In today’s ever-changing mortgage market, with the influx of new rules and regulations, fluctuating interest rates, and rapidly changing market conditions it is difficult for many LO’s to maintain a full pipeline of potential borrowers. Therefore, it is critical for LO’s to have a system in place that helps ensure that LO’s have a full pipeline of potential borrowers to work with.
So what do lenders need to do to ensure a full pipeline? Here are five keys to a full pipeline:
>>Combination of Print & Digital
>>Mortgage Specific Marketing Automation
So, let’s briefly discuss each item. While having a clean database of prospective borrowers seems commonsensical you would be amazed how many lenders are prepared for this first step. For the marketing to be successful, you can’t just throw some spreadsheets or prospect list together and think that you are prepared. The database needs to be clean and reviewed prior to starting marketing campaigns. Do you have all of the prospects information: name, address, phone number, email address and any other pertinent information that you will use to segment your prospects.
Once you have a clean database, you need quality content that will resonate with your prospective borrower and cause them to take action. The content needs to be much more about “what’s in it for the prospect” and less about how awesome your company is. The content should also be personalized to the specific prospect and where they are at in the lending process if you want to break through all of the noise out there in the market place.
In today’s market many lenders just want to send digital campaigns. In their mind it is cheaper and quicker. While those two statements may be true, if the goal is to fill the pipeline then the proper mix of digital and print is required. People get so many emails these days and sometimes just tune out that a properly timed and personal print piece can help you stand out in the crowd. The key is that neither print nor digital should be mutually exclusive to your campaigns. The combination of the two will help differentiate you to prospective borrowers.
In today’s fast moving market place with fewer marketing and administrative resources available it is wise to take advantage of technology in the form of mortgage specific marketing automation to handle many of these critical yet redundant tasks. Often referred to as “set-it and forget-it” technology which will automate many of these marketing functions, which leads me to the final piece of a full pipeline.
The final piece is consistency. You must gain mind share with your prospective borrower by consistently send them (both print & digital) marketing campaigns so that when the timing is right they look to you as a trusted advisor and quit shopping around for a mortgage.