Annual phone calls are a simple marketing strategy that very few loan officers take the time to implement. Here's why you should start making these easy phone calls:
• No cost. Zero. Zip.
• Your past clients like you (if they don't then you have bigger problems than not picking up the phone).
• This takes less than 30 minutes. If you closed eight loans last year, you can call all these clients in about 30 minutes. I'm pretty sure you are wasting at least 30 minutes at least once a month. Might even be more than that.
• Gives you an opportunity to ask for referrals. Educate the client (again) that you work on referrals and prime the pump so they think of you the next time a friend, family member etc. needs a mortgage.
Here is a basic outline for the annual phone call:
- Reconnect. "How are you?" How are the kids, the new house, the job, etc.? Hopefully you remember something personal about the clients and can show your interest on a personal level.
- Offer assistance. "Do you have any questions about your current loan?" Let them know you are a resource, even if they make a payment to another company.
- Ask for referrals. "By the way, do you know of anyone looking to buy a home or refinance?”