Zillow Adds Mortgage Loans

Reader Comments
Back to blog

Mortgage loan is an important thing for USA people. But one thing you should be very clear about mortgage loan types and also you get understanding about mortgage loan rates. Now you can decide which type of loan is most suitable for you. www.allfinancialservices.net

Jimmy of VA 12:43AM June 03, 2009

Spencer from Zillow here.
Dave,
Thank you for your thoughts on Zillow Mortgage Marketplace. It’s off to a rip-roaring start in just the first few days. Borrowers are now in control of the process, for the first time ever. And lenders can now access free leads instead of paying a king’s ransom for the privilege of buying a phone number from a lead gen company. Clearly we’ve hit upon something very interesting.
Caitlin,
I think maybe you’re thinking of Lending Tree in your comment. You wrote “I used to work with a mortgage lead aggrigator [sic] and zillow.com produced the worst mortgage leads quality [sic]. I do know know [sic} why they would even try to get into the business.”
Zillow only entered the mortgages business last week, so I don’t think you can say that we had low quality leads.

Spencer Rascoff of WA 3:42PM April 07, 2008

I used to work with a mortgage lead aggrigator and zillow.com produced the worst mortgage leads quality. I do know know why they would even try to get into the business. If I was one of their lender partners, I'd be scared because although our company received more brand awareness, the leads generated from their site were crap, pure crap.

"Caitlin" of CA 12:36PM April 04, 2008

Dave--while Zillow is doing good things here, "might be" is exactly the problem for lenders. Why is it that car dealerships mandate a salesperson get the name and contact information for someone "just looking"? Because, unfortunately, dealerships, just like lenders, are not in the information business. They don't want to educate their competition's client, so to speak. So for a lender to have conversations with "might be" clients all day, they are reducing the time they have for closing a loan.
As someone from a lead management company, Kaleidico.com, I deal with lenders all day. The problem that Zillow may face (and I am not downing the concept here) is that they are asking sales people to be information people. Research is becoming the job of third party services-- look at Motley Fool, Cars.com, etc. I think Zillow is taking a risk in having the lender deal in too many "might be" shoppers and not enough "am" clients. Look at Housevalues.com's foray into mortgage leads--it didn't end quite as they thought, either.

Keith Burwell of OH 5:50PM April 03, 2008