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Lenders - How to Succeed on Zillow

Zillow Mortgage Marketplace can be a big part of your business if you invest in it.  Attracting new business is easy once you take advantage of the proven best practices outlined below.

Create a Custom Profile

The first thing to do is to create or update your profile. Add an image of your company's logo and a message that might address your market niche or specialty.  

Next, start quoting!

  • We have learned it takes at least 1,000 quotes to get one closed loan, but you can do this easily through automation with a third-party Quote API Provider, where you can "set it and forget it." These providers help companies, from individual brokers to large lending institutions, set up automated pricing on Zillow Mortgage Marketplace.
  • Or, you can manually respond to quotes, which has its own benefits. Borrowers react well to short, personalized, relevant notes on quotes. You can also set up a saved filter alert that only finds loan requests that you want to quote. Another shortcut is using pre-fill quotes and messages that you can customize as needed.
  • Learn more about How to Quote and Set Max Click Price.

Get more ratings

  • More ratings equals more contacts, so ask your customer contacts to rate you on Zillow Mortgage Marketplace.
  • Learn more about ratings
  • Show off your ratings and reviews by adding the Lender Reputation Widget on your Web site or blog. This widget showcases some of the great customer reviews and ratings you've received from borrowers.

Regularly monitor click prices

Since prices for clicks continually adjust based on lender demand, make sure to regularly monitor click prices so you don't miss out on valuable loan requests and contacts from borrowers.

For example, you set filters at: Max Click Price of $2, a credit rating of 700 , and a loan-to-value of less than 80%.  A loan request that fits this criteria may have been priced at $2 yesterday, but due to strong lender demand, it increased to $3 today.  

When prices adjust, you won't receive any notification from us, but instead, you might notice a drop in the number of loan requests or contacts you receive.

To make sure you quote all of the loan requests that hit your sweet spot, we suggest that you:


Other tips to get more contacts:

  • Be competitive.  Look at your competitors' quotes to make sure you're in the ballpark.  It's important to compete well on price and to understand the True Cost of the loan, which is what customers often look at.
  • Expand your filters to quote more loan requests.  You won't get contacts if you don't quote a lot.
  • Be smart about what you quote.  Find your sweet spot, either with loan programs, location, or other criteria. 
  • Be honest with your quotes.  Provide a quote based only on what the borrower enters in the loan request.  Accurately describe all of your fees required to close the loan and stand by your quotes. 
  • Add a message.  A personalized Lender Note can go a long way in connecting with borrowers.
  • Participate in Zillow Advice. The more you show of yourself and your know-how, the more borrowers will come to trust you.
  • Be patient. Just because someone doesn't respond back doesn't mean they aren't interested. The selling cycle is much longer than it was several months ago.
Follow these tips and you're sure to see success on Zillow Mortgage Marketplace.

Additional Resources:

 
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Contributors to this article include: