Let them eat dough

A lesson in converting online real estate leads

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The trouble with Internet mortgage leads is that people prefer to eat bread not dough. The average Web lead is not cooked properly; it’s just a name, not even a lead and certainly not a prospect. Here’s what I mean:

The average Web lead converts (to funding) at less than 3 percent. This low yield is not compatible with the way most lenders operate. These leads are too cold. A typical inbound call converts at 10 percent to 20 percent for mortgage brokers.