In the mortgage world, email has evolved beyond simple transactional correspondence: It’s your new line to lifetime customers. Americans will own an average of three homes over their lifetime – and will likely refinance their mortgage at some point during that time as well. If you aren’t nurturing the customer relationship after the loan has closed, you’re likely to lose that customer. This is especially true in the age of online consumerism where customers prefer to shop the internet when the idea of a new home or refinancing crosses their mind. Plant the idea seeds early and get a step ahead with email marketing.
Meet Customers Where They’re At – Their Phones
Today, fewer of us have daily commutes, our media consumption is scattered due to a multitude of channels and many of us are willing to pay for an ad-free digital experience. But where are most of us daily? On our phones checking email and messages. Email is the Old Faithful of digital marketing: 90 percent of emails sent are delivered to the recipient’s inbox, whereas only 2 percent of followers may see your Facebook post in their feed. For the last decade, email has delivered the highest ROI for marketers – $38 for every $1 spent – and from 2010 to 2015 email open rates grew by 30 percent. A recent survey of mortgage professionals found that those using consumer-direct channels and investing in technology were more likely to experience higher growth.
To maximize mobile email marketing, ensure your templates are:
Keep Costs Down – For You and Your Customers
You’ve likely heard the adage that it’s cheaper to keep a customer than acquire a new one. It’s true: Typically five times cheaper. With information literally at customers’ fingertips, they can find information on loans and refinancing as soon as the idea crosses their minds. And while your rates may be just as competitive as other lenders, customers may not know this unless you tell them. As soon as rates change or the market changes, make sure you’re the first to let them know. At the very least, you’ll nuture the existing relationship. This is all the more easy to do if your loan management software has a direct connection with your customer relationship manager (CRM) tool.
Effortless, Streamlined Delivery
With an integrated software tool, you can turn email click-throughs into loans quickly – and you can let your customers know. If you already have their information saved, you can tell them they can be approved in minutes – without the need to input new data. Research shows the more form fields customers have to fill out – even online – the higher the likelihood of abandonment. Borrowers, regardless of age, are looking for more online and digital interaction with their lender throughout the loan lifecycle. Take the guesswork out for your customers and meet them in their inbox, where more loans are starting.
Customer Relationships Mean Customer Retention
Fact is, not many homes become forever homes. On average, per the National Association of Realtors, ten years is the average length of time a homeowner remains in a home. Email allows an easy connection after the loan is said and done – and the right CRM tool provides an entryway to relationship nurturing. Send a celebratory note on birthdays, bid a happy new year and check in on the closing anniversary to remind them of one of the best purchases they’ve ever made. Staying top of mind means you’ll be their first call when it’s time for the next big step in lending. It’ll feel like coming home.
The Lodasoft Executive team is comprised of top mortgage industry veterans who have lived on your side of the fence for 20+ years. With experience at companies such as Loan Depot, Black Knight, GE Capital, ISGN, and more, our deep industry knowledge allows us to provide real-life solutions that come from real-life challenges.
Lodasoft - The Digital Mortgage Platform
The award-winning Lodasoft Digital Workflow Platform leverages enterprise intelligent loan manufacturing (iLM) to drastically reduce the cost to originate. Lodasoft enhances workflow throughout the enterprise’s lending lifecycle by implementing task-based automation, identifying training opportunities, and freeing branches and internal staff to focus on growth.