How To Get Mortgage Leads From Zillow, and Should You?

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Top Producer Tips

How To Get Mortgage Leads From Zillow, and Should You?

Purchasing leads is standard practice in the mortgage industry and can be a great way to grow your business, so learn how to get mortgage leads from Zillow! Zillow has been a key player in the mortgage and real estate world for many years. Their mortgage lead program is across the marketplace. From national lenders to local mortgage brokers. But is it really worth the cost?

The following guide will examine how to get mortgage leads from Zillow. Also, how much they cost, and whether the leads are high-quality enough to make a difference to your business. When you’re through, you’ll have all the information you need to decide whether signing up for Zillow’s mortgage lead program is a smart move for you.

How To Get Mortgage Leads from Zillow?

Zillow is the number one portal for home searches. But, it’s not generally where people go to look for mortgage resources. So, want to learn how to get mortgage leads from Zillow? The answer is actually quite simple.

While potential buyers typically come to Zillow to look for a home and/or a real estate agent, most know that they won’t have any luck making an offer that a seller will accept if they haven’t yet been pre-approved by a mortgage lender. Zillow makes the process easy by adding a “Get Pre-Qualified” button to home listings.

Zillow’s Connect Platform

Zillow’s flagship mortgage lead generation program, called Connect, allows shoppers to complete a series of questions. Then, it uses the information provided to connect them with a local lender. When you sign up for the program as a lender or loan officer, you’ll be eligible to receive contacts that are a good match for your profile and location data. Becoming a member of Connect also allows you to receive leads from the rest of Zillow’s network of real estate brands, including Trulia.

Custom Quotes

Larger, consumer-direct lenders with call centers can also access Zillow’s Custom Quotes platform. This allows them to display their current rates to customers who are looking for a mortgage or refinance loan.

It’s important to note that not all lenders will qualify to participate in Zillow’s mortgage lead programs. Zillow states that they only work with high-quality lenders who commit to providing exceptional customer service. Before you begin, you’ll need to contact Zillow and go through a short vetting process to find out whether your business is a good fit for their platform.

How Much Do Mortgage Leads from Zillow Cost?

Unlike some other platforms, the cost of mortgage leads on Zillow fixes per lead or based on a monthly subscription. Instead, the cost-per-lead varies depending on factors like the loan type, credit score, and loan amount. Supply and demand within the marketplace also impacts the cost.

Generally, you can expect to spend anywhere from $75 and $120 per mortgage lead. However, exclusive leads may cost much more. To find out more about how much the leads you’re looking for will cost you, it’s best to consult with Zillow’s marketing sales team directly. Also note that, regardless of the per-lead cost,  you’ll have to put down an initial deposit before you can start collecting mortgage leads through Zillow.

Are the Leads High-Quality?

When searching for mortgage leads, quality matters. Many third-party lead generation companies simply send a list of prospective buyers’ contact information to multiple lenders. Then, the prospect earns phone calls or emails. This is often ineffective since the prospect wasn’t expecting communication from all of these other vendors.

What Does Zillow Do?

Zillow addresses these issues by reaching out to the prospective buyer first. They confirm that the buyer wants to learn more about their lending options and let them know a loan officer plans to be in touch with them shortly. This sets up the expectation for your call and warms up the lead for you. This will help ensure your calls don’t go straight to voicemail so you’re not wasting your time chasing around “leads” who aren’t really interested.

However, if you’re not paying for exclusive leads, then you’ll have to compete against all of the other lenders who have also received this contact information. Being the first to call can drastically increase your chances of closing the deal. In general, you’ll want to have a system in place that allows you to reach out to the lead within two to five minutes of receiving the information.

Zillow Home Loans

While Zillow has created a solid reputation and built trust among both consumers and lenders, there is one potential reason for concern. In 2018, the company launched Zillow Home Loans, a direct mortgage lender. It makes sense to question how this move has impacted the quantity, quality, and sustainability of their mortgage leads.

After all, why would Zillow sell a mortgage lead for $100 when they could potentially make $50,000 or more by executing the transaction themselves? Are they now keeping the highest quality leads for themselves and selling off what’s left? This is a risk you’ll need to consider. Particularly if you’re thinking about making Zillow one of your primary marketing sources.

Manage Your Leads with Jungo

So, are Zillow’s lead costs really worth it? The answer to this question depends on a variety of factors.

If you have a solid system in place to quickly respond to leads and you’re using Zillow’s leads to supplement (rather than replace) your other marketing efforts, then it may be a good investment for you. So, focus on how to get mortgage leads from Zillow.

Bottom Line

Remember that gathering a list of high-quality leads is a great way to begin. However, it’s what you do next that really matters. Jungo makes it easy to track and nurture your leads so you can easily follow up, close deals, and enjoy higher profits.