It's All In The List...Your Mortgage List
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Business > Sales
Jun 19, 2007
tdomin
It's All In The List...Your Mortgage List
You've heard it many times..."It's all in the list"...a common bit of wisdom touted by direct marketing experts, internet gurus, catalog companies, and everyone else. And, it's true...you gotta have a list. Yes I'm talking to you..."Mortgage Professionals." Whether you're an old hand at this or a newbie to the business, you must have a list. Depending on who you talk to, this list thing is called relationship marketing or, database marketing, or synergy marketing or, whatever marketing. The point is...creating and maintaining a list, will result in one of the most rewarding financial activities that you could ever do. For our purpose, let's call this thing your "database." Used smartly, your database will help generate mortgage business for many years to come. But, let's start at the very beginning and ask the question "Who really goes into your database?" If you're like me, you're probably thinking "Everyone." But remember... the more names in your database...the more overhead you'll have. You'll need to write, email, call and, just plain keep in contact with everyone in your database. That being said...let's look at who might qualify to be included in your database: 1. Friends and Family. Absolutely...Aunt Martha would never think of refinancing without calling you. But, you do have to make sure Aunt Martha knows you're in the Mortgage Business. Certainly everyone in this category qualifies to be in your database. 2. Past Customers. All of these people qualify because they are either experiencing or have experienced your services. Keep in touch...keep them informed...and you'll continue to secure mortgage business and referrals from them in the months and years to come. 3. Business Associates. Take a look at your credit card detail or your check register and make a note of who you frequently do business with. If you're doing business with them, you can ask them to do business with you. A good approach would be..."I do business with you because you give a professional service at a good price. Just so you know, I'm in the "Mortgage Business" and I believe in the same philosophy. Can I keep you informed with what's happening with mortgages?" Collect their contact info and add them to your database. 4. Mortgage Orphans. We covered this subject before. Mortgage Orphans are a great addition to your database, so don't pass them by. 5. Leads from your Web Site, direct mail leads, referrals, call ins, FSBO leads, etc. You've worked hard to find these people, definitely add them to your database. 6. Business Contacts. These are people that you have come in contact with as a result of your "Mortgage Business." They include Real Estate Agents, Title Agents, Appraisers, Home Inspectors, CPAs, Financial Planners and anyone else you have crossed paths with. They know you...they know you're in the "Mortgage Business"...they know why you'll be contacting them...add them to our database. Tip: You may have noticed that we excluded your Bridge Club, your Graduating Class, your Chess Club, your Church Group and those types of associations. Now there are probably exceptions, but these people may not be very good leads. Remember, the people that you will be calling and writing should know "who" you are and most importantly "why" you are contacting them. The goal in all of this is to have people in your database that you have given service to or have given service to you. The last thing you want is to waste time and overhead on "sponges" on your list that will drain your resources. Spend some time and add contacts to your database wisely. It's never too early or too late to start your own mortgage database. Let's start right now!
Tom Domin is the author of "101 Ways to Originate Mortgages" and publisher of "Tom's Mortgage Tips" a twice monthly Mortgage Newsletter geared for Mortgage Professionals. Increase your pipeline and put your mortgage career on the fast track and sign-up for FREE at http://www.MortgageMarketingToolKit.com.
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