At least in the UK. Google is testing a new program called Merchant Search.
“Compare providers at a glance and sort them by the criteria most important to you.”
The example listed is clearly a mortgage rates query.
I’ve always wondered why Google hasn’t ever decided to dominate the loan search arena. Add real estate search to the list as well. Why go to a movie site to see local movie times. Just Google it. Why go to a weather site for a forecast? Google it. Stocks? Google it. Mortgage rates seem like a logical next step to me.
Hat Tip to Paul Knag, who has more on the story at his blog.
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I was one step away from including this element in my Evolution of Mortgage Lead piece this morning http://tinyurl.com/4zvsvk …. but held off …. I covered a very similar issue in regards to google search for real estate …. http://tinyurl.com/4besfs ……… Google is a game changer in either of these verticals when they choose to be but I think their core focus is currently on scaling internationally and other larger products….. if I’m wrong and they decide to focus on these verticals, it is theirs for the taking….
I suppose real estate search wouldn’t be too far offbase for them, what with google Earth and all. I mean, some time back, there was a lot of hype about Google entering the real estate biz with virtual tours of listed properties.
The back of one of my business cards said: “Who’s Ricardo Bueno? Just Google it!”
Now if I could just set everyone’s home page to this…[click on the link, aka my name of course]…I’ll be set
Just what the industry needs, more efforts to fuel the “rate shopping” game, which easily leads to the demise of service and potentially costing more families a diminished financial future.
Ricardo - I like that approach to the business card. Although I just tell them to Google Florida’s #1 Mortgage Planner instead.
It’s probably only a matter of time before they add comparison shopping for Realtors too.
Wow.. This is a hard core post. Guess it was matter of time. To many big players making 7 digits in lead generation for any big SE not to get involved . I agree with Robert I have been in Mortgage Lending and Lead biz for a while now and if no one has called on multiple mortgage lender lead in a while. Its brutal. Borrowers are really hung up on rate when in today’s game its more like can I get you approved and can you get MI.. I go out of my way to develop systems that generate not only biz for myself but for others as well that do not encourage rate shopping because its so frustrating to deal with . Great Post
Now i realize im late to comment on this but i just read about the story, im wondering why they would beta test in the UK and not the US? Either way google will crush mortgage should they do it right.
I do think there is a major trade off for doing that because if they do they tick off and lose some BIG TIME advertisers and they would be completely changing their model. Google’s mission is to index the worlds information, not to “provide” the worlds information. I think that one of the biggest reasons why google has been so successful is that they bring the free market and hundreds of choices right into your living room. should this model change, I think Google really looses a lot of apeal and Yahoo takes over. Pigs get fat but hogs get slaughtered. I think that regardless of wether or not it is the lead gen industry or any other industry I think that in the long term it would be a very poor business decision for google to take over that arena.
Chad C.
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