==== ====Need More Traffic? Need More Sales? Go Here ==>http://dennisrobinsons.blogspot.com/p/get-more-traffic.html==== ====I have seen many post on websites, broker chat rooms, outpost, and comment sections aboutmortgage leads being bad and down right fraudulent. Well I have taken this question to the nextlevel, "Are mortgage leads still worth buying?"The answer is of course. I ran an experiment in lateJuly 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, andprofits correctly.The biggest issue with calling mortgage leads is that we as mortgage brokers and loan officers arespoiled or think that we are calling deals - not leads!Leads have to be worked, worked, and worked some more. We bought 10 mortgage leads eachfrom 5 top sources and the results were pretty good. We found that 3-4 were completely bad andthe rest had to be called over 4 times just to make initial contact. In the end we had to work theleads for about 3 days and we received 3 applications and one deal went to the table. We foundthis 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 3potential deals -2 deals we could not get because of the borrowers situation - which is not the leadcompanies fault - and the other one we had to work for over a week to get a deal struck and bringin 2245.00 in total fees to our net branch.What a massive ROI - dont you think?Another scenario we had was a reorder with a company that we did not strike a deal with, but thistime we bought $500.00 in leads and the return was the same. Did we complain, NO, we profitedover $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 andasked 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 costof generating quality mortgage leads. Dave stated "Mortgage leads can cost between 8 dollars to14 dollars just to generate, as long as you are using legal and ethical methods to generatemortgage leads. We do not participate in SPAM or incentive backed leads and that drives cost upand drives quantity down.""With cost going up it has forced 100% of all Lead Companies to work with other marketingcompanies - do not be fooled all of them do - this in turn can drive down quality because as acompany you can not screen every lead. To combat this we have instituted a verification processthat 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 issuewith most lead buyers. Their MLT, Mobile Lead Technology, a system powered by Yahoo actuallysends a text message or page to a mobile device once a lead hits your email - We say that is acool 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 onthe web. Jayson states "Our system is simple and since we do put so many leads on our systemfrom our own websites and other marketing companies we want all of them to be backed with thebest return policy, so we credit back most request if they fall in our parameters. We want to makethe experience easy and profitable. The main issue we find is brokers that call a lead 2-3 times donot get an answer and try to report as bad - just because a borrower does not answer the phoneor call you back does not make it a bad lead."Jayson says "Our system is based on 3 principles - fair trade - good service - and affordableproducts. We know that most LOs or Brokers are new or have good employees below them andare responsible for keeping their leads flowing. This is why we offer such a vast array of productslike aged leads that are good for telemarketing or new loans officers getting their feet wet. Ourverified and exclusive leads come in at a slower rate but are packed with much success. Theseleads 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 isthat "most lead companies are trustworthy and do sell their lead once or the stated amount oftimes, but the Internet has made it so easy for a borrower to submit an application to 3 differentsites in a matter of seconds. This causes your exclusive $75.00 lead to be worked more than youexpected - but that is the name of the game. The Internet makes them easy to get but morepeople are getting them - dont be fooled the less that lead is sold the better but mix it up, do notput our eggs in one basket, but different types of leads and make sure the company has a goodreturn policy."We want to thank these companies for their insight and we will add more about or research in thecoming weeks. From our findings Mortgage Leads are still a viable source for generating revenue.
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