ARE WE KIDDING OURSELVES ABOUT UNDERSTANDING INTERNET SHOPPERS?

 When we Web 2.0ers dream in color, here is what we see: Mr. IRES (Internet real estate shopper) throws magic key words into Goggle. Because of our fabulous SEO savvy, he is led to our blog. Eureka!

He is madly in love with everything he reads and can't wait talk to us about buying real estate.

Dream on, all ye blogging pioneers. We aren't there yet.

How do I know? I am experiencing an amazing look inside the head of Mr. IRES. I am working on leads from a well known national online loan company. I am not competing with other lenders, and these leads have proven to be completely legitimate.

Most are NOT involved with a Realtor yet, so you could safely say I am speaking with them AT THE SOURCE of their profound realization that they want to buy real estate.

A GOLDEN, GOLDEN opportunity for me, with a marketing degree, a lifetime of being involved in real estate (which means attempting to relate with objectivity to the average real estate buyer is nearly impossible) and as someone who, well, frankly isn't that much of an Internet shopper.

THAT HUGE GULF BETWEEN WHAT THEY EXPECT, AND WHAT THEY GET

One of the biggest curiosities is why Mr. IRES willingly inputs all of his personal information, including social security info, income, address etc., hits the submit button, and somehow thinks, in vending machine fashion, an approval will be spit out.

 Look, I put my buck in, just gimme the damn Coke. Why are you calling me?

I am reminded of some comments that surfaced on a post I wrote about texting. In it, a Generation Xer stated that he was highly annoyed if his friends actually called. He only wanted to communicate via TEXTING.

Huh? Is actual conversation becoming extinct?

I say NO, BUT.....And it is a big fat BUT. 

WHY THEY ARE ANNOYED WHEN WE CALL

Our culture is moving away from buying ANYTHING with human interaction. As a result, real live human conversations about buying ANYTHIING seem to fall into the category of "A SALES PITCH".

SALES PITCH. Quick, run the other direction!

Mr. IRES already buys his car insurance online. He banks online. He buys his clothes from an online catalog, and his office supplies from a web site. Every time he makes a phone call he knows he can get the information he needs by pressing the right button.

In fact, he would be bloody shocked if a live person actually came on the line.

Now do you understand why a live voice, responding to an inquiry that he himself initiated, is lumped into the category of TELEMARKETER MAKING A SALES PITCH? Strange, but true.

SHOULD WE TRY A DIFFERRENT APPROACH?

 I am good enough on the phone that I can usually BREAK THE ICE. But I am wondering if it might be better to respond with an e-mail first. Not with that tired old letter that begins..."Thank you for your application". With something DYNAMIC that leads them to my blogging website so Mr. Ires can get to know me FIRST on his terms, not mine.

This is difficult because from day one, all of my marketing training, and all of my real estate training has been based on this Golden Rule: "Time is of the essence."

Do I sacrifice TIME in an attempt to bridge the gap of his perception (gimme the Coke) to Web 2.0 (here is a free sample to enjoy..please take your time)?

I am beginning to think he really didn't want the Coke, anyway. He wanted the free sample, but had no other choice but to put his dollar in to start the process.

Mr. IRES and I agree on one thing. He IS thirsty. What is it they say? You can lead a horse to water, but you can't make him drink?

Mr. IRES may be thirsty, but he isn't ready to drink just because he THINKS he wants a Coke.

 

Note: This is the second installment in a series, "Inside the Mind of an Internet Shopper", which will chronicle my journey and observations from working directly with Internet shoppers who have applied for a mortgage to buy California real estate.

 

Written by Janet Guilbault, California Mortgage Expert based out of the San Francisco Bay Area

 

 

 

 

 

 

 

 

16 Comments on Inside the Mind of An Internet Shopper: I Put In My Dollar, Now Gimme My Coke!

MAR
02
2008
832,334 Points 213 Featured Posts Localism Sponsor Outside Blog Hit Router

The Internet shopper is, indeed, different.  But, my best buyers are the ones who call and we have a conversation.  When they telephone and I can engage them in a real conversation, the likelihood of them becoming clients is much higher. 

Which is, of course, why they don't let me out much.

1:42pm • #1
144,836 Points 89 Featured Posts Localism Sponsor Outside Blog

But Lenn, aren't your Internet shoppers those that have found your site and your blog?

My leads are people who are responding NOT to a blog or a personal, localized website, They are blindly filling out an application for a giant national online lender to approve them.

That is a much bigger chunk of ice to crack, but then getting out is overrated anyway! Happy Sunday, Lenn.

1:48pm • #2
569,513 Points 95 Featured Posts Localism Sponsor Outside Blog Hit Router

Janet, my experience with internet shoppers is the first person to speak with them and connect with them is who they work with. Last week, my daughter called a lead that came into our site. Here is what he said,

"Thank your for calling me.' Every other site I am been on a get emails from Realtors.

So out they went last Wed. Wrote an offer on Friday, and it is now under  contract.

I instruct and hold accountable all my team for CALLING the leads. We are all busy in a terrible MI economy.

Call and call quickly before their hand leaves the mouse, is out motto. 

 

2:01pm • #3
144,836 Points 89 Featured Posts Localism Sponsor Outside Blog

Missy: Thank you for that observation, and I do agree with you. Being first counts! Always!

Do you ever get resistance when you call them? How do you connect with the ones that don't call back? How long do you continue to call them if they do not respond?

2:07pm • #4
10 Featured Posts Localism Sponsor
Janet,
If I call and get connected with the "internet shopper" first time, then ususally converstions go accordinally.  But there are a lot are just tire kickers.  Often they only want rates and you have very little time to talk about what you can offer them as their advocate. AJ
2:22pm • #5
144,836 Points 89 Featured Posts Localism Sponsor Outside Blog
AJ: looking for ways to overcome this gap...do you have any suggestions? Or is this just the way it is?
2:33pm • #6
569,513 Points 95 Featured Posts Localism Sponsor Outside Blog Hit Router

Janet, we call them 3 times and try to reach them. At that point we leave a voice mail. Then we use a email drip campaign for 7 months. After that they ONLY get me newsletter once a month. Internet leads are not always ready just looking. So they must be nurtured. 

The campaign I use is http://Intersend.com

It is also for lenders. I have been dripping people since 1999 and you would be surprised how many call and say, "Hi, remember me?"  We are now ready to buy.

 

 

3:20pm • #7
144,836 Points 89 Featured Posts Localism Sponsor Outside Blog

Missy: Even in the days I did my auto leasing newsletter via snail mail, people would come in years later with a crumpled up old issue and say, remember me? I want a car now!

Long before we called it drip. Thanks for your insight.

3:39pm • #8

"Often they only want rates and you have very little time to talk about what you can offer them as their advocate."

Yeah, the nerve of these borrowers, expecting to measure how competitive you are. It's the relationship that matters, right? Yeah, right, give me a break. I've dealt with both types of brokers and let me tell you, I'll go with the upfront broker every time. If I wanted a 'relationship' I'll talk to my friends thank you very much.

Doug
10:12pm • #9
MAR
03
2008
144,836 Points 89 Featured Posts Localism Sponsor Outside Blog

Hi Doug. You have said that the broker who attempts to act as an advocate is somehow evading giving you a rate (or being upfront, as you said) You said:

If I wanted a 'relationship' I'll talk to my friends thank you very much.

Friends are not necessarity advocates, and advocates aren't necessarity friends.

But one thing for sure: landing the best mortgage is about way more than just a rate. I could quote you the lowest rate in the world, but if I can't close the loan, what does it matter?

Closing a loan and providing the absolutle best rate and terms with the least amount of hassle to you requires that the broker become your advocate. I said advocate, not friend. Personally, if I hire ANY professional, I want them to be my advocate. That is what I am paying them for, to believe in the cause and fight like hell for me.

And for the record, I applaud you for shopping, I wish more borrowers WOULD take the time to shop for their financing (I have actually written a post about this).

Please know that if I know nothing about you, any rate I give you is meaningless....there are just too many variables, Doug. So should I spew out something to break the ice with you that I might not be able to deliver once I know more facts?

Or should I try to learn more about your situation so I can give you a quote that I can actually deliver?

 

8:33am • #10
198,135 Points 6 Featured Posts Localism Sponsor Outside Blog
Thank you for a great post. I think that people do respond to the first person who calls them and they appreciate the timliness of the response.
11:14am • #11
114,547 Points 9 Featured Posts Outside Blog

Hi Janet...what a great post (flagged for feature, btw).

Hmmm....I can relate because I do a lot of shopping with no human attached.

But I'm torn, because when it comes to the internet, I just DON'T go for those lead generating web sites.

And yet, the people who ARE searching online for real estate/mortgages are clearly putting their dollar in the coke machine, so to speak.

Provocative.

11:53am • #12
144,836 Points 89 Featured Posts Localism Sponsor Outside Blog

Joey: Thanks for your input...I was really hoping someone from the mortgage biz would comment.

There is such gap that needs to be closed! I am working on ways I think it can be closed.

Funny how we bloggers forget that there is another group of people out there that are shopping for real estate. These are those that go to the big impersonal web sites. What do they want and how do we teach them to read blogs and to feel more comfortable beginning the process?

 I have come discover this is a huge issue.

1:07pm • #13

"if I know nothing about you, any rate I give you is meaningless....there are just too many variables"

But if I tell you I have a 700+ credit score, ask for a specific loan amount, provide income info etc, I don't think it's that hard to generate a GFE, right? By contacting several brokers at the same time, I can compare rates and decide for myself who is more likely to close a loan and provide the service I'm looking for. I find it interesting how some brokers are quite upfront in this situation, while others are not, instead creating FUD in the mind of the borrower and pushing the importance of the 'relationship'.

Doug
8:04pm • #14
144,836 Points 89 Featured Posts Localism Sponsor Outside Blog

Not sure what FUD is but I will agree with you on your last comment. I also believe that right now people shopping for mortgages really are hungry for straight talk. 

I also believe that you do have the ability to intelligently compare loans/brokers with a GFE and a scenario, and that you should choose who you think is the best person for the job.

Do I think you would be making a mistake by simply going for the lowest rate taking absolutely nothing else into consideration? Yes.

I

 

 

8:23pm • #15
MAR
10
2008

 

I just closed a deal with an internet lead, it took her 8 month of looking and thinking, she was on a drip campaign for all that time, very low key campaign just reminders, it worked for her. but you need about 1000 of these to make a living

12:04pm • #16

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Janet Guilbault California Mortgage Banker/Broker

Walnut Creek, CA

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Address: 3201 Danville Blvd, Suite 195, Alamo, CA, 94507

Office Phone: (925) 552-3867

Cell Phone: (925) 212-6347

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