Whether you are a loan officer who is just starting or someone with years of experience, finding good mortgage leads is what will keep you in business. And if you haven’t lived under the rock this past decade, you probably know that Zillow is the biggest and most popular real estate portal in the US.
So, are Zillow mortgage leads worth it? Zillow mortgage leads are a good way to find potential borrowers interested in refinancing their mortgage. However, it’s important to note that not all of these leads will be qualified borrowers, so it’s important to screen them carefully before spending too much time on them.
So naturally, the question of buying Zillow mortgage leads has probably come across your mind. So let’s find out if Zillow leads are worth it and what you can gain from them.
So, let’s say the Zillow leads will not bring the same results to every loan officer, and these results will mostly depend on the way you are using this information and what kind of leads you are after.
Find out all about Zillow leads, how they work, and are they worth the money you will pay.
The biggest complaint you can come across in loan officers’ reviews about Zillow leads is that they are not worth the money you are putting in. Most reviews stated that the leads they got didn’t lead to the sale.
And it is understandable to be upset, considering the fact these loan officers are paying a lot of money to get those leads. But the thing with Zillow leads and leads from other similar platforms is that they can not guarantee to close a deal, and when compared with other alternatives you got, such as generating your own leads, buying ones from Zillow is probably one of the best options you got.
But if you think Zillow is not the right choice for you, here are some other options you can use to get your leads:
- Bold Leads.
First, let’s briefly explain how does Zillow get its leads and why they are better than Facebook ads. For starters, Zillow will provide you with customers who have willingly shown an interest in buying or selling a house.
People who are searching for real estate on Zillow have an option to subscribe and register in order to be contacted by loan officers.
Other platforms’ forced registration means you will not get “true” leads. Also, Facebook ads also can pop out to anybody, meaning you can’t get a good target audience.
However, Google ads have an option where you can target people who are interested in purchasing a home.
Another complaint is the costs of Zillow leads, but these are based on market rate. This means that the costs will be determined by the local real estate market.
So, before you make a purchase, make sure to do good research about the area you are interested in.
On average, Zillow leads cost somewhere between $75 and $120, but some premium leads can cost $1,400 per lead.
It is no secret that Zillow is one of the most popular portals people come to look for real estate. It is something that gives Zillow a high advantage as opposed to other platforms or Google ads.
First of all, the target audience has already been selected (people come with the purpose to look for houses,) and registration is not forced, meaning people do want to be contacted by the loan officers. That means you will get high-quality leads.
There are several ways to get leads from Zillow, and you can sign up for a lead generation program or advertise on their website.
Aside from the fact you will get filtered and high-quality leads, there is no dispute you will get a lot of them. Probably everyone who has ever wanted to purchase or sell a house has come to the Zillow website at least once.
Zillow is the biggest platform where people list, sell, and buy homes and know they can even search for lenders.
If you become a part of the Premier Agent ecosystem on Zillow, you will be able to be listed as one of the local agents on another agent listing too. You will get exclusivity on your listing and a bigger reach on other agents’ listings as well.
Also, premier agents will get CRMs, so communication with customers will be much easier, which is crucial, especially if you are new in this industry.
Even though Zillow has many benefits, there are some downsides you need to consider before you purchase leads there.
And once you see what the pros and cons are, you will be able to make your own decision on whether or not the benefits can beat the downsides. In short, is it worth using Zillow to get leads.
If you are not Premier Agent, you will not get exclusivity on the leads. This means you need to be quick on the phone and good at talking if you plan to make that lead worth your money.
It can happen that your lead is already taken by the bigger loan officer or that your lead still can not make up their mind about hiring a loan officer.
When you become a Premier Agent with Zillow, the price of your lead will depend on several factors. The cost of leads will depend on the average sold price of the home in the area you are looking for, the number of professionals competing for the lead in that ZIP code, and the percentage of leads you want to capture.
For expensive metro areas, these leads can be $1,200 or more. The big question is, is paying a Premier Agent worth the leads you will get? Well, the answer is probably yes, but there are also big chances that your lead might be stolen by a bigger player.
On the other hand, if you use regular listing, you will probably never end up in expensive ZIP Codes since Premier Agents can choose where to bid and how many leads there are.
Here are the main differences between a regular listing and a premier.
|You will get high volume leads but not the most expensive ones||Can offer the best level of traffic, exposure, and opportunity|
|You must claim the list to be shown there||You will get real-time estimates at all times|
|If you are not active, you will not be listed as an agent||You will get access to premium sites, including Trulia, StreetEasy, and RealEstate.com|
|IDX website and CRM|
|You will be listed as a loan officer at all time|
|You will get exclusivity on the leads|
Zillow Home Loans Are Huge Competition for Loan Officers and Brokers
Zillow, as a real estate platform, has made its own mortgage company, meaning people now can get a loan from Zillow to purchase homes. There is a reasonable doubt that Zillow will sell the leads they wants to keep.
Why would they sell leads for $1,200 when they can make a commission or much higher value? That, effectively, means that Zillow will eventually become the biggest competitor to mortgage brokers and loan officers.
On the other hand, there is a possibility Zillow can sell guaranteed leads for a much higher price to the loan officers who are willing to pay the highest price.
Either way, these are not such great options for someone who is starting a business.
Probably the biggest question for someone just starting in the real estate business is whether you should generate or buy leads. The best way to get the leads is through a connection, but if you don’t have a big network of customers, this can be hard.
So, buying leads is probably something you’ll have to do. On the other hand, if you know your way around digital marketing, SEO, Google and Microsoft, and Facebook ads, you can try to get your leads on your own by campaigning and collecting contacts or waiting for someone to contact you.
But if you don’t have time to deal with this, you will have to hire a company to lead these marketing campaigns for you. This will also cost you some money and still will not get you guaranteed leads.
To be clear, advertising on Google or Facebook will cost you much less, which can leave you money to invest in other forms of advertising.
But in the end, you are risking money to get leads in both ways. The question is how much money you are willing to risk.