Buying loan mod leads

I just googled "loan mod leads" and came up with 897,000 search results. That indicates to me that the market for loan modification lead sources is pretty amped up. But if you're a loan mod consultant, should you buy loan mod leads or concentrate on generating your own loan mod prospects?

There's no easy answer, since quality of lead can vary tremendously among loan mod lead companies.

Many loan mod lead companies have a nasty habit of selling the same loan mod name several times over. Meaning that even though you thought you had purchased an "exclusive" loan mod lead, it turned out that you were the sixth loan mod consultant to contact that lead.

How do you think your prospect feels about your call?

Contrast this with generating your own lead. I prefer this method. I hold one seminar each
month on the topic of loan modifications. I typically get between 35 to more than 100 loan mod prospects at each presentation, and anywhere from 3-8 loan mod clients out of each.

And I follow up with the leads who don't convert right away, sending them 1-2 emails per week for months. I pick up an extra one or two clients this way, plus referrals for other loan mod prospective clients.

The reason I love doing workshops is that I virtually competition-proof myself. In contrast to buying internet loan mod leads, where each loan mod consultant is hammering away at the prospect, saying virtually the same thing as the last caller, I'm in a different position.

By speaking, I've established credibility - a "halo effect" - that goes a long way with my prospects. I'm able to distinguish myself as an expert compared to all the other 'cold-calling' cowboys scattered across the country in non-descript cubicles.

When I finally sit down with each prospective loan mod client, they're already "pre-sold" on me and it makes it easier for me to close the sale.

I'm in the middle of putting together a "Loan Mod Warrior" marketing system for loan mod consultants who would like to close more deals or for the rank beginner looking to get into this explosive business.

Keep an eye on this blog for an announcement and more tips.