Because I am a firm believer in getting my name and expertise out via varying formats, I partici
pate in many real estate-related websites and venues. Today while reading the Q & A section of one of the other sites I take part in, I ran across a comment offered up by another lender. This comment was regarding the huge number of "quotes" received by a potential customer to a rate inquiry on the site.
It seems ... so far ... this inquiry had been responded to 180 times! The question presented by this lender was ... "How many responses is too many or enough?" It was obvious this lender was greatly frustrated, as well as a little confused, regarding the website's decision to allow the quote format or to allow that many quotes to be given.
I have asked 
myself the very same questions many times. Why would a potential customer have any faith in such a format? And how does a potential customer begin to sift through 180 quotes, make any sense of them, or see any differences in the responders? At what point does the number of responses to their inquiry go beyond ridiculous or unmanageable? At what point does it become useless for another lender to respond?
At what point does a customer just put on a blindfold and pick something ... or worse, give up?
I have been questioned many times about my decision to NOT provide quotes on sites such as this, even though many lenders think it a useful tool and important reason to be involved on the site. 
Especially in today's housing market and financial climate, detailed information and documentation of such is key to the quote and the transaction's outcome. There are just too many variables and detailed questions that need to be personally addressed with customers to provide any reliable concrete answers and solutions through this limited format. Once offered, it is hard to retract or change initial opinions and I find that customers do not react well to it. I feel as a professional I lose my credibility and their trust.
These other websites do provide our industry a service. They are great vehicles and marketing tools for real estate professionals and provide great opportunities for contact with a vast amount of potential customers and referral partners. They assist us by offering a simple and easy means by which to reach one another an
d communicate.
I know my decision regarding quotes limits the number of contacts I make through these sites. I prefer to pursue and forge relationships from these websites through their Question & Answer feature. For the very reason this other lender brought to light, I can do it no other way. I can only hope that those utilizing these website's Q & A forums read the information and explanations I offer and then react to the quality of those responses and the sincerity in which I try to provide them.
Otherwise ... there's the blindfold!
Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Skype! 630-219-1316
Gene - I'm with you, on passing on participating on those sights. They just don't fit my business model, and with only so many hours in the day, I don't feel putting time there has the greatest return. I need the people contact.
I would think you would want someone who was reccommended to you in borrowing that much money and would ask around before making a decision.
Karen: Thanks for writing me! The processing of loans sure does keep us very busy these days ... you are so right about that. At times I am just mystified by the amount of work (and the questions, documentation, & attitudes) involved in closing a loan anymore. The whole idea of offering a quote based on the little info received on the sites I mentioned almost scares me. It just can't be good for my business to do that and I focus on the positive steps I can take to accomplish my goals in marketing myself. Besides, how do you battle 180 other quotes? Mind-boggling ...
Reading your post the other day was almost comforting, Karen. I don't like hearing that you are suffering through the problems you wrote about, but sometimes it is just good to know that you are not the only one experiencing those types of problems. Neither of us needs to take these things personally ... it's just a sign of the times and the state of our business.
I hope that you and your business experience nothing but positives in the future ...
Terri:
You are exactly right ... with that much at stake, people should rely on references and the earned reputations of the professionals they choose. Making the decision of working with one person over another should be based on facts, production, and closing statistics, almost like "Relieving Pitchers" in baseball! (Now THERE'S another AR Blog Title!) It's about what we have PROVED we can accomplish for our customers and referral partners ... not just interest rate quotes, points, or promises.
I'm sure you have found that your best customers are found in the same manner as mine ... through the referrals of past successfully closed and happy customers. Their word of mouth support is priceless and where I focus the majority of my marketing dollars. They are normally my most enjoyable transactions/closings too, which sure makes my job easier and much more rewarding. After 30 years in the business ... that has become increasingly important to me.
I wish you the best of luck in the Northern Colorado market. If I can ever be of assistance to you in any way, please do not hesitate to contact me.
Gene