I agree with you on the fact that that lead is sorely needed among those that already have the skills in place. My own brother is a living example of what you are talking about. He asked me the very same question “why call 100 people to close 4 or 5 deals? How do I just talk to those 4 or 5 people?” If I could answer that question I wouldn’t tell you or him and I’d close them myself, but I’m a greedy bastard. The problem the lead industry and mortgage brokers alike face is that most companies that buy leads try to buy ONE type of lead for all of their LO’s. That is death if you ask me. I have devised, for closed and funded consulting, a questionaire to help assertain what type of loan officer you are. This helps match the loan officer with the correct product, regardless of it’s price. Many of us top producers and entrepenuers tend to think anyone that applies themselves can do what we do. Or, as I have heard so often “if I can close 6 deals per month and I hire 4 people just like me and I pay them 50% then I can make 3 times the money I make now” I call this the Calculator Effect (it works much like the chaos theory). It states that anything that can be added up on a calculator can not exist in real business where people are the determining factor. So, they buy these leads (as cheap as they can get them) then hand out with blinders on and pray that their LO’s are all the same working the same type of lead. I’ll post a really great blog on this on this website and mine by the end of the week and you can tear me apart for it (God, I hope you’ll be in Tampa for Leads2007. I want that kiss, but a drink will do HAHAHA). Your closing remark is true. We ALL have to get better at what we do. The first step is understanding not just what we do, but how we do it and who is doing it with us. That is a quantum step in relationship based selling.

I still don’t agree though that many won’t pay the higher costs mentioned, approx $150-$200. I speak with the providers and my peers about this and when you factor in true costs of any internet lead, (even yours) plus salaries of existing LO’s or CSR’s dialing leads, overhead and employee time the true cost of one positive lead or transfer that turns into a credit app (declined or not) is over $100. So bottom line, we’re already paying over $100 for a “Real” lead. I’m not speaking about buying 100 leads and 4-6 turn into loans. I talking about why waste employee equity on running thru 100 leads to get 4-6 loans when they can work thru 50 and get that same conversion, higher price but more effective management of staff time, etc. Borrowers talking to less companies because they were better matched and better screened to direct them to the RIGHT company the first time around. Not 4-5 companies stating they cannot be helped, try hard money. Why not route that borrower to hard money the first time? This is only one small example of how everyone’s experience would be better and down the road this borrower whether we helped them or not would be more apt to do the same process again. That would be the true enhancing the experience I was speaking of.

Any good provider with a solid product today could open this up for existing clients, “If your happy with the standard product what about one that goes thru this hyper level of screening”.

Hell about half a dozen of the providers have approached me to discuss the nature of this product suggestion and post. It’s not like it’s a secret sauce but many providers now are looking into this. Web, watch in the next few months how some of these changes will come and or be tried by providers. We all have to get better at what we do to survive this nasty ass market.