Comments on: What should you expect as a new lead buyer?

By: LEADCRITIC | Mortgage Leads News and Opinions

LEADCRITIC | Mortgage Leads News and Opinions — Thu, 26 Jun 2008 04:14:31 +0000

[...] higher then I would have set, especially for a new lead buyers. I wrote a post some time back about What a New Lead Buyer Should Expect and if you are a new lead buyer it may be worth a look. It does miss a few different ratios and [...]

By: Building Relationships via the Internet | Mortgage Industry Blog

Building Relationships via the Internet | Mortgage Industry Blog — Thu, 06 Dec 2007 21:17:42 +0000

[...] Demonstrate credibility: This takes a little bit of work, but seek out individuals that are respected and considered credible to you target audience or prospects. Then get their endorsement or testimonial via blogroll, guest post, or even better one of their posts. [...]

By: Darrell McManus

Darrell McManus — Wed, 21 Nov 2007 00:45:56 +0000

I have been in the mortgage business for 7 years and currently work for a large national broker that uses leads 360 and our lead sources are mostly LMB’s, triggers and live lead transfers with a few mailers.

My question is similar to the guy above. I plan on leaving the company I’m currently with and go back and work from home (which I did previously). I also plan on spending close to $5,000.00 to set up the leads.

Here are my questions-

1.How would you structure your lead buying for someone who plans on doing the work themselves and not with a team??
2.Does a lead management platform like Lead 360 or Kaleidico make sense for 1 person??
3. How would you structure your calling efforts since only 1 person would be calling as opposed to multiple people??

Thanks for your help-

By: Lead Critic

Lead Critic — Fri, 06 Jul 2007 13:41:27 +0000

At the least, gross. Net return of 300% would be good to shoot for though. I see that with many of my providers.

By: Mike Miller

Mike Miller — Fri, 06 Jul 2007 08:33:17 +0000

A quick question on ROI. Do you mean by at least a 300% ROI, that if someone spends $5000 on leads, they should NET $15000 or GROSS $15000 off of those leads?

By: ConsumerTrack

ConsumerTrack — Mon, 02 Jul 2007 05:07:59 +0000

Wow — I am going to add this link to our sites so new clients understand what to expect and what it takes to get that type of return on leads.

Very well done.

Keep up the good work.

By: some insider

some insider — Sun, 01 Jul 2007 19:07:57 +0000

Regardless of the lead provider that you use, there are two key questions that you need to ask them. 1) Do they participate in Incentivized marketing? 2) Do they participate in Co-Registration marketing?

If the lead company says that they do allow that type of marketing, or if the sales rep does not know if they do, then turn and run. If you don’t know what these marketing strategies are, then that would be a great future and quick post for Lead Critic.

By: Bill Rice

Bill Rice — Fri, 29 Jun 2007 11:19:13 +0000

Lead Critic is right on and covers your questions well with a lot of resources that you will want to check out, but here are a couple of preparation steps you may not have thought about:

I talk to our clients about “Internet Lead Splash.” If you have ever been to a swimming pool with kids around you know that as much water ends up on the deck of the pool as inside the pool. Same with Internet leads. As you start splashing around in this market your name will go in front of more consumers faster than you have ever imagined. Lead providers will start telling customers you will be contacting them (e.g., lead providers like LendingTree and LowerMyBills that show your logo or name at the end of a Web submission) or you start hitting the telephones and calling hundreds of people and leaving your name.

This activity causes consumers to splash out of your primary real-time, direct from lead provider channel. Where do they go? They are savvy Internet users–they go back to the Internet–they splash out on the pool deck (the public Internet). Why? To find you because they lost your number, to check out your legitimacy, to research mortgages and prepare themselves before they answer the telephone with that scary, highly motivated loan officer that keeps calling.

So, what am I suggesting? Build some simple ways to catch this splash and build trust online. This WILL increase your conversion rate on the leads you buy!

Make sure your mortgage company and you personally can be found in a simple Google search of your name(s). Have a professional looking website (really this isn’t harder than a little elbow grease and MS Frontpage or one of the several providers that will build one cheap). That site should tell about you, provide detailed contact and location information (including physical address), and of course licensing.

Start a “value first” blog. This is the simplest and fastest way to create a valuable catch basin for Internet consumer splash–some great examples include: http://www.blownmortgage.com and http://www.themortgagereports.com. Tell them how to work with mortgage loan officers, what to expect, and tips on the market and products. Train them to be a better client.

Most important of all these steps: Whether you are a loan officer in a big mortgage company or an independent broker–build you own, personal brand on the Internet!

Good luck! This can be a very lucrative business model. Just lay a solid foundation–prepare to win–attitude, knowledge, and intensity of execution.