Marketing Rule of Five

Consumers shopping for a major item, such as mortgage financing, may need up to five marketing touches before they make a decision.  This is especially true if they are shopping various lenders.  Even if your mother referred them to you, they still may be shopping around.  The big question is….What can you do to increase your chances of being the one chosen?

Implementing a few simple contacts immediately after the initial conversation will place you ahead of your competition.  Most lenders try to impress at the first meeting and then sit back and wait for the phone to ring when the client is ready to make application.  This does not usually meet with great success.  Lenders, on the other hand, that are proactive and have a system in place to guarantee multiple contacts enjoy higher prequal to application ratios.

Take the time to create your own system of at least five marketing touches with every potential client that expresses an interest in obtaining a mortgage.  Be creative with they types and method of delivery.  Below are a few ideas to help you get that consumer to choose you as their lender.

If you have spoken with a potential client on the phone, immediately follow up with a good faith estimate by fax or e-mail (1).  Take a minute to phone and make sure the good faith estimate was received (2).  I then recommend that you send a follow up letter (3) by mail, which should be sent within 24 hours of your first contact.  This gives you the opportunity to include your business card and other items such as a personal brochure or magnet.  You may find that you are the only lender that takes this additional step.  You are now on your way to convincing the potential client that you are a trusted adviser for their mortgage needs.   

After one week, make a follow up phone call (4) to ask how things are going and to see what their hesitation might be.  If you find that the borrower has not made a decision, add them to your monthly mailing list (5+).  Many borrowers (especially first time homebuyers) take the time to speak with a lender up to a year before actually purchasing their home.  Make sure you are the lender they remember.

This is a part of your marketing that should be written out and followed with every contact that is in a position to start a mortgage application.  Call it your Standard Operating Procedure.  Let your assistant/processor or other staff members help you in brainstorming and putting together a successful campaign that will set you apart from other lenders.