Business Loan Leads Free Trial and free business loan leads probably sounds pretty attractive right. Everyone loves free stuff. We’ve done a little research and found a few of these offers. There are companies giving out free business loan leads. However, like most free things there just might be a catch. This article will evaluate free lead trial programs and try to explain why they might be a huge waste of time.
Firstly, if you do some searching on Google you’ll find that these companies don’t really offer anything for free. Many lead venders use this hook to get you to their website but then there is no mention of free trails or free loan leads. Consequently, a potential client is already steaming before they get a chance to try the leads. Nonetheless, this is a strategy that several lead companies are trying to use.
Secondly, several companies offering free leads are not even lead companies. They are brokers that want your submissions. So, they give you and everyone else the same horrible leads. And in return, you give them your submissions and hope to get approvals. Here’s the catch! How many points are you making with them? How do you know if the deals get closed or not? Can you trust them? For example, brokers in these situations typically get paid 3-5% on the funded amount. More importantly, they get their deals stollen. You should average 8-12% commission and you should only submit to direct lenders to avoid deal theft.
Business Loan Leads Free Trial = Oversold Data + Waste of Time
Thirdly, the other companies offering free leads are just using the same aged data as a marketing tactic. For instance, they buy a list of 50,000 leads – typically from another lead company. Then they give away 10,000 leads for any new client that makes an additional purchase. To emphasize this, oversold leads are the worst thing that you can try. You may be thinking to yourself, how can something for free be the worst thing I can try? In fairness, that is a really good question. The reason these types of leads are the worst thing you can try is time. Your time is worth far more! Wasting time working bad leads can cause you to give up on your business.
Let’s evaluate these business loan lead free trails and see if it can work for your business. The first question you should ask yourself is what is the value of a free business loan lead? We know you pay for what you get but lets take a deep dive into this.
The reason business loan leads free trials exist is pretty simple. The reason is there’s no value to the leads. For instance, a lead is valuable if you can make money. Additionally, a lead is more valuable if you can make more money. You make commission based on a percentage of the loan amount.
So, we know now that companies offering free leads are really in one or more of the following categories:
Obviously, #1 doesn’t give out free leads, #2 is taking a huge cut in commission, and #3 is going to be a waste of time. So are there any other categories that these companies might fit into?
Well, each lead vender is a little bit different. They disguise their free lead program and dress it up in a way that looks legit. For example, let’s look at the free trial with the super broker again. These free leads are given out to anyone that starts a trial. During your free trial you agree to send all your submission to one lender exclusively. But remember, they’re not really a lender. This means that instead of making a high of 15% on the loan amount you’re probably making 3-5%. In detail, the commission from the actual lender is still 10-15%. This super broker takes 10-12% while you take the crumbs. That’s a significant hit but if the leads are good it might be worth it.
So, are the leads good enough to justify the cut in commission? Absolutely not! And, here is why this is the case. The leads are oversold because it would not be reasonable for a super broker to give out exclusive free leads to every broker that wanted to try out a free lead program. Remember, they most likely buy these leads from a real lead provider. Therefore, they give out the same watered down leads to each broker.
So, even if you get a deal you probably have to lower the rate and commission just to get a deal done. The reason for this is the amount of competition. For example, if this borrower is getting calls every single day from all the other brokers that signed up for a free trail program they are going to feel like they have the power. To them, it seems like everyone wants their business! Consequently, the borrower will go with the lowest possible rate with the best terms. Brokers eat other brokers and whittle down their commission. There is chum in the water! Finally, when the dust settles you might make a point or two.
Synergy asked our clients if they have any experience with a business loan leads free trial. They’ve told us their experience has been horrible. We’ve heard cases where 80% of the leads have been defaults. In other words, these borrowers were already defaulting on another advance. Now it makes sense why these companies would sell these business loan leads free trials. They’re trying to make something on dead leads. Also these leads are sold to so many places that the borrowers start to get upset. They start suing people for TCPA violations.
In summary, you can get a free trail but you lose money on commission, you could get sued, and the leads are not very valuable in the first place. Not to mention that you’ll be wasting time and energy that you could have used calling on quality leads.
Disclaimer: Business Loan Leads are not guaranteed to convert. Every company has their own agents who have different sales skills. Each company has their own follow up systems that may yield different results. Companies have their own lenders where they can obtain approvals. Synergy Direct Solution LLC can in no way guarantee conversions or sales.
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