Internet Leads

benl · Joined: 08 Aug 2005 Posts: 4

Hello,

Can someone let me know some great, reliable, and honest internet mortgage lead sources please.

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

Hi benl,

I don't want to break my own rules about advertising, but feel free to ask me about www.mortgageplexus.com. It is a site I created a while ago to generate leads. It has already received a few (unanswered), but not many. It may have some potential with a little nurturing, but it is certainly hard to say. I created another similar site for dance lessons that has received over 15,000 inquiries, but it was promoted a lot more.

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

you dirty bastage...I should nuke you where you stand!!! lol.

I suppose I'll let this one stand, seein as how you're like....involved in the community and all that ;)

chow · Posted: Mon Aug 08, 2005 3:07 pm Post subject:

I dare you! :wink:

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

The question is...
Which do you fear more? A nuke or a godfather? :)

realdealphil · Joined: 16 Aug 2005 Posts: 27

I am not yet familiar with everyone here yet, however some folks may know me from other places online. My opinion is very clear on internet leads.

Quite simply, they aren't what they used to be. For what it's worth I would suggest that you look elsewhere unless you are prepared to purchase quite an enourmous amount of internet leads.

Typically, a large shop that can afford to buy a ton of leads will do well with them. This is for the simple fact that it becomes more of a numbers game. However, for the individual LO or the small shop, the conversion usually won't pan out.

That's my two-cents anyway. Take care.

chow · Posted: Tue Aug 16, 2005 11:00 pm Post subject:

I guess I'll just go with my standard view.

"Every lead is a good lead"

"Every lead is a bad lead"

The glass is half full, Well-maybe it's half empty. :roll:

Now, there is one thing I can tell you about lending money. Go meet as many people as you can, and get "Belly to Belly" with them. (Face to face, talk to them)

Nothing is better than actually having people who know you-giving a referral out. I love the internet, but there is a time and a place to actually talk and meet people.

That time and place would be:

as often as possible.

realdealphil · Joined: 16 Aug 2005 Posts: 27

Well if anyone here knows me, they know my trusty motto:

Good Leads aren't Cheap and Cheap Leads aren't Good.

However, you are correct in saying that every lead can be a deal. It depends on so many factors. The littlest thing can make a difference. Even just the sound of someones voice when calling can throw a deal out the door. Take care.

Dani · Guest

Being in the business for a couple of years, I don't know about internet leads and I have heard you pay for those, why not go to your local title & escrow company and ask them for a farm list. It will provide you with more info about a persons home in a zip code area then you will need.

Haplo · Posted: Tue Aug 23, 2005 7:13 pm Post subject: leads

Yes but that's so much more work, especially having to put through all those phone numbers in the DNC list to check em ;)

realdealphil · Guest Joined: 16 Aug 2005 Posts: 27

Hi Dani,

That is a good idea. However the idea behind purchasing leads of any kind is to increase your business that much more. If you can make the living that you want by simply doing what you said, then that's great.

The reality of this business is very simple: The average loan officer is only closing and funding on average .83 deals per month. Now if that were a sufficient living, then fine. I know that if I were a loan officer/broker that I would be looking to do more business each month. That is the nature of the biz in general.

I can't fathom that any person got in to this business to just live paycheck to paycheck.

Take care.

realdealphil · Guest Joined: 16 Aug 2005 Posts: 27

Certainly a lead that is good is worth quite a bit more. Just ask around. I am sure that plenty of folks here on the internet and all around are looking for a good deal when purchasing leads. But come on, as a lead provider, I am here for the long-haul. If I sell them something that doesn't work, they will not re-order.

You see, it is not about building a fortune for the here-and-now. It is about establishing long-term successful relationships for both me and my clients. When they are successful, I am successful. Therefore, in the long-run - we all make money.

I never claim to be any better than the next guy in the lead business, however I know that I have a good product that works. And to further emphasize that point, my clients re-order.

Overall, my point is that I have products that are simply not the cheapest. And the brokers/loan officers that are buying cheap leads are continually "getting burned." Thus creating a hurdle for those of us that are in the business with good leads. Everyday I have to overcome the objection that somebody "got burned." The facts are: If and when a broker/loan officer decides to extend themselves a little bit and make a true investment in themselves or their company - then and only then will they reap the true fruits of that investment.

Typically, when these folks buy generic internet leads they get a conversion rate. Quite simply, they close a few deals. However, when they trust in themselves and a good lead company - they find that they can go from closing 2-3 deals per month to 8-12 deals per month. So I have to ask myself each day: "what would I do and how would I feel if I were a loan officer?" Well, the answer is the same every day: "If I am going to be doing this every day of the week, all month long, then I want to make the most money possible." With that I would find every way to get from the point of closing 2-3 deals per month to 8-12 deals.

If that meant buying a few internet leads, a few qualified/verified leads, running an ad in the yellow pages, business cards, and possibly a small ad in the paper - then I would do it. Any time I could find a way to invest $1000 bucks to make $8000 or more, I would jump at it. If I found the way to spend $4000 to make $24000, I would simply be a fool not to take it.

And if I thought for one minute that I could spend a couple hundred bucks and return a couple thousand - I'd be doing it and so would everyone else.

It’s just that for the average loan officer out there who finally takes a leap of faith to purchase leads, they want to make it work the first time. The facts are still the same, it just doesn’t happen like that 9 times out of 10. And the reason that is, is because there is always going to be some “lead company” that will take their couple hundred bucks and “sell” them on the fact that they are going to make money. When in the end, the unfortunate LO has a bad taste in his/her mouth for “lead companies.”

The words “Lead Company” simply does not exist. I have said it before and I will say it again. One must understand the difference between a Lead Generation Company, a Lead Broker and a List Broker. Believe it or not, there is a huge difference. And if anyone thinks that they can sell a qualified/verified lead for such a small price, try hiring a few telemarketers in your office and buying data for them to call, then let me know how much your costs go up. Many people here on the outpost have done this. Very few, if any, have been successful.

I know that in order to get my leads down to that price, I would have to sell the same lead to so many people, that you would soon see why my leads were that affordable.

I say all that to say this: As a loan officer or broker, are you looking to make an investment? Because an investment means you are looking for a return. Or are you looking for something that is just affordable. We all know that brokers/loan officers need or want leads. And probably 90% of them do buy leads. But the facts still remain that the average LO isn’t even closing 1 whole deal per month on average.

chow · Posted: Thu Aug 25, 2005 1:54 pm Post subject:

People: We are not in a real refi market anymore. If you want to make money, you do more than just refi's. You do rehabs, purchase, and 2nds. The rules about fee's change on a daily basis, and Section 32 come into place on smaller loans.

The Average LO closes .83 loans per month. Gawd, that's just about what the average relitter does! (ah....... :wink: )

hmmmmmm. .83 loans per month.......We got a lot of part time people out there, now don't we?

realdealphil · Guest Joined: 16 Aug 2005 Posts: 27

Good point. It's a good time to start balancing your pipelines out between purchases and refi's. A good 60 to 90 days for a full transition. I would recommend a strategic plan so nothing takes a little lull in a month or so.

Haplo · Posted: Fri Aug 26, 2005 3:24 pm Post subject:

Out of a refi market, really?

I'm still receiving 2x as many refi's as I am purchases, and I'm not even marketing to them... Simply word of mouth and general inquiries.

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