Hello all: I've always liked the concept of Zillow Mortgage Marketplace and Zillow (www.zillow.com) in general. I find it very consumer friendly and have had the pleasure of meeting some great people who work there.
Lately I've noticed how many lenders have been quoting on Zillow Mortgage Marketplace. Oftentimes, there are more than 30 quotes for one loan and alot of them are done by "roboquoters" (credit unions, etc. without a profile). I don't know how a borrower can decide. Plus, it seems to me alot of the mortgage people quoting on Zillow Mortgage Marketplace are "lowball" experts who couldn't possibly honor what they quote (too low rates, turn times, fees). I believe it cheapens the experience for the customer.
I understand that Zillow Mortgage Marketplace in theory was supposed to be a place where a customer could shop for a loan. That premise still holds true. I just don't think it's for me. The barrier to entry was low ($25) and the opportunity to add new clients seemed high. But, to date, I haven't written one loan by quoting and find myself spending less and less time there.
One part of Zillow I do like is the Advice area. This is new. Here, customers pose real questions that need to be answered. I look at it as building my expertise. If you're not into hammering out quotes in Zillow Mortgage Marketplace, check out the Advice area. I will continue to quote occasionally on Zillow Mortgage Marketplace but have found the results compared to the time to not be equal. What do you think of Zillow? I'm curious. Enjoy your day!
Paul McFadden
The Q&A section of Zillow is definitely where you're going to get your biggest bang for the buck, Paul. Stick with that and occasionally throw in a rate quote here and there. For those folks looking for a relationship based lender, like you, you'll do better to build on the Q&A. I've found over time that those folks who shop by rate alone don't always get the best deal because they frequently don't know much about loan products and don't compare all the costs of that loan before closing/refinancing. I've seen it time and again.
Thanks, Rebecca. I probably already intuitively knew that. Our world will always be populated by unprofessional sorts masquerading as something better. I agree with you about rate shoppers. I always encourage them to do so; however I don't always play the game. Have a great day!
Paul...thanks for the post. I have always been curious about Zillow, and sort of believed from day one it would morph into something like this...you know, automated quotes instead of a real personalized..."how can I help you?" thing.
And yet you read people are getting lots of business from it! Whenever I have been involved with Internet leads I have a tough time getting into that mentality. I keep wondering if people are trying to find a great personality match, or really just want the lowest rate.
What do you think?
Janet: Thanks for the comment. I think however we define our business is the way we ought to operate it. I would argue that one, lenders are not getting a myriad of deals on ZMM compared to the time they're putting in and two, there's the inherent danger of sullying your good reputation by putting a quote out there and the customer not liking it. I occasionally quote on ZMM; usually on the stuff that is different. The vanilla stuff where a customer is getting over 30 quotes I don't waste time on. Alot of the mortgage people on there quoting cannot back up what they're quoting. We all have the ability to source our money from the same place. The problem then becomes can the LO get it closed in time? With longer underwriting and appraisal times, I doubt it. I plan on sticking with what has worked for me so far. Referrals from satisfied clients and contacts. People who just want the lowest rate and fees can go for it. As my friend Rebecca stated above, they're usually disappointed in that their loan doesn't get done or it gets done by someone they wouldn't use again. Obviously, you touched a nerve with me on this. I think Zillow is a great consumer tool and really like the people who work there. It's just that ZMM isn't for me to be quoting. I'm going to stick to my original gameplan. Have an awesome day!