The traditional way of targeting realtors through cold calling is no longer effective
When rates tick upwards, purchase business remains consistent. One of the easiest, most profitable ways to build your mortgage business is through direct mail. Direct mail offers the opportunity to build your loan pipeline and your realtor referral base at the same time.
The traditional way of targeting realtors through cold calling is no longer proving effective. The good agents are too busy to pick up and many times it is hard to get through the gatekeeper. You and everyone else is asking for their business and promising good service. But why would an agent waste their time to meet with someone that’s offering something they already have?
Now, imagine walking into that same meeting with an already qualified person in need of an agent. You are now helping them get paid for something they did not generate. This will allow you to get that meeting, ask for future business, and differentiate yourself from every other loan officer. This method will also allow you to seek out top agents in all parts of the city or state.
Here’s how it works – with our targeted data base, we’re able to go after customers that are currently renting, credit qualified, and showing an interest in purchasing. We then mail them our customized purchase letter that has been tested and measured for success. The letter presells them and entices them pick up the phone and call. Now, all that’s left to do is answer the phone and educate the customers on the process and requirements. Many of the customers you will prequalify are just starting out and will be looking for assistance in locating their dream home. Not only are you getting a new application, but you will be able to refer these people to your agents in each market.
The best part about targeting purchase leads is that it allows you to sell more than rates. You can create value by educating the customers on the buying process and what to expect during this process. It also allows you to sell your team of experts. Now that you have them qualified, you may put them in touch with an agent that specializes in homes in their area. Most of our purchase programs are currently pulling between a 1%-1.5% response rate. Here’s an example: You mail out 10,000 purchase letters to a targeted audience. Over the next couple of weeks, you should receive between 110-140 unique phone calls. This should generate about 35 credit applications, and those applications should turn into 10-15 closed deals. Even if only half of these do not have agents, this will give you multiple opportunities to build your agent referral business. Once you close a couple of these deals with agents, you have earned the right to ask them for other business opportunities. The great thing about this approach is that you can scale and repeat on a regular basis.
There is great opportunity in using direct mail, for more information on purchase programs and to speak with an account manager, please contact us today to discuss your options www.cambermarketing.com.
Stef Lukasik is a marketing and corporate communications manager at Camber Marketing Group, a leader in data-driven direct marketing solutions. Camber Marketing Group works with many of the leading brands in the mortgage industry. Camber Marketing Group has more than 20 years combined of direct marketing industry experience. Visit cambermarketing.com for more information. Reach Stef at [email protected].
