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Shad of the Day, 7th July 2023 – Mortgage Magnet

Today's Shad is sponsored by a serial offender - Mortgage Magnet. The Sydney-based leadgen charlatans are defined by illegal advertising, baiting, and deception.

Details I provided wouldn't qualify me for a park bench, but according to the returned results - (and despite my crazy LVR and existing rate of 1.9%) - I still qualify by refinancing the 'correct way' (in other words, in a way that any entry-level broker would recommend by default).

There's 14 clear breaches of legislation that translate to significant fines and/or even a custodial sentence. By association, brokers using the service run the the very real risk of being bent over and manhandled by ASIC.

In a BID environment, how dare any broker or leadgen crook introduce a subscription funnel defined by deception and lies, and how can any broker willingly and knowingly introduce illegality into their operation for cesspit leads that barely convert at 1%?

The self-hosted and fully-owned solution we provide is diametrically opposed to this nonsense. Remember, your leadgen of any kind is meant to demonstrate your expertise and authoritativeness, and it should take your client on an educational journey designed to qualify you - not them. It's the latter (genuine) funnel that returns higher-quality candidates at a fraction of the cost of nutty pay-per-lead services.

Mortgage Magnet's kindergarten-level tech is embarrassingly bad. Their deceptive methodology is appaling. It's staggering to think brokers actually pay for this kind of service.

Any quiz introduced into a funnel is designed to leverage the value of leads so suckers will be enticed by the so-called 'data points'. A deceptive quiz will *not* 'qualify' a candidate - it repels the most suitable funnel participants and seriously compromises funnel effectiveness.

To be clear, this experience is typical. We've never seen a pay-per-lead service that is compliant. Even our free plugin returns around a 40X ROI when compared to the seedy leadgen underbelly.

Stop the finspam.

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