Monday, August 23, 2010


How I'd market home mortgage refinance opportunities

Have you seen the 30-year fixed rates on home mortgages right now?  They’re crazy low.  Frankly, I’m a little surprised I’m not hearing from more mortgage professionals asking me if I want to refinance.

If I was a mortgage broker, here are a few things I’d likely be doing:

Drip Campaigns:  Past clients, people in my network, channel partners (Realtors, title company reps, etc.) would be getting not just rate updates from me, but related news from the mortgage markets, success stories of people refinancing and saving a ton of money, examples of how fast and easy it is (less paperwork, faster close times, etc.).  Regular reminders that it’s easy, it’s a short-term opportunity, and it can start right now.  Make it easy for people to remember you, refer you, use you.

Success Stories:  It’s one thing to talk about a 4.6% rate.  It’s another thing to demonstrate a happy client that just saved hundreds on their monthly payment.  That’s real, and helps convert a percentage into real dollars people can visualize in their lives and budgets.  If you don’t have these stories directly, ask around your office and share their stories.

ROI Calculator:  Help your prospective customers do the math.  Plug in a few numbers to give them an estimate of how much they could save.  Make it real.

Customer Pass-Along Incentives:  The people directly on your mailing list have direct relationships with exponentially more potential customers.  What are you doing to encourage the pass-along?  Does your mailing list need an incentive?  Do they need business cards to hand out on your behalf?  Do they need a link to an ROI Calculator that’s super-easy to email along?  How about a pre-written, Twitter-length post & shortened URL?  Make it easy and worthwhile to share.

Realtors:  Why would a real estate agent encourage their customers to refinance vs. buy a new home?  Because those who refinance aren’t ready to move!  A good real estate agent who helps their client save hundreds on their monthly mortgage payment looks good to that client, and knows that could turn into a ton more referrals of prospective buyers and sellers in the process.  Don’t be afraid to work your Realtor network particularly aggressively right now.

If you were a mortgage broker, what would you do?  If you are a mortgage broker, what are you doing right now that’s generating success?


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