Reasons for Using Direct Mail Mortgage Marketing
Why should you use direct mail mortgage marketing? Ninety-five percent of lenders don’t stay in touch with their past clients, and studies have shown that one year after closing nearly 100% of homeowners surveyed couldn’t remember the name of their loan officer or the mortgage company they financed their home through. Think of the potential profit from repeat business or referrals you are missing out on by not contacting your clients. Also, if you are not contacting them, someone else likely is.
Direct mail mortgage marketing works if you mail frequently and consistently. Mail 1 to 8 times a year and you’ll receive a minimal response. Mail 8 to 12 times a year and increase your response rate by 200 percent. Mail 12 to 18 times a year and increase your response rate by 400 percent. If your budget allows, you should be focusing on past clients, prospecting a target niche, and gaining referral sources through direct mail mortgage marketing.
Client Retention Direct Mail Mortgage Marketing
Do not forget about your past clients; even when the market is forcing consumers to spend less, you want to keep in touch to let them know you haven't forgotten them. Whatever you do, keep advertising by continuing to send them direct mail mortgage marketing. Even if they are not buying today, it doesn't mean they will not buy tomorrow. The following products make it easy to stay in contact with your past clients:
- Postcards – send a recipe, tips for maintaining a home, seasonal greeting, or any other number of client retention messages designed to make sure your contact information is kept
- Newsletters – with new designs created monthly, your clients will love reading articles on home, money, health, and decorating, as well as preparing the recipe included in each issue
- Greeting Cards – available blank or with a printed message, greeting cards offer the perfect opportunity to hand-write a note for that extra, personal touch
Prospecting Direct Mail Mortgage Marketing
Prospecting a target market allows you to focus your direct mail mortgage marketing on a specific audience that can benefit from your particular products and services. Making prospecting a high priority every day creates a steady, and likely increasing, stream of income. Reflect on what your passions and interests are, and which segments of the market are best positioned to benefit from your product offering. Here are some ideas of potential target markets you may want to consider:
- Reverse Mortgages – with an estimated 75 million Americans turning 62 over the next 20 years, you could be the professional these people turn to when they decide on a reverse mortgage
- FHA - the number of FHA loans issued rose 126 percent in the first quarter of 2008, compared with the same period a year ago, and most of FHA's business now comes from refinancing
- First Time Home Buyers – these buyers are finding this a good time to dip their toes in the water and in November, 2007, 39 percent of purchasers were first time home buyers
Referral Source Direct Mail Mortgage Marketing
Developing relationships with potential referral source partners is a great way to take advantage of direct mail mortgage marketing. Did you know that approximately 92% of all home loan transactions involve a real estate agent? Of these, the real estate agent will direct the consumer to mortgage services in over 88% of the transactions. Imagine the referrals that would come your way if you developed a close relationship with just a handful of professionals, including Realtors, CPAs, insurance agents, and others. To build these relationships, consider sending the following:
- Weekly Mortgage Matters email which reviews the past week's economic news and the events that drove the market, as well as the coming week's economic indicators
- Monthly postcards, either detailing the professional attributes you bring to the table, or providing helpful tips for building their own business
- Quarterly (or monthly) greeting cards reminding them of your commitment to exceptional service and care
Finding Direct Mail Mortgage Marketing Solutions
By now you’re thinking to yourself, these ideas all sound great, but where can I find these direct mail mortgage marketing products and how do I get started? The answer to the first question is you can find these products and more at In Touch Today; the answer to the second is to sign up for your FREE catalog and samples below. In giving us your information, you’ll not only receive the catalog, but also timely emails with helpful hints on marketing and growing your business, as well as new products as they become available. You can also review special reports and online webinars on such topics as:
- How to begin marketing
- What kind of response rates you should expect
- Using presentations to build your business
- And many more...
Sign up now to get your FREE catalog and samples, and begin your direct mail mortgage marketing today!
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At In Touch Today we provide each of our clients with the marketing knowledge, effective marketing tools, and ongoing support to grow their business.
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