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| Leadbay Benefits Advisers with New Approach to Invalid Leads |
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| 9th May 2007 |
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Leadbay is taking a radical step in revamping its invalid lead policy. Leadbay’s invalid lead policy is the most generous in the market, but as a result it can be open to misuse. It is therefore taking measures to improve both quality and value of leads, and to charge the small number of advisers who return an extraordinarily high number of genuine leads as invalid.
The majority of leads generated on the internet are genuine borrowers looking for advice, however there is always a small proportion that are hoax, or consumers who put the wrong details down and are therefore uncontactable; these are known as invalid leads. The price of each of these genuinely invalid leads is always refunded in full by Leadbay.
Typically no more than 10% of leads will be invalid; however there are a small number of advisers who return a much larger proportion of leads in an attempt to recoup money for unconverted leads. This puts advisers who are submitting genuinely invalid leads at a disadvantage as it results in higher turnaround times on invalid leads and higher lead prices.
In order to maintain a fair and level playing field for all advisers using its system, Leadbay has undergone a full scale review of its invalid lead policy. It remains the most generous in the market but the policy will now include a charge for people who have submitted, incorrectly as invalid, a number of leads significantly in excess of the average. This will affect the majority of Leadbay users in a positive way as advisers will more quickly be refunded the price of their genuinely invalid leads, it will also help to reduce the price of leads still further and encourage better quality leads.
Simon Baker, Leadbay’s operations manager, says, “Leadbay has experienced rapid growth during the past two years and is now providing tens of thousands of leads to advisers each month and with this number of leads there will inevitably be a number of enquiries that are not genuine or contactable. We are determined to ensure this does not disadvantage any adviser buying our leads. The change to our policy ensures that advisers using Leadbay can continue to benefit from the most generous invalid lead policy in the UK and that Leadbay’s excellent standards of service and lead quality are maintained.” |
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| Notes for editors |
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| Leadbay Loans and Leadbay Mortgages form part of Add Momentum which launched in the summer of 2003. It focuses on delivering innovative services that are customer-focused and easy to use. Its ethos is to bring people and technology together; to help people to fulfil potential, achieve new things and make a real difference. |
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The Advantage
Our leads are primarily sourced through the internet from customers who have
confirmed they are actively seeking a mortgage or loan, and wish to speak to an
advisor.
The Security
To ensure that the process is within FSA guidelines, Leadbay has been reviewed
and endorsed by the top UK compliance firm
threesixty
Our Goal
Leadbay's immediate goal is to provide the best service to mortgage and loan
advisers and professionals, by sourcing fresh internet enquiries. These are
then sold in the most flexible way possible, at the prices you want to pay.
Leadbay's long term goal is to become the industry leader, and through quality,
innovation and value for money, set the standard in lead provision.
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