natorob
5 Posts |
 Posted - 06/03/2008 : 3:56:11 PM
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Here is a possible option for affordable real time refinance and purchase leads.
We have been marketing for Internet mortgage leads for the past five years. Over the past eighteen months however, we have found that the market for Internet mortgage leads had radically changed and we spent our marketing efforts in a different direction.
So our mortgage lead generation sites have sat dormant since the beginning of 2007. However, on a whim, we turned them back on in early May to see if the market for mortgage leads was completely dead.
We were pleasantly surprised to discover that not only was this market not dead; but that the mortgage leads we were generating were coming over in real time, and were actually affordable. We called one of our old clients and asked him to test these leads out and give us some feedback on his results.
We knew that obviously not every lead would result in a closed loan. But he picked up thirteen applications and four closed loans.
He also monetized over 50% of the unqualified leads by using resources freely available to you right here on Broker Outpost.
Not only was he able to close his leads into loans; but he also got paid on referring his unqualified borrowers to the credit repair, debt settlement, unsecured loans, and other companies looking for these leads that he saw advertising on Broker Outpost.
In fact, he made enough on his referrals to actually cover his lead costs.
So what has happened here is that we have a new way to provide qualified real time mortgage leads in fairly good volume for an affordable price. But we are not sure if we want to move forward.
First off, I want to explain that we are not a lead company; we are guys that are very effective using Google Adwords as an advertising medium.
If we can monetize these leads to cover our costs and make a little profit, then we would think about turning these sites back on. If we can’t, we’ll simply leave these lead generation sites turned off. It doesn’t really matter to us.
To make this work, we would need three brokers that can take these leads on a weekly basis. We do not want to oversell these leads; and we are trying to make them as cost effective as possible.
Based on our test, we can generate 500-600 of these leads on a weekly basis; and with our cost per conversion around $8-$10 per lead, we would need to charge $3 per lead just to break even.
There is no minimum amount you would have to take. Try out as many or as few as you'd like.
These leads come across in real time; in other words, they are in our inbox seconds after the lead hits the “Submit” button. And with a simple coding correction on the Google sites, they can be delivered to the inbox you choose in real time as well.
A couple of things that would maximize your closing percentage….
-FHA Ability
FHA is the new sub-prime; so if you’re FHA approved, it will obviously increase your numbers.
-Licensed Nationwide
Also, we cannot be state specific; so the more states you are licensed in, obviously the higher your closing percentage will be.
Technically, we could be state specific; but it will drive up the cost per lead dramatically. Nationwide licensing would be ideal; but if you are licensed in at least 25 states, I’d think you would still be OK.
And remember, there is no licensing required to refer over credit repair/debt settlement/unsecured loan leads; so it really wouldn’t matter which states those leads would be located in.
There would be no contract, and no long term commitment. If you can make money closing loans and referring leads for other income, great. Get more.
If you can’t, simply don’t order any more. We can generate these leads for as long as they are converting in some way and the demand is there for them….
Based on our test, there are still loans waiting to be closed with our current model.
I can go on; but this post is long enough. We can get up and running very quickly; but we’d need to know if there is any interest in checking these leads out.
For more information, check us out at
http://www.LeadsThatClose.info/RTIL.html
Feel free to follow up with any questions.
Robert
CFS Group LLC
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