From Andy CrawfordMy experience with GMF was almost identical and I would urge anybody considering it as a lead source to steer clear. I spoke to a nice lady who told me all about its brilliant conversion rate of 30% to 40% of leads. What she did not explain was that its idea of a conversion rate is actually leads to appointments, not leads to completions. So out of 10 leads you might get to meet three or four potential clients. Fair enough, if they want to see me then there is a good chance of doing business but of course the reality is that when you phone to make an appointment these potential clients invariably tell you that they are not actually looking for a mortgage but just wanted some figures off the internet. The other problem is that out of the 15 leads I purchased, 10 were first-time buyers with no deposits and earning about 15,000 a year, in an area where the average property price is 160,000 plus. You don’t need an A-level in maths to work out that’s not going to work. Oh, and one of the leads was a non-existent person. So, all in all, a waste of money. I immediately cancelled my account and returned all leads to GMF for a refund. It denied receipt of the returned leads and demanded payment in full. And it also threatened a 200 charge for debt collection. I had a long conversation with the debt collecting company and, reading between the lines, got the impression that it was not particularly impressed with its client’s way of doing business. To cut a long story short, I had neither the time nor the motivation to pursue the case through the courts so I paid up and chalked it up to experience. Fortunately I have since found a superb company who set up all my appointments, replacing without question any that cancel or even just change their mind. It also has a proper conversion rate of 50%. This is obviously the recipe for mutual success. I doubt GMF will be able to survive with its business model and I hope this letter helps others avoid wasting their time and money.
- Top trends
Commercial First has been awarded two commercial lending accolades at the National Association of Commercial Finance Brokers annual general meeting and gala dinner, recently held at Birminghams Botanical Gardens. Following its entry into the UK lending market in 2003 Commercial First won that years NACFB awards both for most successful new entrant and for specialist […]
Swaps continued to fall from their recent highs, though I still believe we will have to wait another week or so before lenders start to reduce their fixed rates.
The Leeds has announced its support for Mortgage Nexts passport initiative, launched in September this year, by becoming a passport panel lender.The scheme provides directly authorised brokers with a range of benefits including product exclusives, AirMiles, free Mortgage Brain and Trigold subscriptions, access to a vetted panel of lead generation companies, white label website facilities, […]
Orchard & Shipman, the London and Edinburgh property services group and community housing specialists, has appointed Paul Nye as financial director.Previously financial director of Dreams plc, the furniture retailer, Nye was responsible for the growth of that business from 13 branches and sales of 4m to over 100 branches with a turnover of 100m.Chris Shipman, […]
The Living Wage Foundation has announced that Johnson Fleming was accredited as a Living Wage employer earlier this month.
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