The MonitorBase Home Buyer product is a very effective inbound call marketing campaign. This article is meant to give you the tips you and your team need to get the most of your marketing dollars. We recommend you go over this article with everyone in your team before the calls start coming in! Trust us, it will help you be more successful. You can also register for a webinar specifically about our Home Buyer program below.
Remember: Everyone you talk to has some level of interest in buying a home, whether they are ready to move forward now or in the next year. Make sure to use this opportunity to refer them to one of your referral partners! Your referral partners will be happy to engage with the consumer early in the process as well. This is a great way to reciprocate business to your partners.
Step 1 - Getting Started
- Don't miss the phone calls! I know this sounds like a no-brainer, but we see this happen with almost every client starting out. If you miss the initial call from a new consumer, you are 5 times less likely to speak with them when you try calling back. We will send an email notification for every inbound call so you can keep tabs on whether they are being answered effectively. If you see that the calls are being missed, you need to talk with your team.
- Have multiple loan officers available to answer the phones: When the marketing hits, calls start coming in quickly. You should have multiple licensed originators available in order to service all the inbound calls. We recommend having a phone system the rings all the team members at once to ensure the call is answered quickly.
- Build rapport, don't be an order taker: When you first talk to a new inbound prospect, focus on building rapport first. Ask them questions about what they are trying to accomplish, and repeat to them what they told you. Hear their problems, their goals, really listen. Then once you have built that connection (and trust) because you listened, then you can start talking about loan options.
- Have your team be available after regular business hours: Most hard working first-time home buyers are at work during regular business hours and don't have the time to call you. Not to mention, most of your competition won't be around to answer questions after hours. Because of this, many of the responders will call you to see if they can get better service from you than the other lenders they may be considering. You will probably get half of your new calls after 5:00pm when people get home and read their mail! Be ready to answer those calls with a live person, this is very important.
Step 2 - What to Expect
- When picking a geography to start targeting, there are some things you will want to consider. First, pick geographies that will have decent inventory and a good cross section of demographics of households. Your responders aren't going to be high income, large loan amount type of loans, on average. A majority of the response will be low-to-moderate income. This is your market! These are great borrowers and there are far more of them.
- First time home buyers will have a long sales cycle. This is their first experience with mortgage and home ownership. This is normal and you should prepare your team to stay in touch. If the borrower has a down payment or DTI issue, they will try to work it out and be back in the market sooner than you think. Remember, they still want a home, so stay in touch.
Step 3 - Ramp Up
- As you start the first marketing campaigns you should start thinking about a recruiting plan. It is very easy to fill the capacity of a team of 2 or 3 loan officers in the first 30 days.
- This is a great unique value proposition for recruiting good team members or other branch operations into your team. Not many mortgage employers are offering to drive pre-screened inbound calls directly to their team!
- As you hire new team members, think about if you should be getting loan officers licensed in surrounding states. If you are in a state with lower population, you may be limited on your growth for a home buyer campaign.
- If you don't already have a CRM in place, you may want to consider using one to ensure the follow-up to each consumer is systemized. We recommend using HubSpot. Their CRM is free and a great product.
For more details and tips, register you and your team for one of our Webinars specifically about the Home Buyer marketing program.