Bottom line, mortgage professionals need to get out there and market. It amazes me that more mortgage pros are not marketing heavily right now.
Did you know that the average Homeowner can save big $$ by refinancing. Don’t you think it’s odd that so many homeowners haven’t done this yet?
Maybe it’s because they haven’t been contacted by a mortgage professional. That means mortgage professionals need to market more extensively. And, more productively.
According to a study by LendingTree, home loans taken out in 2020 were saving consumers $60 a month for every $100,000 borrowed. This is compared to mortgages from the first months of 2019.
With refinance loans at history’s lowest mortgage rates, many Americans have replaced their old home loans with new ones that are much cheaper.
Mortgage companies can’t afford to wait
While I realize that many mortgage companies are still in “re-opening mode”, this is not the time to delay. For most homeowners, a savings of a couple of hundred dollars a month is huge.
Mortgage data firm Black Knight estimates that 14 million mortgage holders are good refinance candidates and altogether could save $3.95 billion a month by swapping out their home loans.
That brings me to my favorite topic – direct marketing.
Direct marketing means reaching out to prospects either through the mail, via email, by phone or using digital display. Above all, the best response is using a combination of these marketing channels.
Which brings me back to my initial premise. Mortgage professionals need to market – and market smartly.
For the first time, I have been seeing mortgage professionals emailing. And, for the first time, they are being successful.
This is because people have been glued to their personal devices in a way we’ve not seen before. This has made email marketing more responsive than in the past.
Direct mail has also had increased ROI. Similarly, this is because more people are home and are taking a longer time to review their mail.
Target Best Prospects and Reach them in Many Ways.
Mortgage professionals who want to get new Refinance business can utilize highly targeted marketing lists. These refinance marketing lists can be qualified to really personalize the list. Marketers can select by geography, by date the original loan was issued and even by lender name. The more qualified the list, the better the response.
And, nowadays – mortgage pros can have their list appended with emails so they can e-blast. Or, have their lists geo-fenced so they can do digital display advertising. This is a new option for mortgage pros that has produced very excellent results.
Of course, the best results come from lists that are used in all of these ways. This gives mortgage professional the visibility they need to really get their name into their best prospect’s hands.