Maximize your profits: Adopt orphan customersGary Opper, CPA, CFPorphan loans
"You shall not ill-treat any ... orphan."
- Exodus 22:21-23
Orphan mortgages are previously closed and unclosed loans of
mortgage brokers no longer employed by your company. When these
brokers leave, they usually do not take their orphan loans or
orphan 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 how to close these orphans in a creative way that your former
colleague did not think of. 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.
Re-establish a relationship with these individuals. Before
adopting this project, check with your office manager for approval.
Once you have his 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
holidays and customers' birthdays. On these occasions, send cards
wishing them well. Be sure to include two business cards in each
envelope (one for the customer and another for a friend). Delegate
someone in your office to be in charge of this calendar, so as not
to forget these important dates.
Pick up the phone
Each month, set aside a day to telephone your orphans. Be sure to
reintroduce yourself and 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 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 indicate on
the invitation that they should bring friends.
Design a flyer
Create a flyer that is specifically designed to target your
orphans. Make your flyers fun, creative and informative. Holidays
are good themes to use when creating flyers. These flyers can be
mailed or faxed to your orphans.
Free souvenirs
Take some time to produce magnets, pencils, pens, notepads, etc.
with your and your company's name, logo and telephone number, as
well as other important information. These items can be displayed
in your office and handed out at the functions suggested earlier.
The souvenirs will serve as take-home gifts so that your orphans
will have a reminder of your services.
Conclusion
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 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, CPA, CFP is the president of Approved Financial
Corporation and is past president of the Florida Association of Mortgage
Brokers Miami Chapter. He may be reached at (954) 384-4557 or
e-mail
[email protected].
