Have you heard the news? The US Treasury is seriously talking about lowering rates to 4.5 percent or maybe 4.0 percent. This is going to present an excellent opportunity for you to purchase aged leads and create a killer mortgage marketing plan.
There are millions of borrowers sitting on the sidelines waiting for mortgage rates to hit their boogie. And when rates hit that number you are going to be in for a rush–assuming you are marketing. How do you find these customers? Simple, they are all the people in your database or leads that you can buy from a good aged lead provider.
So, lets think about what you should be doing:
Build a Mortgage Rate Target List
This of course is the logical first step. Comb through your database or buy aged leads that fit your lending profile now. Don’t wait and scramble for leads when the rates hit 4.5% and you are competing again.
Develop a Campaign
This isn’t going to be a one call, email, or direct mail close. You are going to develop a relationship. This is one of those unique mortgage market opportunities that is showing itself early. Fortunately, most mortgage brokers are too worried about surviving to lay the groundwork for this big opportunity.
Educate Customers on What is About to Happen
Let you prospective customers know what is about to happen. They don’t watch the market like you do–they may not even know this is coming.
They are going to appreciate you making them aware of the lowest rates in recent history, the chance to stop squirming over their ARM, and you will be a lock to get their business when their rate target comes. This is how you avoid competing with all the lemmings when the Treasury rolls out that magic rate.
Ask Them to Let You Managed Their Rate Target
If you are really smart you will take it one more step. If your customer is not ready yet ask them to let you worry about when their rate comes along. Offer to manage their mortgage. Ask them what rate they would like to refinance at and tell them you will call them immediately when it is available.
Now they don’t have to worry about it–if it is available you will get it for them. And you have a customer lock, no competing.
Be Ready to Lock and Close Quickly
If the borrower gives you their trust to monitor their mortgage rate, don’t betray that trust. Set up an air tight tickler system to alert you who is ready to refinance at what rate. Then lock and close fast. Making the process painless and worry-free will get you a client that trusts you to manage their mortgage for life.