Cheap & Easy Leads Are a Myth | Ep. 65

Google Ads are not dead.

But the cheap-lead fantasy needs to be.

Michael and Frazier dig into the real state of Google Ads, search intent, and mortgage lead generation in today’s market. This episode picks up right after the “Be the Answer” conversation and looks at the other side of the same coin: paid search, consumer-direct funnels, and what actually makes a lead worth chasing.

Michael breaks down what has changed since the low-cost lead days, why cost per lead is one of the most misleading numbers in mortgage marketing, and how personalization, landing page consistency, and follow-up strategy can make or break a campaign.

Because a $3 lead that never converts is not a deal.

It is a distraction.

And if your funnel does not match the promise that got someone to click in the first place, you are paying for attention you are not ready to convert.

What You’ll Learn

• Why Google Ads are still valuable, but harder than they used to be
• How lead costs have changed from the early consumer-direct days to now
• Why landing page conversion rate matters just as much as cost per click
• How personalization can lower cost per lead and improve response rates
• Why intent matters more than raw lead volume
• What questions LOs should ask before hiring a lead gen partner

Real Talk Quotes:

• “The timeless principle of consumer direct is making sure you’re giving the same experience from top to bottom of funnel.”
• “Cost per lead means diddly squat to me.”
• “Intent is everything in mortgage lead generation.”
• “I could get you 50 cent leads today. They’re all going to be shit.”
• “If they don’t communicate any expectations, that’s probably a red flag.”

Tactical Takeaways

✅ Make sure your ad, landing page, follow-up, and offer all match the same message

✅ Stop judging lead programs by cost per lead alone

✅ Focus on intent, quality, and cost per closed loan

✅ Improve landing page conversion before blaming the ad platform

✅ Use personalization in both the landing page and follow-up experience

✅ Ask any agency what they expect from you in order to make the campaign successful

The Big Idea

Cheap leads are not the goal.

Closed loans are the goal.

Too many loan officers get distracted by the headline number and ignore the things that actually matter:

• Intent
• Conversion
• Follow-up
• Funnel consistency
• Cost per customer

Google Ads still work.

But they only work when the entire system is built to convert the person who clicked.

The Reality Check

The market is already hard.

Why make it harder by:

• Buying low-intent leads because they look cheap
• Sending traffic to generic mortgage pages
• Ignoring the follow-up experience after the form fill

A lead is not just a name, email, and phone number.

It is a person who clicked for a reason.

Your job is to continue that conversation.

Match the message.

Respect the intent.

Track the real cost.

Find out more at Empower LO