Thousands of loan officers and mortgage brokers look at how to get cheap mortgage leads. Most rely on leads to sustain their businesses and ensure they continue to add new prospects to their potential client lists.
Zillow is one of several popular options, although the cost per lead increases if you need the assurance of exclusivity or want mortgage leads that are specifically relevant to your business.
If you’re investigating how to generate leads as a mortgage loan officer, are intending to purchase leads from Zillow, or are unsure how this compares to our partnership referral network, read on for some direct comparisons to help illustrate the differences.
Insurance Pro Agencies Free Mortgage Lead Referrals Versus Zillow Paid Leads
We’ll start by clarifying that your choice of lead source is, of course, entirely yours to make. You might mix and match different options based on your need for new business, and the capacity you have to focus on nurturing and developing the leads you receive.
To assist with your decision-making, we’ve compared both options against criteria such as cost, exclusivity, relevance, and support systems.
Average Costs of Paid Versus Free Mortgage Leads
Cost is a key parameter for most loan officers because paying for leads instantly means that those prospects that do convert into clients are less profitable–inevitably leading to a need for higher client numbers. Basic Zillow prices vary, with average charges between $20 and $60 for each lead. This can depend on the location, potential property purchase value, and whether you are prepared to pay for a lead that is being shared with other competing agents.
An upgraded package called Zillow Premier Agent costs $150 to $1,500 a month, based on the average real estate price in your area and the number of loan officers or brokers you are up against. In contrast, the Insurance Pro Agencies referral package is 100% free of charge. We work in partnership with our loan officer and broker partners, exchanging mutually beneficial referrals for high-quality loan and insurance products, with no fees whatsoever.
Mortgage Lead Exclusivity
Zillow offers two tiers of mortgage leads. Unfortunately, lower-cost leads are available to as many agents or loan officers as wish to buy them, which can mean it is a race against time to be the first to call. For some loan officers, this model may work, but for others, there is intense pressure to rush a deal, call leads repeatedly, and reduce margins and commissions to gain the business.
Those paying the upgraded package prices have some exclusivity, but this is capped at thirty days. We believe that complete exclusivity is in the best interests of both the loan officer and the client. Many clients dislike being contacted multiple times or having their details shared with numerous possible lenders or brokers.
Every lead is pre-vetted, qualified, and has confirmed intent before being matched with one selected partner well-positioned to meet their requirements.
Relevance and Specificity of Mortgage Leads
As an established and highly experienced insurance provider, we ask all our clients to complete a detailed form to assess their needs, position, and readiness to move forward with a mortgage loan and homeowners’ insurance. This ensures that each lead is happy to be contacted and is in immediate need of a mortgage loan.
Conflicting reports exist about the degree to which Zillow leads are vetted, with some industry experts indicating that despite the upfront pricing model, there are no guarantees. Potential leads can register their details freely through the platform to view property listings without that information being checked, which can mean paid-for leads are either incorrect, have no intention of purchasing a property, or are looking for products different from those you can arrange.
Lead Nurture Support and Assistance
Finally, we’ll touch on the level of ‘aftercare’ guidance, a core aspect for ambitious loan officers and brokers looking to scale and grow their businesses but lacking access to resources and tools to track and nurture the prospects they receive. Our innovative infrastructure and lead nurture sequencing are tried and tested, with real-world client testimonials that showcase the uplifts in revenues and profitability they have achieved by following this model.
In contrast, paying for a Zillow lead simply means you have the contact details, and where you go from there depends greatly on the quality and intent of the possible client and your abilities and experience as a loan officer.
