As a mortgage professional, it's probably easier for you to spot those within the industry that do things the "easier way" as opposed to the right way. As a leader in the mortgage lead industry, I know of what goes on within other mortgage lead generation companies. These practices are NOT acceptable
standards of quality. Here are some things to watch out for:
1.
Leads can be generated by third parties This one will affect your
mortgage lead quality and thus your pocket book the most. Third parties are usually affiliates and mortgage companies! Yes, mortgage lenders and brokers can upload their information into the system and resell their leads. Beware, most lead generation companies do this.
2.
When their pricing is not on their website If they had good pricing, they wouldn't have to make you call and talk to a salesperson to get you to sign up. There are rare occasions to this, I found one company in my research out of hundreds that I called to get pricing on.
3.
Low Cost Mortgage Leads It is possible to find a decent company with low prices but you have to be extra careful and look for the hidden clues as reviewed on this page. Most will use some or most of these tactics to keep costs down. Some will use wording to make you think you are getting more than what you are.
4.
No date stamp on leads –aged Yes, this can happen. Most likely you are getting aged leads. You shouldn’t have to worry about that happening with a
mortgage quote. Be sure your “real time leads” have a date stamp.
5.
Cherry Pick Leads Not that those are all bad, but keep in mind that they are of lesser quality and the cost should reflect that. Most of the mortgage leads are leftovers. What I mean is that it was a lead that did not meet the filter criteria for purchase by mortgage lenders/brokers. They will range from 1 day old to even longer. Again, this is ok, but make sure you’re not paying too much. A real
mortgage quote should provide you with real
mortgage leads at a reasonable cost. Why take someone's leftovers when you can get real time quality at the same price?
6.
Exclusive Internet Mortgage Leads There is no such thing. Even when you are the only one that company is selling to, that customer is "shopping" and probably comparing with others as well. Some companies can even act unscrupulously and still sell to others. You can pay more for an exclusive mortgage lead but don't expect them to not shop around.
7.
Don't pay a large sum to be on Directory There are internet mortgage lead companies that have directories for you to list your site. This is a viable way to get some exposure for your mortgage company or yourself. The problem is when a mortgage directory site has you pay a set price for all of the leads that come in during a specified time period (usually per month). The cost is usually much higher, and you have a high risk of not getting what you think you will. Just because the salesperson says that you should get X amount of leads doesn't mean you will. His or Her job is done when you sign up anyway. Only pay for mortgage leads that you actually get. Don't give someone money to hope that they give you leads. As far as directories go, they should be cheap and provide you some exposure just like any other type of advertising would.
8.
They can send you a batch of leads in minutes You certainly should be very weary of this. If they provide you with a batch of mortgage leads at once, these will be aged leads. If you know you are purchasing aged leads then proceed. When purchasing aged mortgage leads, keep your costs very low.
9.
Long term commitments This is a sales technique within the mortgage lead industry. If you have to sign for more than 3 months on a directory or more than one month for mortgage leads, you most likely won't be happy with the results. This is a sign that you'll have to pay even if results are not there. Stay away from this practice. You can find good lead generation companies that don't require a commitment from you. With a genuine
mortgage lead company it shouldn’t matter how long you are committing for, only the actual purchase you are making at that time.
10.
Don't overpay for internet mortgage leads This seems like an obvious tip, however it happens quite frequently. Many lead companies use the techniques listed above that reduce lead quality and then sell them for what seems to be a great price. You don't need to sacrifice lead quality for low cost. You can get great quality leads from a source that does not use any of these practices. Compare pricing for Real Time Mortgage Leads here.
Lisa Scherzer
Real Mortgage Quotes
Mortgage Leads