Quote:
Originally Posted by arasner  FloridaMan you are a complete idiot, why you would even post such an idiotic remark is beyond me, Look I don't know what the deal around here is, I am sharing with other brokers an AMAZING direct mail campaign that worked for me, if you don't want to use it I could Care Less, but I've had other brokers share with me things that work for them and I'm trying to share it with other brokers that do care, I never said I have 80 Loan Apps going idiot, I said I had 80 calls, so if you get 80 calls in your office for a week do you get 80 Loan Apps? I mean without using a gun? Didn't think so, All I am saying is your phones will ring and you at least have a chance at getting loans when people are calling you!!! Right, Right! If you have a better direct mail campaign please tell me about it! I mean other than forcing people with guns, wow what a Loony!!! Everyone else disregard I'm sure Erik will ban him for talking like this! Andy |
ansner
my suggestion was GUARANTEED to get you more replies - didnt say it was moral, or ethical, or even legal. Nor did i say i personally did it myself.
your initial post 'forgot' to mention that your 'leads' were selected low end sub prime -bordering on hard money loans . No doubt you have everyone calling you off that list.
You should have got all 250 people to call you off that list. Why only 80?
The important thing here is you are actually getting 1 out of 10 into underwriting. That is a very poor average. Out of that, how many of those are really going to fund?
Thats a hell of a lot of work for at most 8 loans. 80 inquiries? 80 inquires takes A HELL OF A LOT of time.
For all the work you had to do - you could have targeted different people spending more on mailers-got 20 leads -and funded 16 of them.
None of us here CARE how many 'inquires' we get . We dont CARE how many we get into some kind of underwriting. We CARE how many FUND. We care about HOW MUCH TIME AND EFFORT it takes to get those loans.
Thats TOO MUCH WORK to get at MOST 8 loans funded. Id much rather spend a little more cash to get loans that will fund.
I fund well over 50% of the calls i take. Thats over 80% of the apps.
Yes, i do direct mail. I would never telemarket.
In the end, i didnt mean to scoff at your happy moment. My suggestion was pretty harsh -and i am sorry.
For me to get 80 inquiries, it would take about $20,000 dollars of direct mail. This includes the mailer cost, the envelopes, labour, ink and scrubbed lists. I have targeted homeowners, and i am only doing local. The 20k in mail gets me 88,000 mail pieces directly targeted. 80 inquires is a low estimate of not even 1% inquiry rate. It is more.
for those same 80 inquires, my sales data proves that i can rely on 64 applications, ending in 45-50 loans.
If my average is about 3k in fees per loan, then i can expect $135k -to $150k in fees. My netbranch fees will be about 25k for those loans. So i will make roughly $100,000 for those 80 inquiries. This translates into barely 4 loans a month. Not a heck of a lot of work. So lets also suppose i only do that many in the whole year.
How much are you going to make off your 8 loans from 80 inquires? Lets say you make EVEN MORE on each loan on average. lets say you make someohw 5k in fees on average.
thats 40k if you fund ALL 8. Then minus how much your mortgage company gets. What are you left with?
I dont mean to 'rain on your parade' . But i will pass on your form of advertising.
cheers
But thanks anyways.....