Skip to main content

Why the high turnover among loan officers?

Dec 06, 2004

Utilizing direct mail for soliciting new borrowers and maintaining your current databaseRyan Belddirect mail, marketing, digital print technology, strategies Once upon a time, the one-size-fits-all mode of direct mail marketing had its place. Today's more informed consumer still has a place for itunder the kitchen sink. Before even being opened, most generic mass mail efforts wind up covered in coffee grinds. Postcards bearing meaningless images or no graphics at all are chucked without an iota of curiosity. If your goal is to become a six-figure super producer, consider how dynamic digital print technology and one-to-one direct mail marketing, which commonly delivers a 20-30 percent response rate over mass mailing's typical one or two percent, can help get you there. Acknowledge current customers as individuals While a quick online search will inundate you with resources that "unveil" the secrets of Lexus-driving lenders, the bottom line is that building personal relationships and establishing customer trust is what leads to high-value referrals. Trust is earned. The more your customers believe that you understand their goals and obstacles, and the more satisfied they become with your attention to details and service, the more willing they will be to try new programs you offer or to refer your services to others. Marketing on a personal level to this existing client base is easy because you already have their data. Loan application forms provide all the information you need to get started. Stored in a database, this rich resource is seldom used to its full advantage. However, database engineers, graphic artists, digital print experts and mailing service consultants can be merged online to customize an efficient software system that can digest and disseminate the information youve collected about your customers. By flowing selected data variables such as "annual income," "gender," "age" or "marital status" through this flexible tool, you can tailor on-demand direct mail pieces that engage your customers. The software automatically adjusts font, images and text to correspond with these variables in a flexible marketing template of your design. For example, you could mail a professional single woman who closed on her first home a few years ago a refinancing brochure that features a woman admiring her house on the cover and inside text about traveling or home improvements. A married couple with children could receive the same basic refinancing information, although their brochure could open with a family image and include a blurb about saving for college or investing. Send alerts to customers who are primed for refinancing whenever rates drop. Even if they opt not to follow up, they're likely to know people who are considering it. Do you send out a newsletter each quarter that doesn't offer more than a generic greeting and quote to live by? Why not provide news that your customers can really use, enlivened by images that hit home? Begin with a personal greeting"Dear Bill and Joan, can you believe it's already November?" Depending on where they live, your feature story might include an emergency preparedness checklist, explain the differences between a mortgage and a line of credit, or highlight a new home improvement loan. If they're young, you might include money-saving tips. If they're empty nesters, a blurb about financing a vacation home could be inserted. Monthly mortgage statements offer another opportunity to market relevant programs or enhance your role as trusted consultant, "Diane, did you know that laws exist to protect your rights under the Fair Credit Reporting Act? Heres how to make sure your credit is protected." You can also choose to communicate personally with customers through portable document format files (PDFs), e-mail or Web pages. In any case, your offers are bound to come across as interesting, if not irresistible, when they speak directly to your customers. Build your database To be most effective, one-to-one marketing requires an accurate, current mailing list. While it would be nice to rely completely on referrals, you can acquire new mailing lists in several ways. The U.S. Census Bureau provides geographic information for specific regions within each state, including gender, household size, marital status and education statistics. Companies that specialize in electronics information techniques can help you capture this data and put it to use. Becoming friends with a successful real estate agent is great. But you also can hop onto the Multiple Listing Service and create a list of homes selling in different geographic areas. You may not know your prospect's name, but you do know where they live now. Rather than sending out a generic postcard, your marketing piece can include an image of the suburbs, lakeshore or a city loft. Because they relate to this lifestyle, your prospect is likely to feel more comfortable with you. You also know how much their home is worth. If they are selling a $350,000 home, you can assume they're more apt to be interested in some services as opposed to others. Market these in quick, bold bullet points. Emphasize how you can help make the move less stressful by handling the mortgage and other areas they haven't even considered. Experiment with sending out personalized newsletters to those who can help build your database: homebuilders, real estate agents, human resource directors and bankers. Do your research and then demonstrate that you understand their key markets through targeted text, font and imaging. Describe services you offer that could benefit their clients. There also are, of course, plenty of mortgage mailing lists at your fingertips. Investing in a service that helps you identify your best market prospects and provides you with data that extends beyond income and marital status also can jump-start your direct mail campaign. One more thing: Don't forget your envelope. "High Priority: Express" envelopes, custom mailers, quality paper and engaging graphic design all help steer your direct mail piece clear of the coffee grounds. Ryan Beld is a one-to-one marketing expert and technology sales representative for Grand Rapids, Michigan-based Integra. He can be reached at (616) 459-4142, ext. 145 or e-mail [email protected].
About the author
Published
Dec 06, 2004
The Rise Of Mortgage Influencers

Social selling, the new frontier

Apr 11, 2024
Mortgage Influencers

Three Common Mistakes

Apr 11, 2024
Trimming The Fat

Direct Wholesale Rates is a passion project aimed at cutting the retail margin

Mar 28, 2024
Get The Gig With Gig Workers

Your borrowers might be among 39% of American workforce that freelances

Mar 27, 2024
When Life Hits You Like A Truck, Make Opportunity Fit Your Needs

Think outside the box and visualize all the possible ways to achieve things

Mar 27, 2024
The Difference Between Competing And Closing

Master Non-QM/Non-Agency business purpose lending

Mar 27, 2024