Generating Commercial Mortgage Leads can be a time consuming and daunting task for most brokers / lenders as the cost of lead generation to acquire deal flow matching your underwriting needs is both tricky and expensive.
The Primary Options Are..
1) Internet Leads – There are few providers of commercial leads who can (a) produce enough volume to provide on an exclusive basis and (b) generate enough volume to run a business from it supplying many clients. The upside is they are typically on the cheaper side to buy as a result.
2) Pay-Per-Click Advertising – The two primary providers of ppc advertising for commercial mortgage leads would be Google Adwords and BingAds. The average cost per click on Google for the primary keywords borrowers use to search runs between $5.00 – $40.00 per click.
BingAds which is used about 10% compared to Google averages $2.00 – $15.00 per click for those same primary keywords but of course you get a much smaller number of clicks as a result.
Bottom line… PPC Advertising is a hit and miss game which can come with substantial cost as you attempt to refine your campaign and website to capture those who click through. That design component alone is difficult for most lenders due the fact that they lend on many types of commercial loans. As a result there needs to be a wider narrative which might confuse a given borrower. If a borrower is seeking bridge money and clicks your ppc ad for the keyword “commercial bridge loan” and then arrives on a page that offers many other types of loans and scenarios they may be confused or just think you don’t focus on what they are seeking and leave. Money is spent and you don’t know who they were or what they wanted.
3) Data Providers – There are companies who offer data solutions for lead generation purposes. It works like this. You pay for access to their site / data, set your filters and search. Their system returns the information they have on file and you then download in MS Excel or other format. After that you’re on the phone smiling and dialing away. Cold calling all who seemingly met your criteria.
Challenges are.. Cost, Time, Need. The cost can be extremely prohibitive as there are basically three main providers (TREPP, CoStar and Reonmy) – Reonmy is new on the scene and has a relatively simple model. You pay for membership access a YEAR IN ADVANCE (3k – 7k+) and then have access to data in accordance with that membership.
CoStar sells it’s information based on several factors but mostly on the geography you wish to target. You pay on a monthly or quarterly basis for a smaller area of the country or several which of course ups the ante. The data includes contact info (not email) but they cannot guarantee the phone info is that of the principle nor can Reonmy. Thus you need to be prepared to make those cold calls, get past a gatekeeper in order to have a shot at speaking to the owner(s) to see if they Might need financing in the near future.
These providers offer detailed information on the subject properties which has value but more “perceived” than real as that detail only matters if you are able to build a relationship with those property owners and ultimately do business with them.
4) Social Media – Placing ads on Facebook, Twitter or Instagram for CRE Lending is a waste of time. These platforms are mostly for personal use and therefore do not provide well for commercial mortgage lead generation as it is both niche and b2b. LinkedIn has some potential but you need to create thousands of contacts and now how to market to them. Those contacts need mostly be developers and others who are not in the same business but come across those in need. (Accountants for example). Linkedin has a PPC option but it is largely ignored by the user who focuses on the posts and network connections they’re trying to make themselves thus you pour considerable money in to get any return.
5) Personal Networking – Going to conferences and trade shows for the purpose of developing commercial mortgage referral leads can be productive and even fun. You need to consider the cost of entry and travel along with a strategy to maximize contact with those who are in a position to refer to you and not someone else. The best events for productive networking would be those targeting Realtors, CPAs / Accountants, RE Developers and Perhaps Residential Mortgage Brokers.
CREFXCHANGE EXCLUSIVE COMMERCIAL MORTGAGE LEAD PROGRAM
Our Platform is a referral based environment where you can set filters to target commercial loan types you know you can fund and receive exclusive commercial mortgage leads referred by industry professionals (ie; Realtors, CPAs, Financial) who are seeking assistance for a client.
Realtors use it to refer a broker / lender so the deal gets done and they ultimately earn their commission on the sale of that property.
CPAs / Accountants refer clients who among other financial business have commercial property loans facing maturity.
We have over 93,000 commercial Realtors and more than 61,000 CPAs / Accounting Professionals who are part of our platform.
CREFXCHANGE PROGRAM PROGRAM BENEFITS:
1): Exclusivity – Each Referral is Set to a Default Download of 1.
Once Taken it is No Longer Visible to Anyone Else
2): Referred – Each Commercial Lead is “Referred” as noted above NOT Internet Generated
3) Phone Verified – Prior to Upload We Speak to Every Borrower To Verify All Information Received.
4) Returnable – For No Contact or If Borrower Signs Elsewhere – Not One Dime Wasted on Non-Opportunities
5) Guaranteed – 2 Deals Closed or Your Money Back !
6) No Fees – Keep 100% of Your Commission
With CREFxchange.com Success is A Mathematical Certainty !