LEADCRITICBroker WatchDog To Use Kaleidico’s IcoSales Platform
Over the weekend it came across the wire that the website/Blog/Forum Broker WatchDog would be implementing Icosales into their interface.
Prior to implementation of icoSales, Broker Watchdog users posted leads for exchange on the website’s forum. For example, if a broker had a customer who needed an FHA loan and the broker did not specialize in FHA loans, he could post the lead to the forum where another broker could access it and work with the customer. Broker Watchdog members are now able to manage leads posted on the forum and determine completion of the sales process, an option that was not available prior to icoSales.
According to the release Broker Watchdog has numerous members that would benefit from the ability transfer leads to one another. I am slightly concerned with this idea for one reason. It is my opinion that the industry has an issue with leads being resold or redistributed after they have already been contacted and then making the lead over contacted and oversold. So my concern or question is if this will enable people to disregard the rights of the consumer by redistributing or even possibly reselling the leads with out their consent.
However, I can also see the benefit of the implementation. If in fact it was used to better place the consumer with a more specialized bank or broker I can see how this could be a great thing. Giving brokers the ability to network with strategic partners that may specialize in different products could be a great benefit to the partners and the consumer.
Broker Watchdog users can exchange leads on the forum in two ways. Brokers can either transfer leads by loading them into the icoSales platform and sending them to brokers with whom they are acquainted, or they can enroll themselves in specific channels, provided by icoSales, from which they would like to receive leads. Examples of these customizable channels include FHA and non-prime loans. In both cases, brokers are able to manage and exchange leads with greater efficiency, ultimately increasing their volume of closed loans.
With that said, does anyone feel the slightest bit hesitant about this concept? Will this be used in a responsible way or does this open the door for shady brokers to exploit the consumer and decrease their overall experience?
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Bill Rice | Dec 4, 2007 | Reply
Lead Critic,
First, I should point out that this press release is actually a bit old (from March 2007), but it demonstrates the astuteness of much of your analysis. This implementation of icoSales for Broker WatchDog is no longer supported for many of the reasons you pointed out.
For example:
1. We did detect and prevent several instances of lead abuse, because of our very robust duplicate detection system within the core icoSales system
2. Although communities are forming and typically amass large numbers they typically don’t translate that into useful or productive activity–consistent with that paradigm there was minimal use of the opportunity
3. The system was offered FREE, which (maybe) counter-intuitively led to a negative reaction to the offering. The community members constantly debated if their was a “catch” and many never tried it
The result was not a success, but a very useful learning experience and gave us some foundation development work and testing on advanced features like: duplicate detection, inter- & intra-system lead transfers, user channel opt-in, user lead qualification and routing, self-registration, and several others.
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