Testing Leads

It is funny starting a business with someone. You have to trust them yet as the saying goes trust but verify. So I made some suggestions to Sonny and told him things that I was doing to move forward. I looked at Toll Free numbers and Domain Name registration. He responded back that it was good, but lets solve the lead issue. Good point so I created a demo account for the leads management software and played around with it. I will have to test a couple of others and verify how leads will get to where they need to go. I emailed Sonny what I had done and suggested that now was the time to get the business details in writing. I told him that I was assuming that he and I were going in 50/50 and to let me know if he thought otherwise. He has a delicate line to walk because he has another job and he doesn’t want to jeopardize that. One of the aspects of this venture that I look forward to is the freedom to not have to look over my shoulder when writing on a blog. Is that a false freedom? I don’t know.

So here are some details that I outlined for Sonny.
3 MLO’s
~3 inbound leads per day (@$40 per)
~10 internet leads per day (@$8 per)

Total leads 100 inbound and (3 x 3 x 20) 600 internet (3 x 10 x 20)
Total cost ~$8000
Applications / Conversion 20 / 3% (inbound 10% Internet 1.5%)

We have to fund 50% of the apps and make $1000 on each fund after paying MLOs to break even. It all seems very doable. I have to still test lead delivery and make sure I am talking to all the lead people I want to.

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