Buying leads has become extremely popular with loan officers who think they’re saving time, but in reality, they’re actually doing it the hard way. Why is buying leads a bad idea? Could they be doing more harm than good? In this episode, we discuss why buying leads is a bad investment of our time and money, and could end up damaging our positioning within the industry.
- Avoid wasting money paying for the same leads as competitors. Bought leads are not necessarily exclusive, so they’re definitely an unwise investment.
- By spending our time chasing bought leads, we miss out on opportunities elsewhere. Don’t waste time on leads that may not even convert at all.
- By buying leads who are probably being pursued by our competitors, we fail to set ourselves apart. If we approach them at the same time as everyone else, we risk competing on cost alone.
At the start of the episode, we learned that most bought leads are poor quality and not exclusive. We discussed that bought leads are a poor allocation of our money, and spoke about why it’s important to upgrade our thinking and stop doing it the hard way.
We also discussed:
- Why we should be hiring an expert to find leads for us
- The importance of a third party endorsement
- Why we should aim to be authorities, rather than prospectors
We may think that buying leads will save us time, but they actually do little to help us and our businesses. They are a poor investment of both our time and money, and stop us from showing potential clients what makes us unique. Buying leads is a poor choice, and one we need to stop making soon.