Are They Leads or Bleeds?

By
Real Estate Mortgage Broker with Mike Tullio, Kroboth & Helm Mortgage Company NMLS #208860

Sales LeadsI just hired a new loan officer that has been successfully working Internet leads for the past few years and he has requested that I look into purchasing a batch of these things.  I've never bought a lead and it feels kind of weird to me.  All of my business is referral-based and that's the way I like it; I enjoy relationships with my clients and if I treat them well, they come back.

Leads seem very cold.  Some potential customer fills out a bunch of Internet quote forms one night and these companies running the websites harvest the information and divvy the leads up to paying customers.  I know there's no such thing as an exclusive lead, but I wanted to see if any of you in the AR community have had any luck with buying leads.  Ultimately, they're only as good as the individual working them, but I'm sure it helps to have a quality source of leads so that my loan officer isn't the 50th person to call these folks.

My loan software Encompass is affiliated with LoanBright, ReallyGreatRate, Key Leads, and BigMortgageLeads.  Do any of you know anything about these companies?  Are there other lead companies I should look at?  Any advice you can provide would be huge.  Hopefully you can lead me in the right direction!

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Tags:
mortgage
leads
internet
advice
referrals
opinion
exclusive
trigger
refinance

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Rainer
42,925
Jeff Fullmer
Real Estate Investor/Financier
FM Properties

Mike, what "systems" do you have to deal with the mass influx of leads? Some lead purchase programs are better then others. Back in my Realtor days, I paid for House Values and in 4 months it more then paid for itself. What I liked about House Values was the systems they had for tracking your leads and the automatic drip campaigns that you could set them up on. (They have lender leads there too by the way, never checked it out though). 

Just buying "leads" with no systems in place could prove extremely exhaustive. The average internet home shopper is 6 months to a year out so the loan leads may be just as far out. (Just a guess, haven't seen hard data on that. Could be less though I would think.) 

April 04, 2008 02:00 PM
Rainer
44,273
John Popp

I agree with much of what has been said about mortgage leads - they are terrible...why would anyone buy leads from LendingTree when they write their on mortgages?  I even heard that lead generating companies sell leads between them selves to generate more profit.  That is why the consumer is telling you that they have been contacted 30 times already - Exclusive Internet Leads - don't think so...There are lead companies that are willing to buy a LO's TD's just so they can sell them to anyone who will buy them....beware of what you are buying.

Referrals are the only way to go. 

 

April 04, 2008 02:45 PM
Rainmaker
92,476
Kevin Hancock
The Hancock Mortgage Team
Evergreen Home Loans
I bought some leads with a group of fellow lenders about 5 years ago and they were worthless.  Most of the people had either already secured a loan or were so shell-shocked from the barrage of calls they received that they had disconnected their phones.  Maybe they have gotten better, but I doubt it.  I haven't ever spoken to anyone who thought they were a good idea who wasn't trying to sell them to me.  Good luck!
April 04, 2008 06:43 PM
Rainer
17,353
Mike Tullio
Kroboth & Helm Mortgage Company
Mike Tullio, Kroboth & Helm Mortgage Company

Hey Jeff.  Yeah, my system is this new loan officer dropping the hammer on these leads.  He has been working Internet and trigger leads exclusively for the past 2 years and doing very well.  He is committed to making any lead system work and his W2 has made me a believer.  We'll see how things pan out, but I hear you on the nature of the folks that are filling out those online forms.  Thanks for your thoughts.

Thanks for your opinion John.  I have never purchased a lead for the reasons you mention and I'm curious to see how my first batch turns out.  I guess it's a lesson that we all need to learn for ourselves; what works for some doesn't for others.  I am a big fan of referrals and will continue to make that my loan platform!

Shell-shocked.  Good choice of words Kevin.  I appreciate you chiming in with your experience.  I'd much rather learn from other than make the mistakes myself.

April 05, 2008 10:12 AM
Anonymous #19
Anonymous
Maria Virginia Rolon

Hi guys!

My name is Maria Virginia Rolon. I am a cashflow specialist and I could really use a referral or two, see I have brokers that would pay top $ for mortgage notes and I would appreciate if you guys could pass along my information.

Thanks a lot and good luck;

MY web site is; www.cash4cashflows.com/mrolon

or mariev0224@hotmail.com

fax # 201/443-8230

September 06, 2010 10:28 PM
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Rainer
17,353

Mike Tullio

Kroboth & Helm Mortgage Company
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