September, 2010 | Mortgage Marketing Coach

Archive for September, 2010

Do Purchased Internet Leads Really Work?

By Doren Aldana

Have you ever wondered if purchased Internet leads really work? Perhaps you can relate to the experience of this disgruntled LO: “Why are internet leads so damn bad and the conversion rates so low? Do these people really fill out these forms or is it all BS?”

To be completely frank, I’m not a big believer in buying leads. Yes, you can make money (even six figures) calling purchased leads but it requires a ton of “smiling and dialing” and you have to get past a high wall of skepticism, fear, apathy and rejection. Not to mention the fact that you’re competing head-to-head with a dozen or so other companies solely on price. It’s like throwing yogurt at the fan hoping something sticks. On 100 calls, you’re laughing if you can get 3-4 solid apps. It’s a numbers game.

Keep in mind, these “leads” don’t know you from a hole in the wall so you’re starting at absolute ground zero. You have to break the ice with absolutely no trust, no credibility and no rapport established. And to top it off, they’re not even expecting your call. You’re unwelcome pest versus welcomed guest. That’s an uphill battle if I ever saw one!

In my opinion, Internet leads are for sales tigers who don’t have a clue how to market themselves. The only people I know who make good money with Internet leads are ultra-talented sales sharks who smile ‘n dial all day long using an auto dialer. Unfortunately, they usually spend so much time hunting for the “next deal” they never get around to creating a follow-up system to mine the gold from their existing database. If you’re income depends on your daily effort, you have a glorified job, not a real business.

That’s why I recommend developing marketing systems that feed your pipeline with a steady stream of qualified mortgage leads who are pre-sold on working with you before they even meet you. You become the “Mortgage Expert” and you don’t have to compete on price.

So, what do you think of this post? Please share your thoughts/comments below. I love feedback!