With the advent of smart phones and tablets getting your information in front of prospective buyers immediately is easier, but even more critical than it was in the past. A recent study in the Harvard Business Review found that if you don’t respond to an initial inquiry within five minutes, the chances of connecting with that prospect drop off significantly afterwards. The below post was written for our friends at Zillow and, although directed towards mortgage brokers, we feel the information could be helpful all real estate professionals. Enjoy.
Read the full post from Zillow below
How fast are you at contacting a borrower? Ever call them just to discover they’re already working with one of your competitors? A recent study featured in the Harvard Business Review revealed that if you don’t get to a prospect in the first five minutes, the chance of ever talking to them drops off significantly. Five minutes might seem a bit ambitious, but think of all the things that could happen in the first five minutes of a mortgage inquiry. For example:
- Your competition will contact the potential borrower first
- The customer will lose interest or continue to search for a loan elsewhere
Some potential borrowers are hard to contact and have a limited amount of free time, so you need to get them while they’re in the “buy zone.”
At Mortech, we’ve seen our lender-customers have had a higher rate of closed loans when they’re utilizing automated email marketing communications. Our lenders know sending a mortgage quote is just the first step to winning the business.
We’ve also learned that email marketing is a great way for you to introduce your brand to potential borrowers with minimal contact information. What’s more, emails are no longer only accessed on computers. With the rapid growth of mobile phones and tablets, getting your message in front of consumers has become even easier. But you need to ensure your messages stand out in order to build relationships.
Want to enhance your email marketing strategies? Below are five tips on how to get the most out of emailing potential homebuyers:
- Get the reader’s attention right away — Create a subject line that captivates your reader. After writing it, ask yourself: “Would I open this email?” If the answer is no, you might want to reconsider your approach. This same rule applies to the first few sentences of the email. And remember to get to the point quickly.
- Keep the conversation relevant – Whether it’s a dip in rates or a current regulatory event that would be of interest to the borrower, be sure to customize the message so it’s personalized, timely, and relevant.
- Include current rates — By including the market’s current rates, you’re adding something of value to the reader. Moreover, you’ll build credibility because they’ll perceive you as an industry expert.
- Offer a call to action – Guide the borrower towards the next step in the loan process. For instance, consider including an “Apply Now” or “Get Started” button in initial messages that direct them to a secure online mortgage application
- Stay with the borrower for a long time — Communicating with a prospect after the initial push from competitors can also sometimes be the key to closing a loan. While typically you’d have to manually do this, many technologies feature automated email marketing allowing you to exert minimum effort on a customer while still keeping the opportunity alive months after the initial request.