Orphan mortgages and customers are previously closed and unclosed loans of mortgage brokers that are no longer employed by your company. When these brokers leave, they usually do not take their loans or customers with them. Take advantage of these leftovers and turn them into a gourmet feast for you!
Systematically review each unclosed loan in your office. Think of creative ways to close these orphans in a way in which your former colleague did not think. Review each unclosed loan to establish a new relationship with them.
Do not underestimate the potential of these orphans. Frequently, these orphans may find themselves in need of refinancing or may have relatives and friends with similar needs. Nurture these orphans so they will be apt to close with you and recommend you to those in need of your services.
Reestablish a relationship with these individuals. Before adopting this project, check with your office manager for approval. Once you have their permission, here are a few suggestions as to how to adopt these strays:
► Send holiday and birthday cards to your orphans
► Set a date each month to phone these individuals
► Arrange a dinner party or event for these orphans
► Design a flyer, brochure or card to prompt your potential customers
► Produce magnets, pens, pencils, etc. as a reminder of your company
Holidays and birthdays
Have a special calendar specifically designed to keep you aware of customers’ birthdays and holidays. On these occasions, send a card wishing them well. Be sure to include two business cards (one for them and one for a friend). Delegate someone in your office to be in charge of this calendar so that you don’t forget these important dates.
Pick up the phone
Each month, set aside a day to telephone your orphans. Be sure to reintroduce yourself, your company and remind them of your services. Ask these individuals if they know of anyone in need of a mortgage. Encourage them to share your business cards with those in need of your services.
Wine and dine
Have a barbecue, dinner party or a social event for these abandoned individuals. Use holidays to your advantage. Welcome these people to your office or a local establishment. Be sure to bring plenty of information on your company to hand out. Make sure to mark on the invitation to bring a friend.
Design a flyer
Create a flyer that is specifically designed to target your orphans. Make your flyers are fun, creative and informative. Holidays are good themes to use when creating flyers. These flyers can be mailed, faxed or even e-mailed to your orphans.
Take some time to produce magnets, pencils, pens, notepads, etc. with your company name, logo, contact information and other important company facts. These items can be displayed in your office and/or handed out at the functions earlier suggested. The souvenirs will serve as take home “gifts” so that your orphans have a reminder of your services.
These marketing strategies will efficiently target these orphans and could greatly increase your income. Your profits could increase significantly if you implement these tactics. These are only a few suggestions as to how you may successfully market to orphans. If you are the mortgage company owner, have a meeting with your employees and see if they can come up with other effective marketing strategies. Help your company become the Daddy Warbucks of the mortgage industry by adopting these orphaned mortgages.
Gary Opper is president of Weston, Fla.-based Approved Financial Corporation. Gary has been a mortgage lender and note buyer since 1984, in addition to mortgage consulting. He has a CPA and a CFP license. Opper is past president of the Florida Association of Mortgage Brokers Miami Chapter and the Florida Institute of CPAs Gold Coast Chapter.