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KYC (Know your Customer)- Before you sell leads

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Services for Real Estate Pros with Mkscope

With leads which is such a intangible product/service ,its quite important to know your customers before you sell any leads to them.I am writing about this ,as i learnt it the hard way and had to suffer.

A client of mine wanted Loan Modification Leads for CA and  FL .All he had mentioned in his requrement was that all leads should have :

  • 100k or more balance
  • 60 days late

I found that good enough and decided to sell leads to him at 12 USD a piece.

What i didnt ask him was :

  • His experience in the Loan Mod industry
  • His current employer
  • And foremost his expectations

He bought 20 leads from me ,and just couldnt convert even one.Moreover he hadnt contacted even 80% of the leads,within 4 days he asked for a full refund.I had to pay him the full amount though i had given him 20 leads.He just gave feedback for 10% leads.

I learnt it the hard way : FOR LOAN MODIFICATION LEADS - Impeccable Replacement Policy and sound knowledge of customer's background is a must.

My client was a ex- car's salesman with no exp in loss mitigation or foreclosures.He had just joined the loanmod bandwagon.

Its always good to learn from experiences but it pains to learn from hatd ones.