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 Internet Leads and what you guys think. View next topic
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syd
Dyn-o-mite!


Joined: 15 Jul 2008
Posts: 244

Internet Leads and what you guys think.
PostPosted: Sun May 10, 2009 5:00 am Reply with quoteBack to top

So we all know there are like 6million exclusive, and semi-exclusive internet lead vendors out there. Just curious to get some of your thoughts about these companies and there products. Let's make this a good one because it seems to me that the business is out of control.
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atlburning
Dyn-o-mite!


Joined: 06 Aug 2007
Posts: 303
Location: Atlanta

Re: Internet Leads and what you guys think.
PostPosted: Mon May 11, 2009 11:02 pm Reply with quoteBack to top

99.999999% of them are sold so many times that by the time you get in touch with the borrower, they have been lied to so much they don't even want a loan. Or my favorite, they are following some lying loan officer who is going to slam them at the table because they were offered a deal that is way too good to be true.

Run Forest Run. And that's all I have to say about that.

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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: Internet Leads and what you guys think.
PostPosted: Mon May 11, 2009 11:18 pm Reply with quoteBack to top

I've never bought a lead in my life.

I have given 100's away free, however.
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dks
Nitroglycerin


Joined: 11 Jan 2008
Posts: 556

Re: Internet Leads and what you guys think.
PostPosted: Tue May 12, 2009 9:30 pm Reply with quoteBack to top

syd wrote:
So we all know there are like 6million exclusive, and semi-exclusive internet lead vendors out there. Just curious to get some of your thoughts about these companies and there products. Let's make this a good one because it seems to me that the business is out of control.


Syd -- make sure your lead source is selling you qualified leads that have been run through a credit overlay. In other words, you should not being paying for leads where credit is below 620. Make sure their marketing is compliant with can-spam, fcra, facta, etc...

You get what you pay for. More expensive leads may have a higher closing ratio and higher revenue per closed loan. Cheap leads will have a lower closing ratio and lower revenue per closed loan.

If you are new to internet leads, test a few providers and go slowly. Expect a 1% closing percentage and shoot to do better.

Yes - you can make money from these leads. Just make sure provider is reputable and you are comfortable with they types of prospects they are selling. Good luck.
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Raymond B
Marketing Guru


Joined: 04 Jan 2008
Posts: 174
Location: Nevada

Re: Internet Leads and what you guys think.
PostPosted: Sat May 16, 2009 2:39 pm Reply with quoteBack to top

Good advice, these leads can work, but never jump all in with an internet provider with out testing the waters. You need to be very aggressive with them to make them work. If you are not an animal on the phones they may not work for you. It is true that some vendors really sell them over and over but it is also true that there are some reputable guys that only sell them once or twice as well. Just understand that even if you find a good vendor, the home owner can still go to multiple sites which will cause them to become a saturated lead as well. If you buy a few smaller batches before you buy a big one you can usually tell if the provider is honest or not. Many make the mistake of buying one small batch..they are sold cherry picked leads, and then they buy a big batch on the second order only to find out they were baited and switched to a lessor quality lead. Just be careful of this and if you do buy them dont forget, work them very aggressively.

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syd
Dyn-o-mite!


Joined: 15 Jul 2008
Posts: 244

Re: Internet Leads and what you guys think.
PostPosted: Mon May 18, 2009 1:23 am Reply with quoteBack to top

So just curious what do all you guys who claim to have never purchased leads do to generate business. And mailers, and TM lists would be considered buying leads. I am asking this because seems so hard to get referral business. I have only been in the industry for 7 years and 5 of them were during the easy days. So someone with some information please shed some light. I hear all about the guys who have all referral business. Do you earn a good living and I dont mean making $80,000 a year. I mean real money without having to spend a ton. Please do not take this as me being arrogant just would like some real feedback. Like I stated many people say it just curious as to how. Also if you have been in the business longer then 15years no need to respond. You should have a solid name by now if you practice good business.



Thanks
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GABanker
Flash in the pan


Joined: 26 Dec 2007
Posts: 43
Location: Alpharetta, Georgia

Re: Internet Leads and what you guys think.
PostPosted: Tue Jun 30, 2009 8:44 pm Reply with quoteBack to top

atlburning wrote:
99.999999% of them are sold so many times that by the time you get in touch with the borrower, they have been lied to so much they don't even want a loan. Or my favorite, they are following some lying loan officer who is going to slam them at the table because they were offered a deal that is way too good to be true.

Run Forest Run. And that's all I have to say about that.


+1. After a year and a half of working internet leads and with my days consisting of calling people who either don't answer, don't want a loan or don't qualify for a loan (and with 50 other people calling them to top it off) I'm happy to say I'm not doing that anymore. There are far better ways to make a living.
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