Marketing Ideas??? Leads? Referral Business? Tv? Radio? Ads?

member101 · Joined: 18 Jul 2007 Posts: 9 Location: Montreal, Canada

Hello to the Forum,

I would like to indroduce myself. My name is Nadav Shenker and I work with Eliemae Financial. We are a mortgage lead provider producing exclusive telemarketed leads.

As we are new to this forum I would like to simply let all brokers know that our only mission as a lead provider is to make you money by finding the right prospects who are willing and able to refinance in the next 30days.

My question to the forum is this: What works?...

As a lead provider we always love getting feedback on our leads, as well as learning new ways to better our product and services. The only way for us to do this is do find out what is working in the industry right now, and use our resources to provide exactly that to our clients.

So, what sort of advertisements have you found to give you the most ROI?
What experiences have you had (good or bad) with purchasing leads (telemarketed vs internet, exclusive vs semi exclusive, ect...)
If you could change one thing about the lead providers you have worked with... what would it be?

Respectfully,

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Welcome to the forums :)

I can't say much on the leads side because I haven't used them ever ;)

member101 · Joined: 18 Jul 2007 Posts: 9 Location: Montreal, Canada

Thank you Haplo,

Some people just dont use leads, they aren't for everyone. Some people prefer to cold call themselves and others prefer to work only on referrals or by tv/radio/ads.

I'm interested in knowing what peoples experiences have been with leads, but also with other forms of advertisement.

What has worked for you? Why havn't you ever tried leads before?...just curious :)

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Quote: What has worked for you? Why havn't you ever tried leads before?...just curious Smile

Well, I started off trying to get referrals from banks (which worked ok since I was in a sub-prime broker shop at the time,) but after about 3 years now I simply get referrals from customers and people I know, as well as from other loan officers.

What's worked for me? Educating people and being straight forward with them :) I get more referrals because of that than any other reason. Oh, and how I deal with when I make a mistake too ;)

member101 · Joined: 18 Jul 2007 Posts: 9 Location: Montreal, Canada

And in your 3 years you've only worked referrals?(from banks, clients, other LOs)

I'm interested to know how the change in the market has affected someone working ONLY by referrals. I mean during the boom there was enough work for everyone but now things have slowed down.

Have you thought of working together with a real estate agent and getting referrals from them when someone need financing?

member101 · Joined: 18 Jul 2007 Posts: 9 Location: Montreal, Canada

What about everyone else????

Ok so at this point we've determined that being straight foward, honest, and dealing with mistakes professionally will get you referral business.

I'm still interested in what other people are doing... (And also some feedback on buying leads; what are you're experiences. What was good, what was bad??)

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Quote: I'm interested to know how the change in the market has affected someone working ONLY by referrals. I mean during the boom there was enough work for everyone but now things have slowed down.

Yes, the people around me are busy calling company generated leads or hitting the realtors up for business.

I haven't made a realtor related sales call for myself in about a year, and even those were more to meet "quota" than anything else.

My business plan for 2006 called for a doubling of volume over 2005, which I exceeded. I originally planned for slightly less volume in 2007, however as of last month I'm on track for exceeding 2006 as well, although not quite doubling.

I'm not saying leads don't work, I'm just saying it's not my gig :)

ken(TX) · Joined: 23 Sep 2005 Posts: 184 Location: Dallas, TX

member101 wrote: What about everyone else????

Ok so at this point we've determined that being straight foward, honest, and dealing with mistakes professionally will get you referral business.

I'm still interested in what other people are doing... (And also some feedback on buying leads; what are you're experiences. What was good, what was bad??)

You are welcome to view my profile and past posts on the subject. However, please keep in mind that my primary reason for participating here over the past year or two is to answer questions from people looking to finance who need more information to make an informed decision about their options.

Providing market research to lead providers isn't my primary focus nor would I suspect is it the focus of other regular contributors here.

jmcguirk · Joined: 25 Jul 2007 Posts: 5

Quote: What's worked for me? Educating people and being straight forward with them :) I get more referrals because of that than any other reason. Oh, and how I deal with when I make a mistake too ;)

I completely agree with this. Depening relationships with existing clients is extremely effective. Offer relationship deepening services for years after the loan closes. 2 years after the loan closes send a letter saying, "I have reviewed your loan information compaired with the current market and wanted to let you know you are still in the best loan program for your needs right now. If you ever need me for anything please don't hesitate to ask." Stuff like this will keep your name fresh with them over time and when they (or friends and family) do need mortgage services they know who to call.

mjvinal · Joined: 19 Aug 2006 Posts: 7

I personally think there's been a big "push", if you will, towards exactly that: developing trust and rapport with clients and prospects, and actually treating our customers like PEOPLE, not cattle.

Educating and being straight forward with them is what seems to be working now, and I believe it is the way things are going to work best in the future as well.

I think it was Jeffrey Gitomer who said, "People love to buy, but HATE to be sold." And I couldn't agree more....anyone else?

Also, just an FYI for people, I hope this is ok; two tools that I use to a.) keep my name and services in front of my current clients and potential prospects, and b.) develop trust, rapport, educate and "sell", are:

e-relationship dot com & webprez dot com - stellar results using these tools!

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