaseleads for my new guys. I find these leads give them an opportunity to get on the phone and gain live experience speaking with prospects. I don't expect them to land any loans from this exercise but rather to get more comfortable on the phone talking to prospective borrowers.
I do reverse Mortgage So I only deal with people 62+. I teamed up with a Medicare rep who bought a few lists & he gave them to me when he was done with them. I haven't tried it yet but I thought it would give me a good idea if buying a list would work for me.
Absolutely not! I think they are a waste of money
HI, no we do not buy leads. We find they are sold to multiple people even though claim sole leads to us. Internet leads have never produced valid loan prospects.
I've read all these answers and find them quite interesting. I'm not a mortgage company, but an agency that sells leads. We provide mortgage leads, home buyer leads, leads for attorneys, and a few other areas.
Our leads are exclusive - we only have one client of a given type (e.g. mortgage company) and all the leads go to that firm. And the leads are delivered in real-time to our clients. We don't charge by the lead - we charge a monthly retainer plus ad spend.
Yes, I've had clients tell me the leads are junk. It's hard for me to believe though, that out of 300 leads I sent one client, they weren't able to close a single loan. After some research on my part, reaching out to the leads and discovering that quite a lot of them were never contacted at all! Others, the broker would only try to contact one time and never again.
After dealing with this with multiple clients, & knowing that my leads weren't junk, I found a solution. I now implement an automation sequence that reaches out to leads for up to 7 days. This system takes the followup out of their hands, and actually makes sure followup is completed, and in a timely manner. When someone responds to the sequence, the broker is notified and they now have a very warm lead. Too bad I didn't have this setup for my very first clients.
So for those of you that say all leads are junk, I challenge you. They aren't. You have a responsibility to put some work/effort into turning that lead into a client. Are all lead providers reliable and worth it? I'm sure they aren't. But we all aren't bad either.
Purchasing leads is a waste of time and money. You are better off investing in an outbound system, e.g., a blog, an outsourced CRM that tracks your clients birthdays, anniversaries etc. Every industry has an expert in this arena and for mortgage clients, Outbound Engine seems to do a decent job. I have also recently found that blogging in Q&A sites works the best even though it does take a bit of time. As a matter of fact, this site has become my favorite; the quality of the questions is excellent and often makes you pause and think before you answer, triggering more questions and ideas.
Our BNI group has an opening for a Mortgage Lender/Broker. We meet Friday mornings at 7:00 a.m. at Sam's For Play Cafe on Cleveland Ave in Santa Rosa. BNI is a GREAT way to get qualified referrals - not just 'leads.' Much less work to get a deal done. We are having an open house on June 22nd. Please contact me if you would like to attend.
My company paid for us to get leads from Inzopia. Found myself doing nothing but running bad credit reports. Zillow solicited me recently to buy. For a fee of $1,000 they will give you 20 leads per month, with the hope that 25% of them will work. So, that means you would be paying $1,000 basically for five deals. The time wasted on the 15 that don't work just didn't make it pencil out for me. Not to mention the cost of the credit reports.