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Numerous studies have revealed that the vast majority of sales happen on or after the fifth contact. If you’re a broker mortgage or mortgage agent and you’re only doing one or two follow-ups, imagine all the business you’re losing. Not following up with your prospects and clients is the same as filling up your bathtub without first putting the stopper in the drain!
But don’t be disheartened if you’re among the 90 per cent of mortgage professionals I talk to who do little or no follow-up. The good news is you have ample room for profitable improvement. Consistent follow-up creates a predictable and profitable stream of prospects and clients that need mortgage financing. Mortgage professionals that capture leads and follow-up with them until the deal closes enjoy higher conversion rates and a higher percentage of referrals than those that do not.
After asking many mortgage professionals the reason why they don’t follow-up I often hear responses such as, “I don’t have the time to follow-up”, or “I’ve been meaning to do follow-up but I’ve been confused about how to implement it.” These responses automatically set off red flags that tell me that they lack a systematic process for following up. The problem is not that they don’t have the capacity to follow-up, they just don’t have the systems in place to do it efficiently and consistently.
What Does A Good Follow-Up System Look Like?
A good follow-up marketing system should have three attributes. First, it should be systematic, meaning that the follow-up process is done the same way every time. Secondly, it should generate consistent, predictable results. Thirdly, it should require minimal physical interaction to make it run, meaning it should be able to run on autopilot.
Sounds like a dream come true, doesn’t it? Not only can it be done, it is being done every day. The secret to an effective mortgage marketing follow-up system is to make it automatic so that you don’t have to lift a finger, but the job still gets done. With today’s technology it is simpler than ever. Automating your follow-up processes gives you more time to work “on” your business rather than “in” your business.
Four Target Audiences
There are four types of people you should be following up with:
1) Prospects (people who have responded to your marketing, but have not submitted their application)
2) Pre-approvals & Pre-quals (people who have submitted an application, have gotten pre-approved but have not yet purchased a property)
3) Clients (Closed Deals)
4) Referral Partners (Realtors, Financial Planners, CPAs, Attorneys etc)
Each follow-up message and offer will be different for each type of person.
With prospects you want to lead them to the next step which is completing an application, improving their credit or setting up a meeting. With pre-approvals & pre-quals you want to give them tips on how to find their “ideal home” and avoid costly mistakes. And with clients you want to build “Top of Mind Consciousness” so when the time comes that they (or someone they know) needs financing they will automatically give you their repeat business or send you hot referrals.
Three Types of Follow-Ups
Your principle follow-up marketing tools are:
1) Telephone
2) Email
3) Direct mail
Many mortgage professionals make the mistake of only using the telephone and email to deliver their follow-up communications. This is usually because they deem direct mail as being too expensive or too time consuming. This is true if you're a direct mail "Dummy", but with a little coaching you'll find that you get your best results by using all three media types.
Let me give you a quick example:
Let's say you get an inquiry over the phone from someone who is interested in getting a mortgage. Instead of allowing them to shop you and run, you ask take a brief pre-qual application over the phone and tell them you'll get back to them with some options.
At that time, you also get their email address and mailing address. Then you simply plug them into your followup system that automatically and immediately sends them...
And they receive all that before you even meet them in person. Imagine the impression you'll make when they receive those two thoughtful "touches" within 48hrs of your initial conversation!
Your Follow-Up Sequence
The power of your follow-up will lie in your follow-up sequence. Your follow-up sequence is a series of communications with your prospect that are “linked” together, with each communication building on the previous message.
For instance, in my Autopilot Referral Systems course I include a series of strategic letters that are sent out throughout the loan process and beyond. Here's a sample of the sequence I recommend you send out via direct mail after your initial consulation...
Day 1 - The Ultimate Scenario Letter - Send this letter via mail 24 hrs after the initial consultation. This letter will fortify your relationship and strengthen their trust in you as their mortgage advisor.
Day 4 - Any Questions Letter - Send this letter along with the checklist via mail within 3 days after the initial consultation to let them know you are there to help, answer any questions and provide recommendations for any vendors they might need.
Day 7 - More Docs Needed Letter - Send this letter via mail 7 days after the initial consultation to remind them of any documents needed for their mortgage approval.
Day 10 - Referral Card Letter - Send this letter via mail 10 days after the initial consultation to remind them that you appreciate their referrals and to show them how easy it is to do so.
Ongoing - Monthly Client Newsletter - And lastly, I recommend sending a monthly newsletter to your prospects, clients and referral partners like clock-work via direct mail. This build TOP of MIND CONCIOUSNESS and will ensure you get their repeat business and unsolicited referrals.
Can you see how powerful this followup system can be for your business?
How To Put Follow-Up Marketing On Autopilot
What I’m about to reveal to you is the key to developing a powerful follow-up marketing system because it overcomes the number one reason most mortgage professionals don’t follow-up: Procrastination! You must automate your follow-up system as much as possible so that there are few if any, physical interactions with the system. That way it will actually get it done… consistently!
It is the required physical interactions (i.e. printing letters, sending emails, inputting leads etc.) where 99 per cent of all the breakdowns occur in well-intentioned follow-up marketing systems. To automate your follow-ups you should consider using robotic marketing systems and outsourcing any manual interactions to a dedicated service provider. For instance, to capture leads you should consider using a mortgage call capture system that captures your prospects contact information and automatically transcribes it and sends your leads to you in a spreadsheet every morning via email.
If you are using a direct mail follow-up system (and you should be), find a mortgage CRM software (go to DorenRecommends.com for my preferred vendors) to automate the list building, mail merging, and envelope printing.
Now step back for a moment and see the power of what I have just revealed to you. Imagine running an ad, having your prospect call up and give their contact information via your recorded message system. Then having your leads automatically receive a free report that will literally cause them to become pre-sold on working with you before they even meet you!
You can set up this exact same follow-up system using a “hands-free” email auto-responder. Your prospect will not only be receiving your direct mail messages, but you can insert your email messages between your mailings.
What About Using The Telephone for Follow-Up?
You will notice that I didn’t say much about cold-calling your prospect. That’s because you want your prospect to have already received your educational marketing messages and have most of their questions answered before you call them. An educated prospect is your best prospect. They already know why you are different, what your value proposition is, and how you are uniquely qualified to meet their needs. In essence, they have pre-qualified themselves before you ever spend time physically speaking to them. This drastically reduces the sales cycle and increases your conversion rate because you have positioned yourself to be their only logical choice.
Conclusion
A strategically designed follow-up marketing system will boost your closing rate increase your repeat business, generate more referrals and dramatically enhance your client satisfaction. Following up with systematic processes allows you to leverage your time and boost your productivity, which will result in more closed deals with less effort… and isn’t that what you want? Start winning more deals today by implementing your own follow-up marketing system.
About the Author:
Doren Aldana, the nation’s leading Mortgage Marketing Coach, is dedicated to helping mortgage professionals attract more clients with less effort. Aldana is also the author of a Mortgage Marketing Audio Seminar, "21 Secrets of Superstar Mortgage Brokers and Loan Officers!" To get your free copy click here.
To access the proven mortgage marketing resources and profit producing tools discussed in this article visit our webstore or join our mortgage marketing coaching program.
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The three steps you need to take to create a powerful high-level marketing plan in one day. 
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