Some of the best ideas come from "outside" the mortgage industry-by reading other publications or just simply brainstorm with other business owners.
I recently ran across an article on how owners of self-storage units market themselves.
There was one idea that may also work for loan officers-an event where your past clients make money, help the storage facility rent units, involve your local charity and of course, you get more leads.
I'll have to warn you, this is really outside the box, but please don't judge it until you have had a chance to read the entire article. Remember, being first and being different is a good thing.
Have you ever held a group yard sale?
A yard sale is a great event for a facility that is not fully rented. It brings in a lot of foot traffic for very little expense and effort. Let's face it-we all have a lot of "stuff." Partner with the self-storage unit owners and create a yard sale event where:
People who currently rent units from them can sell their stuff;
Past clients can rent a space for the day; and
It can be co-marketed to apartment complexes and surrounding subdivisions.
Both of you will benefit. The storage company may rent more space. You can offer a free credit report to everyone.
You simply offer businesses, apartment complex tenants, your past clients and local residents (those who live near the facility) the chance to rent a unit for a day and sell their stuff. Since most of the "list" you'll be marketing to are renters, they may be considering buying a home.
Why it's a win-win? The self-storage units are a perfect location because the space is covered so no need to worry about items getting wet. Since it's being held in one location, people don't have to get in their cars and travel from yard sale to yard sale.
The reason the owner would consider partnering with you is to get people to check out their facility and attempt to rent out the remaining units.
You on the other hand, are providing an opportunity for apartment dwellers and past clients to get rid of their unwanted stuff. However, you would also ask for a space to offer a free credit report to anyone who wants one. Ask a real estate agent to join you (and they can notify their clients about the garage sale too).
The cost for marketing and advertising is about $400. This covers the cost of flyers (manually delivered to surrounding businesses and subdivisions), the cost of mailing a flyer to several apartment complexes, to mail to people currently renting the storage units and mailing to your past clients. Another $100 should be allocated for soft drinks, coffee or snacks.
Planning the event: At least eight weeks in advance send out a flyer asking people to participate in the event. This gives them time to decide if they have the time and plan what to sell. Let them know the "rental fee" and ask them to call if they are interested in participating. Ask the facility owner to create a registration form that can either be emailed or faxed to reserve a unit.
Charge a rental fee for the day. It is recommended that the rental fee for the unit be about $20. It has to be inexpensive for people to participate. By charging a fee, you decrease the number of no-shows because they have invested their money ahead of time. People who already rent storage units are free and can simply open the door and sell their unwanted items.
At least two weeks before the event, send out a flyer marketing the event again. Give people another chance to participate. Again, distribute flyers and mail to apartment complexes letting them know the big event is just around the corner.
Then about a week before, run an ad in the garage-sale section of the newspaper on the Thursday and Friday before the event. Hold your event on Saturday from 7 a.m. to 1 p.m.
Arrange for soft drinks, pre-packaged snacks and coffee. Buy from a wholesale company and rent a large coffee pot. Consider contacting a local bakery to provide rolls or cookies in exchange for you including their name on the flyers.
Create a way to track attendees. Consider offering a door prize (suggestions including something being donated by another local business or it could be a free storage unit for three months) to get people to fill out their name, addresses and e-mail. Set up an area where you can provide a free credit report (and mortgage information) to anyone who signs a credit authorization form. A one-merge, in-file credit report with one score will cost you about $4 per person but these are the people who may be interested in buying or refinancing their homes.
For people who decide to rent a unit and sell items, here's a list of suggested rules:
1. No alcoholic beverages.
2. They cannot sell the following items: food or beverages, animals, adult entertainment items, drugs or drug-related items
3. They must sign a one-day lease agreement.
4. Everything must be removed after the yard sale is over.
Another suggestion for leftover items would be to ask Goodwill or Salvation Army to have a truck at your yard sale so people can donate unwanted items. It would be up to the charity to decide what it will accept.
From a marketing perspective, it's also worth mentioning in your marketing flyer that they have the option to donate unsold items to charity.
How does everyone benefit? You are included in marketing flyers and have a venue to offer free credit reports. Since you are inviting apartment dwellers, distribute free reports on the mistakes first-time homebuyers make buying a home.
The storage facility owner gets people to his/her location and offers a door prize to obtain names and e-mail addresses to continue to market to them.
The local charity can collect more items-since they don't have to drive from home to home to pick up.
One last thing! If you are planning on working with a charity, be sure to fax a press release to your local TV and radio stations so they can help promote the event!
Karen Deis is president of
