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  1. #1

    Anyone experience this?

    After a lot of cold calling I decided that i needed to up my game so I watched a bunch a videos and figured out that i need to be calling warm leads. So i did my own research and a bought a small sample of leads. Like a hundred leads to test them out. I wont say who it is. So i get the list and call them all. out of the whole bunch, one of them was really really good. good credit, very interested, wanted 200k and says he did 500k a month in sales. he is willing to pay cash advande rates and the whole 9 yards. He never fills out the app and i was not able to get him on the phone again. so i look up his business online and can't even find the business anywhere. very weird. anyway the lead company asks me how the leads were and i gave my honest feedback. they were very bad except for 1 solid one that i could not get back on the phone. they told me that was a sales problem not a lead problem and they convinced me that they were right. but because the rest were trash i todl them that i did not want to buy more. he tells me that if i do the math and buy a thousand leads that even if 1% of them were like the solid one from the first list, that i would make a nice profit even if only 2 of them turned into funded deals. and that was a true worst case scenario. I found it hard to argue with that and i still blamed myself for losing that first lead. So i ponied up the money and buoght a thousand leads which was a lot for me.

    well of course the whole list sucked and almost nobody answered and when they did they todl me they weren't looking for anything and to take them off the list. eventually i ended up giving that one good lead i had from the first list to a friend and told them if they could get him back on the phone and turn it into a deal that we could split the commission. nobody ever answered the phone # until like 3 months later and this is where it gets wild. the person that answered the phone was the same guy who sold me the leads in the first place. my friend was confused and then the guy tried to play it off like they share an office or something. so now i know what the scam is. the lead that roped me in from the sample was the lead company in disguise to convince me that there were good leads in th esample. I never felt so stupid. I wish now i didn't wire the company the money and the guy says it is not what I think, that he shares an office with a big busienss that really did want a cash advance but that it's because im too new of a salesperson that he decided to get funded by somebody else. Am I just an idiot or does this happen to other people. it does make me sick to my stomach thinking about it still sometimes.

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    I worked for a direct lender for 5 years and ran a telemarketing operation with 5 telemarketers (in a previous life, I supervised 22 reps in the mortgage business). I bought leads from everyone, tested them all, did live transfers, voicemail drops, email blasts and couldn't make any of it work to justify the overhead. We didn't have any kind of customer base and were broker driven. So to create a direct program without any merchant base with renewals was difficult. After a couple of years trying everything we just shut it down. That being said I am sure there are MANY brokers here who do VERY well generating revenue with their own programs that has turned out to be a good investment for them. Bottom line, starting from scratch, buying leads from God knows who is probably going to be very difficult. One of the things that is working for me is using Hellosign online app with my loan app template that they can complete on their phone or PC that get's directly emailed to me when completed. And it is complete and signed. I'd be happy to email it to you to see how that works and you can set up something like that for yourself. And finally trusting people can be tricky in this business...we have all seen scumbags at every level.
    Last edited by Olderguy; 02-19-2022 at 03:52 PM.
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  3. #3
    Senior Member Reputation points: 55949
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    OnMyWay, that really sucks to hear that, that makes everyone look bad.

    Send me a DM or contact www.dumbleads.com and we’ll give you a real free sample, just to wipe that taste out of your mouth.

    And if you want to share that provider privately, it might be time for a visit from homie the clown.

  4. #4
    Quote Originally Posted by Olderguy View Post
    After a couple of years trying everything we just shut it down.
    This is very discouraging lol. I think a docusign or hellosign would help but I have a hard time just getting people to even want to talk to me in the first place.

  5. #5
    Senior Member Reputation points: 81655
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    Quote Originally Posted by On My Way View Post
    This is very discouraging lol. I think a docusign or hellosign would help but I have a hard time just getting people to even want to talk to me in the first place.
    What are your expectations? Are you targeting a specific industry? If you spent 4 hours on the phone,
    how many business owners are you expecting to have a conversation with? Are you expecting to close a funding sales on the 1st call?
    Dave Lambert, Business Development
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    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
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