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By: Jessica Darnbrough
Almost 90 per cent of brokers refuse to buy leads, a new poll has found.
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According to The Adviser’s recent weekly straw poll, 87.3 per cent of the 387 respondents prefer to generate their own leads, while just 12.7 per cent admitted to buying their leads externally.
Your Mortgage Options broker Rod Loomes told The Adviser that he does not buy leads because it is not an effective way of generating business.
“In the past I have been associated with a lead generation company, however, they never managed to prove to me that they were an effective broker resource,” he said.
“The leads you generate yourself, by way of client referrals, are warmer and are more likely to convert into real business opportunities.”
Mr Loomes said when a broker buys a lead, they are forced to explain their value proposition to that potential client. This however, is not necessary if the lead is referred to the broker by an existing client.
It is for this reason that Tiffen & Co and The Mortgage Detective principal Alison Whittle has also decided not to buy leads.
“Clients are forced to divulge very personal information to their broker. Having that initial warm connection between both parties makes the whole process a lot easier,” she told The Adviser.
