work from home opportunity - yes really

[wildhaggis]

I'm a mortgage broker, new business, and growing. I've setup a marketing company to generate appointments, for my brokers, and to sell to other brokers. This company is generating leads for secured and unsecured loans as well. I can cope with the secured loans, and thought that I'd be able to sell the unsecured loan leads elsewhere. But, I can't find a customer, so I thought I'd do it myself

The <self-employed> role consists of:
receive a lead (sms/online/email).
Immediately call the lead, and verify if he is looking for an unsecured loan. Some selling ability is needed, as the lead quality varies. Immediacy makes for better conversion rates, but yo will be expected to keep trying to contact the customer for 3 days. Take an application down, and submit this electronically.

Estimated <commission only> earnings are betwween 7 and 30 pounds per hour. You must be Uk based, own landline phone and broadband, and willing to work at least 16 hours per week. Hours to suit, we operate from 10am to 9 pm (last leads received at 8.30)

 

[Shay]

Bit confused....You are having trouble shifting the unsecured loan leads so then want to farm that out to someone who is self employed? If so how can you put an estimate of between £7-30 if you have had no joy yourself?

 

[Alice3537]

Commission only - are you paying for the cost of the phone calls?

 

[wildhaggis]

Responses to both queries:

I have not had any joy finding a customer for the leads, as leads.

Therefore, I will be working these myself. I have a panel of lenders, and some <in progress> underwriting software for this. But I only have one full time IT developer, and one part-timer (who works remotely). So, like everything else, it takes time.

The earning potential is based on my estimates, and varies in direct proportion to the number of leads converted into an approved loan. Wide variations, as some lenders pay higher commissions than others.

I do not pay for the phonecalls. My business package has unlimited landline calls for 6.99 per month, and cellphone calls cost a maximum of 37P. My home package has unlimited calls to Uk and Ausrtalia, and EU, and USA. This costs me 21.00 pounds per month, and includes broadband. My mobile packages (my mortgage brokers get a contract each) typically cost me 35-45 pounds per month for 800 minutes, with free landline calls included, and I get cashback which reduces this cost to 4.00 per month or so. So, phonecall costs are not a lot! And I won't refund them.

 

[Alice3537]

How extensive is your panel? Does the panel include the 'type' of lender leads such as this could be placed with?

If your call costs are that cheap - you stump up for them!

I could use any one of mortgage sourcing sites and charge enough to gain £7 per hour just for the pointer to the right lender whilst leaving you out of the loop and cutting off your proc fees!!

 

[wildhaggis]

Thanks, Alice.
My unsecured lender panel covers the market, from prime to adverse. Only one auto-cascade, though. So, the answer to your response is YES.

I'll not pay for telephone costs. I am funding the unsecured loan leads.

Did I mention these are unsecured leads? If you wish to get your own Data Protection, and Consumer Credit licences, then by all means, sign up with sufficent lenders, sort out your own underwiting system, and place my leads with your lenders. I'd rather have a customer who buys them as leads than have to setup another section of my business. I'll even let you pay on a results basis, not pay per lead.

Let me know of the sites which can do a decent job of underwriting the loan apps, so I dont have to do it in house. Did I mention these are unsecured loan leads? I havent got any mortagage sourcing software that will cope with that.

 

[steve23]

Hi all,

I might be missing something, but this all seems pretty straightforwards to me, and i cant see why its getting such a panning!

You might want to do it, you might not - but all seems fair enough.

Sometimes i wonder why anyone bothers putting their head over the wall on the forum, as someone else always seems to want to hit it!

Peace, love and hugs to all.

Steve

 

[wildhaggis]

Yup, it does what is says on the tin.
If you like the tin, get in touch, if you dont like the tin, then you really have a couple of choices (a) suggest ways that I could sell the leads, (b) ignore the post, (c) carry on sniping.

heads up, over the parapet, waiting for the next bullet.
I survived a plane crash <I was flying the sodding thing>, I can survive a bit of {witty}{?} banter.

For those just lurking, and not members:
joe AT hshm DOT co DOT uk

 

[INDIZINE]

It is normal to question what is being offered. Its a bumpy ride here if you never want to be questioned or disagreed with as it is a forum after all, even this section, so lots of stuff gets questioned.

As it is, every member is allowed to add their 2p worth as long as they are not rude to you, say anything offensive, go off topic, or break other forum rules.

It sounds ok to me too, but I know nothing about selling finance so though it might look ok to a novice like me, to someone who knows their eggs it might not.

 

[Moneyline]

With lenders tightening up because of the 'credit crunch' how do you feel your lenders will be sympathetic to unsecured lenders.?
It's very difficult to get a secured loan/mortgage now, you have to be absolutely squeaky clean, how difficult do you think it will be for your customers?
Is the money paid on a succesful loan, or just to give you the application? If it is on success, You may find people will give up after a time if they are all being rejected.

Bad time to start I would have thought.

 

[StephenW]

Hi

Can I interest you in a virtual mobile number for the incoming SMS?
Then you can keep a log of it all in a database.

Regards
Stephen

 

[Loansite]

It's very difficult to get a secured loan/mortgage now, you have to be absolutely squeaky clean,

You don't have to be squeaky clean,there are still lenders who'll deal with customers who've had problems but the percentage of your properties equity that you can borrow will be lower and it's likely to cost more!

 

[wildhaggis]

A little more information, in response to several PM's.

You would agree times of work with me, and logon to my portal during this time. There would be leads available that have not yet been contacted, so you would be able to start immediately. new leads will be delivered as they come in, and those leads ideally have to be contacted within 60 seconds - for best conversion rates, and to keep them out of the market. If we are talking to them, they wont be looking elesewhere.

Payment is on successful payout of the loan by the lender.

lead availability does not apear to be an issue, there is a surplus everywhere , maybe thats why I havent been able to find anyone to purchase them as leads, and will need to work them myself.

My current statistics:
17% no contact yet
17% no interest
41% not able to help
17% awaiting decision
7% loan offer made

This took me 11 hours, and would have paid out 44.00 in commission to the agent. I will update the other 17% which still await a lender decision and loan offer after they are all completed.

So, the model seems to have potential. I have two good candiates, and will be calling them (and any others) on Monday next week. It is a startup, so there will be teething troubles, and the roles won't suit everyone.