Zillow Long Form Leads Worth the Money?

06/24/2016
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Are Zillow Long Form Leads Worth the Money?  Today we air a Mortgage Shots video where we interview a loan originator that says NO.  Are you paying for these leads?  Are they worth it?

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Comments
  • You are better off doing direct mail, working your 250 people you already know and past clients if you have them. Stop buying these leads unless you truly are a price leader which is hard to do in this internet lead environment when some of the zillow lenders are working on 25 basis point margins for the LO and holding 25-50 bps in their rate sheet

    rich June 24, 2016 3:34 am Reply
  • I have done the long form for a short while – didnt find it worth it, no viable leads. Partnered with Premier agents on zillow for over a year – not ONE lead turned into an app pr anything else.

    Dan June 24, 2016 3:46 am Reply
  • I have been doing zillow long forms fir a year now. They are progressively costing more and more. Since they started doing the discounted off time leads, my lead costs have almost doubled. Lol. My ROI is becoming an issue with the rising lead costs. Our time is too precious and you can’t just break even!

    Ken June 24, 2016 4:16 am Reply
  • I spent the same amount and I’m having similar success. I’ll close one lead. Many of the people I called were just looking around, not serious about finding a house. I may have one more to do, the customer contacted a Realtor on their own, so I may have lost it to the Realtor’s mortgage person. I would not recommend it.

    Mark June 24, 2016 5:22 am Reply
  • I am in NY. I spent $$ on Zillow and did get a few serious buyers and none of the sellers wanted to list their property (many of which were agents). There is no screening process for their so called leads. Many of them were bogus. I have gotten more leads by not paying, posting my listings and following up with the buyers who are interested in my listings.

    Sandra Glaser June 24, 2016 6:07 am Reply
  • This young lady in the video is very professional and my heart goes out to her. I sincerely hope at least a couple of those “leads” pay off for her. To be upfront, I actually never paid any of these lead generating companies any money. It appears that lead generation companies in general cannot truly walk the talk because most of them if not all of them have never been in mortgage broker’s shoes or real estate agents shoes.

    Ronald June 24, 2016 8:27 am Reply
  • I have used Zillow off and on again for years. I feel pretty dumb, but every time I get suckered into spending money with them, I get the same result – nothing. Why would I continue doing this? Every year or so I get solicited by Zillow to try their latest and greatest new vehicle for leads. First it was rate tables, then partnering (actually paying for) real estate agent pages, and then their latest and greatest, the long-form lead.

    My experience is similar to the woman interviewed. I did get lots of leads. I was able to reach a greater percentage than any other lead source I have ever purchased. But here’s the most important aspect: As the LO described, most of the leads were for people just entertaining the thought of homeownership. I complained loudly to not only my Zillow rep who gave the same the BS about “You must be an ambulance chaser and call these leads immediately”, but also to his boss.

    Maybe its’ that I have a very long relationship with Zillow, or have been rated 5-stars on their site for years, or that I have tons of 5-star reviews, but Zillow finally came clean and admitted that the long-form leads are very green leads. If they actually do qualify to buy, it will be a 9-18 month process before that leads turns into money in my pocket. There are so many things that can happen in 9 weeks, let alone 9 months, it would be interesting to see some data from idiots that play the “let’s keep Zillow rich” game for the long-term as to how many of these leads actually turned into deals.

    To sum up, PASS.

    Alan Van Zee June 24, 2016 12:04 pm Reply
  • How do you begin a critical, unbiased video post about a lead company, with an AD FOR ANOTHER LEAD COMPANY!!!!! This is the most self-serving, BS interview I’ve ever seen.

    Let’s take a look at the Zillow Long Form Sales Pitch and then see if this lender was sold incorrectly or if she just doesn’t get it. I just had one of my originators sit through the pitch and am signing them up (I have 14 others who work this system properly and succeeding). We were told:

    40% – 60% Contact Rate = Check, she said “half” in her testimonial
    10% – 20% Application Rate = Not specific, but “Took a lot of apps who had low credit” implies she hit at least 4 (unless a lot = less than 4?)
    5% – 10% Conversion Rate = “I would have closed one but it fell through” This is probably Zillow’s fault… fool.
    90 – 180 day ramp up to see conversion rates = She quit after 40 contacts and wasn’t even on the program for more than a month, so…

    It sounds, very much to me, like this is another case of disappointment over not getting instant gratification. Wake up people, there’s no such thing as making your living by not putting in the WORK! Zillow provides me with leads that build my pipeline an enable me to have loans to close when the busy season ends… while you clowns sit here whining about how no one is giving you deals.

    Grow up.

    Kelly Salazar June 24, 2016 1:55 pm Reply
  • That’s horrible, she’s getting her head ripped off. Realtors need to work for a company that supplies leads for them like EasyStreet or High Garden. Unbelivable that hard working agents fall for this stuff brokers should be providing leads for their buyers agents. Sellers need buyers agentsjust as much as they need listing agents . Why do most brokers short change their buyers agents.

    Donna Burgher June 25, 2016 6:00 am Reply
  • I currently use zillow long form. They tell you that you need at 3 months to make this work. They tell you you need to spend more than 1400 dollars. They were pretty accurate on the quality of leads they said would come. They said 4-5% closing ratio per 100 leads. If she took 20 apps she should have closed 1. Which she said she would have but she left the deal when she moved to another lender. So sounds to me zillow was correct on what to expect. Buying leads, and acquiring new customers is nothing new. It’s something to be used in addition to working your database and working in your circle of influence. It all comes down to how much you are willing to pay for a customer. That’s what mergers and acquisitions is all about. acquiring customers. Adding to your database. So if I’m going to spend $5,000 and acquire five customers and get a return on investment of $28,000. When speaking in terms of investment that is a great return on your investment.who can debate that? Now how you acquire that type of return is the quality of time that you are willing spend in following up on your leads. To make these leads work you have to call 10 to 15 times and never give up. But the problem is that it is very rare to find sales people willing to continue to call to continue to follow up to never give up and most people stop after 3 to 5 times. Whoever says buying leads is is not a great idea doesn’t understand how big businesses are ran. That’s what advertising is for that’s what branding is for. all these things that we spend money on is spending money to acquire a customer..that’s why people keep trying it out. There are companies that give low quality leads. Zillow is not one of them. and if you’re ever going to build your business to a degree which you can make it a passive business that you are not actually working in then you’re going to have to buy customers.

    Greg June 27, 2016 6:19 pm Reply
  • Seems to me you have 2 different kinds of lenders. Those in business for themselves, those that operate like they are employed. Those that are in business know it’s a process of months, those employed want it now. Simply put, pay to get a return and don’t complain about the work. She may have said she was smart to print out her leads, but to be smart, she needed to CRM those leads.

    Greg September 19, 2016 10:45 am Reply
  • Pretty much all I am seeing on the part of this LO is someone who didn’t get instant gratification with the leads that were coming in and didn’t have an automated CRM to continue to stay on top of her pipeline. If she tried a new program and bounced to another lender in the middle of that, she is obviously not a successful LO and is just bouncing around companies hoping to make it work out. How in this day and age people still print things up and keep notes in pen and paper for follow up is mind blowing.

    Alex April 14, 2017 6:57 am Reply

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