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By Rob
Real Estate & Mortgage Broker... Creator of the Sink or Swim Loan Closing System
In
my monthly sales and marketing tips newsletter, I asked my readers:
“What
are the best high impact, low cost marketing ideas you have used to help
generate new business.”
The
responses I have received have been phenomenal.
And I know you’ll want to print this article out to read more
closely. There is a
tremendous wealth of knowledge amongst my readers and they were willing
to share some of their best marketing methods with everyone.
Here
are some great strategies to help you make this year even better!
Best
of luck in your business. This
is a wonderful industry to be in.
Warm
Regards,
Rob
*****
IDEA # 1: SUBMITTED BY BRYAN YORKSMITH *****
Idea
for marketing......
Do
a fundraiser for a local charity in front of a local Wal-Mart.
We have sold Cinnamon Roasted Almonds, Kettle Korn, and a variety
of other things to benefit our local Safe House, Hospice, and the United
Way. It is a Win-Win situation for everyone.
You
get your mortgage company's name in front of a ton of foot traffic. The
charity benefits by funds generated. Wal-Mart benefits by having you
help them meet their annual charity goals.
You
get to make a ton of contacts with people taking some apps and setting
up appointments.
It's
worked for us and we can usually count on about 5 booked loans from a
Friday/Saturday event. (And we are in a small town)
*****
IDEA # 2: SUBMITTED BY CHARLES VEZINA *****
Rob,
I'd
like to submit an idea for a mortgage marketing idea.
FREE
Financial Courses.
By
obtaining a room at the local community center or community college, a
mortgage broker can raise the bar of his and his company's credibility
and awareness through offering a session, or sessions, on mortgage tips,
real estate tips, credit building tips, etc.
Through
offering such classes, the community will get a feeling that your
mortgage company is interested in their welfare and that you have a
desire to save them money in achieving their dream.
Now,
this isn't a fast way to extra profits, but over time, having people
hearing of what you are doing in their community, you will build their
faith to help market your company to those around them.
Sharing
good thorough credit secrets at these sessions would help the attendees
be able to get a better loan, which would still cost them less. They
would most likely use your company because you have won their trust.
--If
you have any further questions on the idea, please ask.
Happy
New Year, and praying for your success, health, and peace in 2004
*****
IDEA # 3: SUBMITTED BY JAY ESTIS *****
Rob,
Well,
right now I am focusing my marketing efforts on two areas that I believe
are most overlooked in our business. First and foremost, I have focused
a good deal of my marketing on "Referrals". The best method I
use in this area to generate sales is..............hold on this is
tricky........................I ask! Most
loan officers fail to do the most basic thing, which is to ask for
referrals. And those that do, well they have failed to realize that just
like having to ask for the sale numerous times you must also ask for
referrals numerous times. A
client will most likely not refer someone the first time you ask, so ask
and ask again until they do! If
you provided excellent service, they will have no other choice but to
refer clients if you ask enough. Oh, and how much is enough? Until they
refer someone. Important key is to ALWAYS thank them for sending the
referral.
The
other area is past clients. Again, most Loan officers fail to market to
their past clients. Yes, you helped them buy or refinance their mortgage
last year, so they can't possibly need me again, right? WRONG! Chances
are they may need you again, but if you have failed to maintain your
relationship they won't be calling you. Most of the time they won't even
remember who you are. Out of sight out of mind! So, keep in touch with
your clients on a regular basis. Those that you helped refinance to
consolidate debt a year ago should be called in January. Chances are
they spent more than they should have this past holiday season, so your
call may come at a perfect time!
If
you fail to sell your clients a second time you will not survive long
term in this business. Your past clients are your best future clients. They have
purchased from you before, so they know what to expect. They have
purchased from you before so they know how you conduct yourself. They
have purchased from you before so they know you will once again exceed
their expectations. You
MUST continue to market to your past clients, which begins at the
closing of the first mortgage you assisted them with.
These
two areas of marketing will provide you the biggest bang for the buck.
It has always been, and will always be easier and cheaper to sell a past
client than find a new one. The mortgage business is no different. If
you think it is you must change your flawed view. A good marketing
strategy knows no bounds when it comes to the "type" of
business you are in. The old, "This won't work in my business"
line is for those that have already given up. A good, solid marketing
strategy will work in every business!
I
hope this helps your readers.
*****
IDEA # 4: SUBMITTED BY ROB KRAMARZ *****
My
current best idea:
In niche marketing, one focuses on a
particular market segment and fulfills its special needs.
I specialize in the owners of small
businesses. Here are the reasons:
1)
Many have credit issues or income verification problems, allowing
me to use my sub-prime experience.
2) Many have large homes or wish to
purchase them, bringing in large loans.
3) They network with each other, bringing
referrals.
4) They have larger families in the local
area, bringing more referrals.
5) Many are cash short, thus looking for
seconds or high LTV financing.
6) Many need commercial loans for
expansion, a profitable side business.
Owners
of small businesses gather in specific places (chamber of commerce,
local trade fairs, etc.) making meeting them easy.
*****
IDEA #5: SUBMITTED BY PAUL TRAN *****
Hi
Rob,
My
best marketing idea is to put your business cards in real
estate/business/home improvement publications. The
"Free" and "Take One" magazines are the best because
that's where traffic hits the most. Once you get permission by the
publishing companies and maybe pay a minimal fee, just slip your
business card with your message in it, or a flyer if you think it's a
better idea, and watch the calls come in!!
My
2nd marketing idea is to go door to door and provide two free services:
(1) a quote to show the residents if you can lower their monthly payment
by at least $150-$200/consolidate/etc., and (2) if they'd like to know
what their home is worth. If they only go with (1), then you have
a refi lead, but if they go with (2) you can give this lead to a real
estate agent, because that means a percentage of these people might be
thinking of selling their home!! Make sure you always ask for the
referral of course. I like to do these on Sunday late mornings
because everybody is home and is not rushed.
*****
IDEA # 6: SUBMITTED BY JESSICA WALKER ****
*
Rob,
My
marketing plan is the following: Every establishment I come across, I
ask them if I can place one of my brochure holder on their counter.
It can be a restaurant, a dollar store, a mechanic shop, etc. --
anywhere there is traffic. My goal right now is 5 business saying
"yes" to my request per week. Once there, I add
their business address to my excel spread sheet to keep track of how
much business I am getting and from where. Also, it reminds me of
how often I need to go back and re-fill them. This is very
important. Businesses will stop helping you if you abandon your
stuff empty at their stores.
Next,
and very important -- I know it might sound a little basic and stupid,
but the best marketing ever is to actually wake up early every day and
get yourself to the office (arriving before 8). A lot of the loan
officers in my office just arrive "whatever time" and
"fool around" on the Internet all day reading news and
chatting with someone online. If you have some
"free" time, get the phone book or news paper, and make some
cold calls, or search the internet for loan programs, or call the
government offices to see if there is anything new as far as "first
time buyer assistance" help, etc.
If
one makes a cold call, just say to the person who answers: Hi, I'm
so-and-so, with so-and-so-company. My company just helped someone
in your neighborhood to qualify for a residential loan, and I was
wondering if you know anyone that is looking to buy or sell at this time
in your area? If you get a buyer, go through the loan process.
If you get a seller (and he is a FSBO - For Sale by Owner), offer to
pre-qualify his buyers for him for free. In both instances, refer
business to your personal list of realtors - in ex-change they might
send some business your way too.
That
is it, hope it helps someone out there.
*****
IDEA # 7: SUBMITTED BY STEVE CANCEL *****
1.
I have been told it is possible to do kick backs without it being
illegal (somehow) loophole possibly.
I am sure that would work.
2.
The old business card.
3.
Contacting FSBO's / advertising in their magazines.
4.
Spoiling realtors. Bake
them cakes - call them weekly to see if you can assist them with
anything... Find a way to
stand out from other nagging loan officers they hear from.
5.
Send a letter letting everyone you know/relatives that you work
for a mortgage company and can offer them a family/friend rate on their
next home loan. Lower your
service fees on any loan that is done for them.
*****
IDEA # 8: SUBMITTED BY BUNNY JEFFRYES *****
Hi
Rob,
My
very best way of generating new business is my newsletter. I mail it to
my database monthly, and get calls of appreciation monthly, along with
referrals.
It
is truly an amazing thing. My newsletter is not mortgage related at all,
although it does ask for referrals. It is very fluff and stuff, exactly
what you would think would not be effective - But it is. It has
motivational articles, a recipe and interesting tidbits articles. It is
a 4 page on 11 x 17, black and white. I occasionally add a mortgage or
tax related article in the form of an insert, which does not increase
the cost of mailing.
I
have given my newsletter to several other people in my office, and there
referrals have all increased exponentially as well.
I
receive calls weekly from people in my data base that call to tell me
they have received this months issue and how much they enjoy it. I am
also the first person they call for any financial questions, and I refer
them to other financial experts. It shouldn't work, but it does!
Now,
of course, once you have the lead you have to be able to work it, which
is based on knowledge and systems, but my newsletter does very very well
for getting past clients to refer friends, family and associates to me.
I have been in the business for 3.5 years, and implementing my
newsletter a year ago has been my most effective method for
generating new business.
For
an example, I had a rate shopper last February who decided it was too
costly to do a cash out refinance and cancelled the appraisal
appointment. I was very polite and didn't try to sell him, I just added
him to my database and had no other contact with him other than the
newsletter. When he did decide to refinance in November, he chose to
come back to me, and it was an update the 1003, order out all and close
the deal fast transaction. He has also since referred his mother to me
for refinance, and his daughter for a purchase.
I
know that knowing my business helps close the deal, but the monthly
contact with the newsletter keeps me in front of my clients. Oh, and by
the way, I do not give out closing gifts.
For
this to work, you must actually mail your newsletter, email is just not
an effective way to stay in touch with past clients. If you would like a
copy of my newsletter, please send me your address by return mail and I
will send out a copy January's issue.
I
use many tools, and spend a lot of time educating myself on
programs. I would very much like to win your Sink or Swim
System, and look forward to hearing from you!
Thank
you.
*****
END OF IDEAS SUBMITTED BY READERS TO MY NEWSLETTER *****
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