| Author |
Previous Topic | Next Topic |
raymondb
4124 Posts |
 Posted - 01/13/2008 : 02:40:12 AM
|
My name is Raymond Bartreau and I am here to share some FREE knowledge in direct marketing. I think marketing is a huge way to stay alive in the business. If done correctly you can make good money still in the industry. Here are my consulting tips...
Every day I get at least 10 emails from LOs and Brokers out there who all ask the very similar question....."Raymond, what is working for your clients? What type of marketing are you seeing the best results in?" I answer them usually depending on the market in there area. Recently i was asked on one of my consulting threads on another site and got the same question. I was in a typing mood that day. I gave a pretty good response outlining most types of current marketing strategies and i wanted to share it with the board here as well. I figure the best way to enter my part of the Training part of this board....
Now this is a great question! I will break it down as a industry whole in the current market we are in.
First thing you have to understand is the consumers point of view. They see for sale signs up everywhere, they hear of for-closed properties, etc... The point is that with all the consumers hearing negative publicity on TV, radio, on-line, word of mouth etc... it builds fear into any financial move on their home. It builds this 'exterior' you have to break through when trying to reach these people. WITH THAT SAID, you have to now look at the different forms of direct marketing....
Direct Mail- whether your using post cards or envelopes, color or no color, or the type of advertisement that's on it its still just that.."advertisement." Any form of advertisement will get lower response in the target market when consumer confidence is down in that particular market. For us its the fear of entering any change in their finances when its "scary" Tough to get to someone like this when they get so many others and its easy to through them all away. There is not one mail provider (that can say that responses are not down in the last 8 months and are not getting better. That is exactly what has happened. NOW MAIL CAN WORK IN A GOOD MARKET but ours unfortunately isn't good right now and mail is expensive! very risky with little control. If you are a die hard direct mail type of LO and your Vendors responses are down we can give you a trial run with us and our data... http://bestratereferrals.com/mailers.html
Voice Broadcasting-again a simple form of advertisement which requires little maintenance but since it is an advertisement in this market is going to get low response. I know in a lot of states its illegal as well so definitely consult a lawyer if you ever do decide to try it in your state. I just know that its easy for people to hang up on a recorded message and then even easier to hang up after the button is pressed. Cheap form of marketing but low returns as well. A lot of this depends on the type of list and the script and recording. Almost way to many factors involved for the max return you COULD GET. I tell my clients to shy away from it unless they already know what their doing with VB. If your new to it its not the right time to learn. You can read more about the service here...http://bestratereferrals.com/vbs.html
TV- this one varies nationwide. Other forms of marketing do as well but TV just depends on social activity of that market. For example if its big city your targeting TV wont work as well because people are more active socially and professionally that they watch about 35% less tv per person than smaller rural cities where most things shut down much earlier. Not to mention that it can be very expensive. If it was me in a city like Kingman AZ with 50k people i would do some local adds and if the add is catchy it will work because a decent number of that community will see it. How ever if I'm at home an hour away in Las Vegas marketing there then TV is not going to work because most people don't watch TV here more than 1 -2 hrs per day.
Email Marketing-I flat out think this can work if you get a good list of Internet leads from a trusted supplier. Problem is that i don't know of one unfortunately. They all will seem good maybe the first campaign or two but then they start weeding you out for new clients that will pay more. But if you can find a guy you can trust then this can work for you just make sure the emails are all text to make sure that at least some of them get through
Faxing businesses- don do this!! You might hear your industry peers making money doing it but trust me, you don't want o get caught doing it. risk is definitely not worth the reward.
social networking-very big way to gain business. obviously we are all here but i mean social networking within your community. You would be surprised how many loan officers don't even have business cards. get your butts out their and meet people. go to church, go to city league softball games, go to HOA meetings, go to neighborhood watch meetings. Oh and here is one that has gotten me more loans than anything lately....mlm social networking. don't get me wrong i don't do the mlm to make long term money with the mlm. I do it to meet other people who have visions of making BIG money. Those types own home, think about finances, and understand savings and benefit if you can show it to them. Its easy to get through that 'exterior' if your already discussing way to make money. I signed up for helloworld (which i do not do anymore) which was a video email service mlm. the third meetings went to had about 50 people in it. I did a loan for 8 of the 50 their that night with in the next 45 days. I didn't care about he mm at all, the networking was the key for me. I personally do a ton of this marketing all over the internet on net working sites as well locally within my city. Huge for me.
Internet Leads-dead market. the problem lies in the fact that the consumer is the shopper. They enter their info into numerous web sites to get quotes not knowing that one site may be and probably is selling their information over and over again. so even IF you can find an honest sales rep somewhere the lead it self may be being sold by other companies and resellers which saturates your quality leads actual quality. This is just not my cup of tea, no matter how much sugar you put in there its still nasty....
Live Transfers-also called hot transfers- this is one of the biggest cons in mortgage marketing if you didn't already know that. First of all its far to expensive to do live transfers from the united states to the united states. Did you know that the labor is so much cheaper anywhere out of the US that it make no business sense to do it form the states. The cost is almost double here per transfer so no smart business man would even do it from the states and secondly the quality of the transfer after it got a recorded message, then spoke to some person they could barely understand, and then get transferred again to answer the questions all over again. The only person that will go through that will be a desperate loan prospect that is desperate because they cant get financed. Pretty expensive turn downs most of the time in my opinion. you can generate your own live transfers and skip that process of the over seas call center however it is illegal in some states so please advise your lawyer. If you are going to try transfers my suggestion would be to make sure the call center you pay is in America.
Tele Marketed Leads- usually from a predictive dialer with live agent pitching a script or a manually dialing agent. In my opinion it the most effective and "guaranteed" form of generating business every day. Its more of a personal way of doing it. Now i know a lot of you are probably thinking "telemarketing *****" and your right it does suck, BUT IT WORK. From where I'm from what works makes money and money is why we work, so even if it does suck i still have most of my client generating their own leads doing this method for 2-3 hrs per night. It cheap, mostly costs you your time. Now if Telemarketing is not your thing personally hire a "telemarketer" to do it for you. There are tele marketers in every city that are in the same week to week check and would be eager to try a new industry with more possible potential. You know that if you make x amount of dials in the same hrs every night you will get at least x amount of deals per month. Pretty hard to stop doing once you realize you are getting 3-4 apps per night which is very obtainable for an average cold caller. Of course the right scripts and list helps as well just like in direct mail but here its harder for them to hang up on a live person then to throw away a piece of mail. http://bestratereferrals.com/leads.html or you can generate your own..http://www.bestratereferrals.com/consulting-lpbp2.html
In the end no matter what you do try to do as much of it in house and try to be very specific about who you are targeting. The shotgun approach is definitely not working. You have to target your market, reach them the best way you can to get through the 'exterior' and then do it routinely. if you do these basics you should at least do 2-3 more loans.
I'm sure a lot of you will agree with me on some of the stuff i mentioned here. I do apologize for rambling but I love this stuff, plus its late and I'm tired....lol
If you have any marketing questions please post away. I am hoping that this thread will grow and really help people grasp the direct marketing concepts. There is a ton of business out there we just got to go get it. There are no stupid questions. Im sure someone out there has the same one and if i can answer it once it can be read many times.
Thanks guys and gals! |
|
erikwebster
4049 Posts |
Posted - 01/13/2008 : 05:19:00 AM
|
| cold calling for the win :) |
|
|
raymondb
4124 Posts |
Posted - 01/13/2008 : 08:51:26 AM
|
| Yes sir, as this thread grows I will add every little element of cold calling I know about. We will break it down one post at any time explaining in detail the pros and cons of these aspects. IF at any point you have a question post it. Erik I know you’re versed in this stuff too so if at any point you have anything to add that would be welcomed. This will be a great training thread by the time all the relative content is added about each type of marketing. Another great reason BO is so great. It allows the newbie’s to get some great education for FREE!!! The BO has been great to me and this thread will be my contribution back to it. |
|
|
arscherer
169 Posts |
Posted - 01/13/2008 : 09:03:07 AM
|
quote:
Originally posted by raymondb
In the end no matter what you do try to do as much of it in house and try to be very specific about who you are targeting. The shotgun approach is definitely not working. You have to target your market, reach them the best way you can to get through the 'exterior' and then do it routinely. if you do these basics you should at least do 2-3 more loans.
This is an excellent post, and this quote that I mentioned above is one of my favorite paragraphs throughout! |
|
|
raymondb
4124 Posts |
Posted - 01/13/2008 : 12:06:39 PM
|
You are all welcome! It's something i have been meaning to do but just been really busy lately. I'm hoping that maybe the questions getting answered here might save me some time during the day which will let me come up with and put in to motion new marketing ideas. Ill make my next informative post on Monday night after i get off work. The first thing we will do is dive into each form of marketing and looks at its ins and outs. Companies to use, which ones not to use, how to do them in house, etc...
I look forward to this and remember questions help!!!
|
|
|
mortiz0126
205 Posts |
Posted - 01/13/2008 : 12:40:42 PM
|
| Good post! |
|
|
aspiring1
1302 Posts |
Posted - 01/13/2008 : 2:47:44 PM
|
| Raymond, good info..thanks! |
|
|
arscherer
169 Posts |
Posted - 01/13/2008 : 3:43:01 PM
|
quote:
Originally posted by raymondb
You are all welcome! It's something i have been meaning to do but just been really busy lately. I'm hoping that maybe the questions getting answered here might save me some time during the day which will let me come up with and put in to motion new marketing ideas. Ill make my next informative post on Monday night after i get off work. The first thing we will do is dive into each form of marketing and looks at its ins and outs. Companies to use, which ones not to use, how to do them in house, etc...
I look forward to this and remember questions help!!!
I definitely look forward to that! I'll check on Monday evening for the post! |
|
|
raymondb
4124 Posts |
Posted - 01/13/2008 : 3:43:44 PM
|
| No sweat guys, remember its just the beginning. Ill add a ton more as we go... |
|
|
raymondb
4124 Posts |
Posted - 01/14/2008 : 7:21:42 PM
|
Lets first take a look at my favorite telemarketing.....
The first thing we must all do when looking to tele-market for more business is compliance. You must stay compliant with the national and state DNC (do not call) laws. To do this you must get a SAN (subscription account number) from the do not call registry. This SAN registers you so you can call into certain area codes. They give you 5 area codes for free for one year. If you want to call into more area codes then you can buy them. The registry sells them per area code and last time I checked they ran $65 each. Stick to the 5 free that you can start with and when you make money. Then buy some other area codes if you need to venture outside your call zone.
List- Now once you have your San number you want to start looking for a list. The main thing to think about is no matter what list vendor or Title Company you use, no matter what database they pull from, always make sure you ask them if they are scrubbing for DNC. You would be suprised what some people are doing out there. Oh wait this is a mortgage forum what am I saying, nothing can suprise you guys. Just make sure your lists are scrubbed for DNC by your SAN #. There are many types of databases that you can pull from which is another post for another day soon....
Phone line- you want to make sure that your caller ID states the name of your company and has a call back number that is reachable with an opt out message. There are some fine lines that people cross all the time but I would not suggest doing it. It’s easy to set up with what ever provider you use. They will all let you put what ever you want to show on their caller id, etc. No matter if you go VOIP or not that is a discussion for another day.
Scripts-think of a niche you want to call on and develop yourself a good script. You can find them all over the place on line. In a lot of places for free. Find some of those and get some ideas for your own. Think about if what market you want to target, sub-prime, arms, reverse, etc... Then write your script to target that market. This also becomes important when compiling your list. The main thing I always tell everyone is to keep the initial part of the script short and grab their attention. There are many ways to do this. Ill help with this later on in this thread as well.
Dialers-when starting out don't worry about dialing systems. Get a real analog phone line or a VOIP one if you have to. Then start pounding away using your pre written script. Once you have your pitch down and you feel comfortable then we can start worrying about dialers.
For those of you that are experienced in this and are ready for or have used dialers, I will talk about that soon so stay tuned. There are so many systems out there that you want to have all the knowledge about each type. I'll share this with you in the next post or two.
Review, get set up for SAN, make sure phone line is right, get a list provider, and hang on for the ride. For those of you who are already dialing definatly stay tuned, I can teach you guys a few really great tricks as well to increase your production. Trust me I have 24 Tele marketers myself.
It’s getting late so ill add more later in the week.
Thanks! |
|
|
arscherer
169 Posts |
Posted - 01/15/2008 : 08:26:36 AM
|
| Great start to the blog, Raymond! Definitely some great info in there that can be utilized by everyone! |
|
|
johnnyboy38109
3008 Posts |
Posted - 01/15/2008 : 08:34:28 AM
|
quote:
Originally posted by raymondb
My name is Raymond Bartreau and I am here to share some FREE knowledge in direct marketing...
Every day I get at least 10 emails from LOs and Brokers out there who all ask the very similar question....."raymond, what is working for your clients? What type of marketing are you seeing the best results in?" I answer them usually depending on the market in there area. Recently i was asked on one of my consulting threads on implode explode the same question and i was in a typing mood that day. I gave a pretty good response outlining most types of current marketing strategies and i wanted to share it with the board here as well.....
Now this is a great question! I will break it down as a industry whole in the current market we are in.
First thing you have to understand is the consumers point of view. They see for sale signs up everywhere, they hear of for-closed properties, etc... The point is that with all the consumers hearing negative publicity on TV, radio, on-line, word of mouth etc... it builds fear into any financial move on their home. It builds this 'exterior' you have to break through when trying to reach these people. WITH THAT SAID, you have to now look at the different forms of direct marketing....
Direct Mail- whether your using post cards or envelopes, color or no color, or the type of advertisement that's on it its still just that.."advertisement." Any form of advertisement will get lower response in the target market when consumer confidence is down in that particular market. For us its the fear of entering any change in their finances when its "scary" Tough to get to someone like this when they get so many others and its easy to through them all away. There is not one mail provider (that can say that responses are not down in the last 8 months and are not getting better. That is exactly what has happened. NOW MAIL CAN WORK IN A GOOD MARKET but ours unfortunately isn't good right now and mail is expensive! very risky with little control. If you are a die hard direct mail type of LO and your Vendors responses are down we can give you a trial run with us and our data... http://bestratereferrals.com/mailers.html
Voice Broadcasting-again a simple form of advertisement which requires little maintenance but since it is an advertisement in this market is going to get low response. I know in a lot of states its illegal as well so definitely consult a lawyer if you ever do decide to try it in your state. I just know that its easy for people to hang up on a recorded message and then even easier to hang up after the button is pressed. Cheap form of marketing but low returns as well. A lot of this depends on the type of list and the script and recording. Almost way to many factors involved for the max return you COULD GET. I tell my clients to shy away from it unless they already know what their doing with VB. If your new to it its not the right time to learn. You can read more about the service here...http://bestratereferrals.com/vbs.html
TV- this one varies nationwide. Other forms of marketing do as well but TV just depends on social activity of that market. For example if its big city your targeting TV wont work as well because people are more active socially and professionally that they watch about 35% less tv per person than smaller rural cities where most things shut down much earlier. Not to mention that it can be very expensive. If it was me in a city like Kingman AZ with 50k people i would do some local adds and if the add is catchy it will work because a decent number of that community will see it. How ever if I'm at home an hour away in Las Vegas marketing there then TV is not going to work because most people don't watch TV here more than 1 -2 hrs per day.
Email Marketing-I flat out think this can work if you get a good list of Internet leads from a trusted supplier. Problem is that i don't know of one unfortunately. They all will seem good maybe the first campaign or two but then they start weeding you out for new clients that will pay more. But if you can find a guy you can trust then this can work for you just make sure the emails are all text to make sure that at least some of them get through
Faxing businesses- don do this!! You might hear your industry peers making money doing it but trust me, you don't want o get caught doing it. risk is definitely not worth the reward.
social networking-very big way to gain business. obviously we are all here but i mean social networking within your community. You would be surprised how many loan officers don't even have business cards. get your butts out their and meet people. go to church, go to city league softball games, go to HOA meetings, go to neighborhood watch meetings. Oh and here is one that has gotten me more loans than anything lately....mlm social networking. don't get me wrong i don't do the mlm to make long term money with the mlm. I do it to meet other people who have visions of making BIG money. Those types own home, think about finances, and understand savings and benefit if you can show it to them. Its easy to get through that 'exterior' if your already discussing way to make money. I signed up for helloworld (which i do not do anymore) which was a video email service mlm. the third meetings went to had about 50 people in it. I did a loan for 8 of the 50 their that night with in the next 45 days. I didn't care about he mm at all, the networking was the key for me. I personally do a ton of this marketing all over the internet on net working sites as well locally within my city. Huge for me.
Internet Leads-dead market. the problem lies in the fact that the consumer is the shopper. They enter their info into numerous web sites to get quotes not knowing that one site may be and probably is selling their information over and over again. so even IF you can find an honest sales rep somewhere the lead it self may be being sold by other companies and resellers which saturates your quality leads actual quality. This is just not my cup of tea, no matter how much sugar you put in there its still nasty....
Live Transfers-also called hot transfers- this is the biggest con in mortgage marketing if you didn't already know that. First of all its far to expensive to do live transfers from the united states to the united states. Did you know that the labor is so much cheaper anywhere out of the US that it make no business sense to do it form the states. The cost is almost double here per transfer so no smart business man would even do it from the states and secondly the quality of the transfer after it got a recorded message, then spoke to some person they could barely understand, and then get transferred again to answer the questions all over again. The only person that will go through that will be a desperate loan prospect that is desperate because they cant get financed. Pretty expensive turn downs most of the time in my opinion. you can generate your own live transfers and skip that process of the over seas call center however it is illegal in some states so please advise your lawyer.
Tele Marketed Leads- usually from a predictive dialer with live agent pitching a script or a manually dialing agent. In my opinion it the most effective and "guaranteed" form of generating business every day. Its more of a personal way of doing it. Now i know a lot of you are probably thinking "telemarketing *****" and your right it does suck, BUT IT WORK. From where I'm from what works makes money and money is why we work, so even if it does suck i still have most of my client generating their own leads doing this method for 2-3 hrs per night. It cheap, mostly costs you your time. Now if Telemarketing is not your thing personally hire a "telemarketer" to do it for you. There are tele marketers in every city that are in the same week to week check and would be eager to try a new industry with more possible potential. You know that if you make x amount of dials in the same hrs every night you will get at least x amount of deals per month. Pretty hard to stop doing once you realize you are getting 3-4 apps per night which is very obtainable for an average cold caller. Of course the right scripts and list helps as well just like in direct mail but here its harder for them to hang up on a live person then to throw away a piece of mail. http://bestratereferrals.com/leads.html or you can generate your own..http://www.bestratereferrals.com/consulting-lpbp2.html
In the end no matter what you do try to do as much of it in house and try to be very specific about who you are targeting. The shotgun approach is definitely not working. You have to target your market, reach them the best way you can to get through the 'exterior' and then do it routinely. if you do these basics you should at least do 2-3 more loans.
I'm sure a lot of you will agree with me on some of the stuff i mentioned here. I do apologize for rambling but I love this stuff, plus its late and I'm tired....lol
If you have any marketing questions please post away. I am hoping that this thread will grow and really help people grasp the direct marketing concepts. There is a ton of business out there we just got to go get it. There are no stupid questions. Im sure someone out there has the same one and if i can answer it once it can be read many times.
Thanks guys and gals!
Respectfully, I will disagree with my learned friend. Mail responses in my offices have never been better.
You have to tweak, pay attention, acclimate, yes, but its never been better here. |
|
|
ptek
22 Posts |
Posted - 01/15/2008 : 10:02:38 AM
|
| Hi Raymond, Re: Internet leads (dead leads) sorry to disagree thats all we use, currently have 5 loans in pipe, closed 3 in the last 2 weeks. Not so dead! |
|
|
ritabradley01
3144 Posts |
Posted - 01/15/2008 : 10:44:56 AM
|
| This is so awesome Raymond thank you! |
|
|
BrokerCA
2421 Posts |
Posted - 01/15/2008 : 11:10:22 AM
|
quote:
Originally posted by raymondb
Internet Leads-dead market. the problem lies in the fact that the consumer is the shopper. They enter their info into numerous web sites to get quotes not knowing that one site may be and probably is selling their information over and over again. so even IF you can find an honest sales rep somewhere the lead it self may be being sold by other companies and resellers which saturates your quality leads actual quality. This is just not my cup of tea, no matter how much sugar you put in there its still nasty....
I have to disagree. Do you have any evidence customers enter information into more than one website? More likely the lead originator will sell to a lead supplier who then resells to multiple brokers. Finding an honest lead originator eliminates this problem.
Also, these clients are actively seeking help with their mortgage, often making closing them easier. |
|
|
WorldWideWayne
2375 Posts |
Posted - 01/15/2008 : 11:20:40 AM
|
What do you think of a power dialer instead of predictive dialer? My thought is that the pause of the predictive dialer is hard to over come. But as I stated that is just a thought.
I have made 2-3K in manual dials and am ready for something more. I have seen offers from $2.50 per min to $250 per month...big spread... |
|
|
raymondb
4124 Posts |
Posted - 01/15/2008 : 3:07:13 PM
|
I didn't say that they are saturated only for that reason. Your right the lead vendors do sell them multiple times. And for those of you who say mailers still work keep doing them. I think, no I know the response is down because we sell direct mail guys. I’m not making this stuff up. You can still get deals but the response is lower than Telemarketing. Like I said I will dive into each type of marketing. I just happened to start with the one that is working best.
Internet leads-if they work for you keep doing them. I wouldn’t buy them. Generate your own. If you buy them you are competing. If you generate your own you could still be competing. They can work but again telemarketing is better. It just takes more work.
quote:
Originally posted by BrokerCA
quote:
Originally posted by raymondb
Internet Leads-dead market. the problem lies in the fact that the consumer is the shopper. They enter their info into numerous web sites to get quotes not knowing that one site may be and probably is selling their information over and over again. so even IF you can find an honest sales rep somewhere the lead it self may be being sold by other companies and resellers which saturates your quality leads actual quality. This is just not my cup of tea, no matter how much sugar you put in there its still nasty....
I have to disagree. Do you have any evidence customers enter information into more than one website? More likely the lead originator will sell to a lead supplier who then resells to multiple brokers. Finding an honest lead originator eliminates this problem.
Also, these clients are actively seeking help with their mortgage, often making closing them easier.
|
|
|
raymondb
4124 Posts |
Posted - 01/15/2008 : 3:17:31 PM
|
Your welcome.
quote:
Originally posted by ritabradley01
This is so awesome Raymond thank you!
|
|
|
raymondb
4124 Posts |
Posted - 01/15/2008 : 4:00:00 PM
|
Depends on the dialer you use. With my 6 station dialers there is no delay at all. I take out the voice recognition and whulah the TMs hear the ring before the pick up. For the single man dialers most of them are hosted. The delay will be there no matter what provider you use. NO MATTER WHAT THEY SAY! Now some are shorter than others but in the end there are pros and cons with every platform out there. The ones that use a real phone line require you only use one computer. The web based hosted service you can use with any computer with high speed internet. But it’s VOIP so its not quite as good connection as the real phone line. In the end if you put the time in you will get business if you’re using the right list and scripts.
It’s all in the work ethic.
quote:
Originally posted by WorldWideWayne
What do you think of a power dialer instead of predictive dialer? My thought is that the pause of the predictive dialer is hard to over come. But as I stated that is just a thought.
I have made 2-3K in manual dials and am ready for something more. I have seen offers from $2.50 per min to $250 per month...big spread...
|
|
|
raymondb
4124 Posts |
Posted - 01/16/2008 : 12:11:55 PM
|
I have some more time to add some more information on this topic. When I left off last we were discussing the process of getting set up to use cold calling as a form of you marketing. I touched briefly on a few necessities to make cold calling effective. Compliance, phone line, dialers, list, and scripts were all touch on briefly and I want to now dive in to each of these one by one.
First of all after you’re compliant with a SAN you need to figure out what your target marketing will be. Constructing a proper call list is very important to your success. It is an absolute must to figure out the target audience and then mold your list around that. For example... if you target reverse mortgages you want to filter by homeowners that are over the age of 62 and have 60% or lower LTV, scrubbed against DNC of course. Another one might be to target renters that make a good income to try and convert them to buyers. Not only is it a great time to buy in most markets with the values so low, but you can also network with realtors this way.
Now you can get these lists from various different vendors as well as some online sites. There are numerous databases to pull from as well. You have the Consumer database which is the most common. Most every data supplier uses this as their main database because you can pull so many different lists out of it for many different industries. For mortgage this one isn't the best though, reason being that every mortgage filter is modeled. It is derived off of averages in that geography. The pros of this database are that you can get it a lot cheaper than some of the other mortgage databases. The cons are that it only runs 65-70% accurate after filtering. This data usually ranging from 6-12 cents per record depending on the vendor and the amount of filters you use. This is the database you should use for a small call center to a large one. Or if you doing a mass mailing to blanket an area. I use a lot of this database in my call center. The Filterable columns normally include...
- Loan Type (Variable & Fixed)
- Credit Score Range
- Credit Card User / Debt
- Loan Amount
- Home Value
- LTV
- Loan Origination
- Length of Residence
- Lender Type
The second data bank that is most common is the Prescreened data directly from the credit bureau. This requires an approval with each buyer as well as third party agreement not to resell the data or misuse it. The bureau's data is filterable by credit selects obviously and runs very very accurate. About 90% is the average accuracy. This stuff runs between 28-38 cents per record depending on the vendor and filtering. If you go directly to the bureau and skip the vendors you can get the data cheaper per name but they make you commit to $10,000 per month. This database is best used by a single dialing LO of a small shop with a bigger marketing budget. The filters that are mortgage related to this data are...
-Revolving Credit Balance
-Credit Score
-Monthly Payment
-Delinquencies
-Mortgage Origination
-Bankruptcies
-Mortgage Balance
-Length of Residency
-LTV
-Phone Number
-Installment Loan Balance
The third type of list is a specialty list. This is where you go and find a niche database. One example of this would be arm recast, or an FHA database. These are very niche and expensive but if you manually dialing sometime the investment are worth it. There are compiling agencies that gather this targeted stuff and sell it as a premium. The compilers include title agencies, certain lenders, etc..
The main thing to think about when paying for a list is to deal with a sales rep that knows their stuff. Not just some order taker that knows nothing of your industry. Make sure that they are scrubbing for DNC and also make sure you do your due diligence on picking a legit vendor. There are a ton of resellers out there and you need to be careful!
Now there is so much more about data that im sure i missed something. if any of you have any list filtering questions or any questions regarding lists at all please post away. I will add more to the thread on another night. Thank you for your time and I hope I was able to teach even a few of you something. For those of you that knew all of this be patient. The longer the thread gets the deeper we will get into it and the more things we will uncover.
Thanks again!! |
|
|
Carlsbadd
756 Posts |
Posted - 01/18/2008 : 11:27:10 AM
|
Raymond,
I could use some help for sure.
I want help putting together a targeted market campaign for a niche market in my area. I am sure you could help me with that.
Shoot me a email at
carlin5150@verizon.net
I have a very small budget but would like to put together a marketing plan that would benefit us both.
Thanks
|
|
|
raymondb
4124 Posts |
Posted - 01/18/2008 : 11:53:13 AM
|
| email sent |
|
|
raymondb
4124 Posts |
Posted - 01/19/2008 : 5:01:01 PM
|
Thanks Don! I love this stuff. This is stuff I talk about all day long and explain over and over and i thought this would be a great way for people to read my concepts. I have a blog as well but I love the BO so I don't mind posting it here too. My next post is refrencing a question that I'm asked literally every day at least 5 times. This post will help a lot of you save a lot of money by doing it right the firs time.
HIRING A TELEMARKETER TO DIAL FOR YOU!! WHATS THE BEST PAY STRUCTURE?
The first thing to consider is that most of the telemarketing world does require a base rate of pay. Most telemarketing jobs are hourly plus commissions and sometimes spiffs and bonuses are included. On average you will want to budget approximately $300-$500 a week for your telemarketer (depending on how productive they are.) Each pay structure is production-based. Therefore, the more leads your telemarketer generates, the more they get paid.
The second thing you need to investigate are the state laws in your area to see what type of worker you can hire (1099 or W-2). From an accounting standpoint, it is easier and ultimately cheaper to 1099; however, some states do not allow this. If you do hire 1099 independent contractors, you can usually pay about a dollar or two less per hour or even a small $300-$400 per week sliding scale base since they are taking home more than a W-2 employee. (Please consult your local laws regarding employment. Each state is different and I do not offer legal/accounting advice on this subject.)
Here are a couple pay structures I would recommend...
1) Advancement Opportunity
This is one of our favorite pay structures and business models for hiring telemarketers (TMs). We have clients using this model right now and it works wonders on overhead and production. You are already looking for money- motivated people, and like everyone else, they want to advance in life. People generally want to advance their careers and definitely their paychecks, so we can use this human instinct to our advantage. Finding yourself a TM that is highly motivated to learn a new industry and advance within your company is going to be your best employee.
After hiring the individual, give them a goal to reach within the company. For example, start them at a flat hourly and commission per funded deal ($100-$300 is a standard loan bonus). IF or WHEN they generate 10 funded deals for the company (within the first three months), you will promote them to a Jr. Loan Originator. This is really just a glorified telemarketer position, except now they would be required to get the full application as well as gather docs. At this point, you can put them on a small $250-$350 per week base plus 15-20% of each deal they generate. Keep in mind that they are taking the full application as well as gathering docs, so a Senior Loan Officer or Processor only has to price and place the file.
By setting this target, it gives them a goal within their career to reach. You can make it 15 or 20 deals if you want. It’s all about making them see that goal and wanting to get there as fast as they can. The faster they get to that goal, the more beneficial to you they are. It’s no different than an athlete making it to the big leagues or a stock broker becoming senior broker. It’s the same concept played out in a different profession. You can even take it further once they reach this point. Give them another goal. Once they hit another 10-15 loans at this tier, you can move them up again. Take away their salary and put them on 30-40% commission-only. This will mean more money than most telemarketers have ever had the opportunity of making. With just one or two of Jr. Loan Originators per office, you will have a profitable mortgage shop.
You will find a lot of people that love this pay structure and work very hard for you, as long as you keep the dream in their sights. It is essential that you keep the dream of them one day becoming a Loan Officer. Only a small handful of people will ever stay long enough to advance this far, but again, if you can get that one or two you will be golden. Not to mention, you will still make a good living off of the TMs that start the path with you and never finish. You simply cannot lose if you have motivated people dialing for you, and you know how to keep them motivated. One of the best ways to do that is to show this advancement opportunity model.
2) Locally Competitive Standard
The next pay structure is one of the most widely used in the telemarketing industry. Look in your local paper for companies hiring telemarketers to see exactly what you need to pay in your area. Most ads will even read x hourly, plus commissions, and give the weekly schedule and hours. This is the easiest way to start, but with a higher base and a lower commission, your TMs can get too comfortable and lose their drive to produce and succeed. Most lead generators and appointment setters are used to making an hourly wage plus a small commission. It is the easiest pay structure to hire telemarketers with because of the guaranteed hourly.
DO NOT EVER GO COMMISION-ONLY when hiring new reps. The majority of the time it is hard to hire someone on a commission-only basis. There are only a few instances when using this type of pay structure will be to your benefit:
1. When you have a rep that wants to go from full- to part-time, you can give them the option to go commission-only at $15-$25 per lead. This works best with college students and people that have second jobs. It’s also nice because you have a fixed cost per production, and no more concern over paid hours wasted without a lead.
2. If your TM wants to work extra hours above and beyond their normal schedule to make extra money, you can pay them commission-only during the morning hours since most of them will be paid hourly for evening dialing.
3. If you find a TM that has a lot of experience on the phones and they want to get into the mortgage business, pay them commission-only. The majority of these people come from commission-only sales jobs at which they excel. This type of telemarketer may have sold stocks, HGH, ink and toner, tools to contractors, home based businesses, etc. Pay Structure #1 is another good pay structure for this type of individual.
3) Front End Motivated
This is the pay scale we use in our own call center. We use this commission structure since we sell our leads and don’t get paid on the loans; however, this works well for broker shops as well. This pay structure forces consistency. Take a close look at the fact that every single revenue stream for your TM is based on production and consistency… hourly, bonuses, commissions, and even monthly bonuses. The hourly is based on production with a sliding scale. The hourly wage can change every week depending on the number of leads they generate. Telemarketers have the ability to make over $10 an hour plus commissions and bonuses. However, they have to produce (x) number of leads each week. The $10 per hour is not guaranteed unless they stay consistent every week. This bonus structure is set up so that the telemarketer averages .75 - 1.0 lead per hour. Once they are consistently generating you 5-6 leads per day, you should write 6-8 loans off of each TM every month.
I outline exact hiring procedures and methods along with a couple more pay scales and training material in my Phaze 3 program. If you have questions about that email me off the board or view my loan pipeline builder series thread in the announcements section....
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=96735
If you have any questions that I can answer please post away! |
|
|
jbrinson
568 Posts |
Posted - 01/21/2008 : 1:28:24 PM
|
| Hi Raymond! I just wanted to Thank You for your posts! I was a processor for over seven years and just transferred to a full time loan officer last August. My question for you is...I am awesome at loan structuring loans, setting appointments with realtors, etc, but lack in my actual sales skills on the phone. Can you share some specific phone techniques for capturing people and getting them to warm up within the first 30-60 seconds of the conversation?? I have some of Darkstars leads, and I am willing to do whatever it takes, but looking for some advice from an expert!! |
|
|
raymondb
4124 Posts |
Posted - 01/21/2008 : 3:16:15 PM
|
Jennifer, thank you and you’re welcome. As far as calling ARM leads you want to get right to the point AFTER grabbing their attn. Most homeowners know that their mortgage is recorded somewhere with in their county offices. The majority also know that most of this information is public. So when calling these folks simply be honest and DONT BE PUSHY!! Take a two step approach to building rapport. I would suggest something like this....
Hello my name is Raymond with ABC Financial (say the name of your company really fast) (when they say "who?" it leaves it wide open for you to pitch the line) repeat your company and quickly say that you track high risk adjustable loans by going to (clients county) recorders office. You’re calling them directly to give them a FREE ANALYSIS with OUT pulling credit. To see if you can help them lock their rate and payments from changing.
This is not necessarily a script but a concept that you can use to write your own script. The idea is to open with an introduction that makes them ask you again who you are. This question brings them into the call. Repeat your company and get into your hook. Your hook is saying something that you know about their loan, like the adjustment date. This makes you sound very knowledgeable about their loan which makes them comfortable to talk to you. Once you ease their mind about not having their credit ran it’s a no brainer to get the mini app while you’re building rapport.
Set up a follow-up call and get the application on the second call. "Sir, Mam, from the first look it looks like it might be possible to lock the deal but it really depends on the credit. Lets take a look and see what we can do, again no obligation." You have your self an app on about 60-70% of the leads.
There is a ton more if you want to call me we can role play with your scripts. Thanks!
|
|
|
realtorsfriend
169 Posts |
Posted - 01/21/2008 : 5:45:11 PM
|
Raymond,
When a list broker tells me that they can give me a filter for consumers with $30,000.00+ in credit card debt using "modeled"data... how exactly would that number be derived? Does that mean it is simply an estimate of what consumers in that geography have on average?
Also, if you sell data - please email me privately with regards to price & minimums. Thank you!
quote:
Originally posted by raymondb
Now you can get these lists from various different vendors as well as some online sites. There are numerous databases to pull from as well. You have the Consumer database which is the most common. Most every data supplier uses this as their main database because you can pull so many different lists out of it for many different industries. For mortgage this one isn't the best though, reason being that every mortgage filter is modeled. It is derived off of averages in that geography. The pros of this database are that you can get it a lot cheaper than some of the other mortgage databases. The cons are that it only runs 65-70% accurate after filtering. This data usually ranging from 6-12 cents per record depending on the vendor and the amount of filters you use. This is the database you should use for a small call center to a large one. Or if you doing a mass mailing to blanket an area. I use a lot of this database in my call center. The Filterable columns normally include...
- Loan Type (Variable & Fixed)
- Credit Score Range
- Credit Card User / Debt
- Loan Amount
- Home Value
- LTV
- Loan Origination
- Length of Residence
- Lender Type
|
|
|
tvanleer
169 Posts |
Posted - 01/21/2008 : 9:09:17 PM
|
Thank you Raymond for the very informative post!
I completely agree that telemarketing is a great way to generate leads. An issue for some is it really does take a certain type of person that can make 100+ new cold dials a day. Some people just cant stomach it. That is where the internet, live transfer, and other lead types come in. They eliminate making the initial prospecting dials and you get a fresh lead right now.
I really like what you are doing here and want to know if you have any good phone scripts for working internet leads? I think my current clients would love some help working the leads I send them! Maybe I could kick some business your way.
Best regards,
|
|
|
raymondb
4124 Posts |
Posted - 01/22/2008 : 06:43:11 AM
|
If they are pulling from a modeled consumer database then yes the mortgage selects are built off laws of averages after the data is compiled. This stuff run between 65-75% accurate and has about 15% disconnects so it’s defiantly mass marketing data. The thing is if you want credit selects you really should pay the extra money and get prescreened credit data. That stuff is very accurate on the credit selects such as the amount of credit card debt, fico score, current loan amount, 30,60,90 day lates, number of trade lines, etc...
I will email you off the board about the data we offer but if you ever wan to see the difference in filters and selects you can view some great stuff here...http://www.bestratereferrals.com/data.html
It’s strictly an informative page about filtering and what’s actually available with each database. There is no pricing or buy now buttons....If you have any more questions about the different list choices let me know. Each database was designed for different marketing strategies so you definitely want to make sure you are getting the right stuff!
quote:
Originally posted by realtorsfriend
Raymond,
When a list broker tells me that they can give me a filter for consumers with $30,000.00+ in credit card debt using "modeled"data... how exactly would that number be derived? Does that mean it is simply an estimate of what consumers in that geography have on average?
Also, if you sell data - please email me privately with regards to price & minimums. Thank you!
quote:
Originally posted by raymondb
Now you can get these lists from various different vendors as well as some online sites. There are numerous databases to pull from as well. You have the Consumer database which is the most common. Most every data supplier uses this as their main database because you can pull so many different lists out of it for many different industries. For mortgage this one isn't the best though, reason being that every mortgage filter is modeled. It is derived off of averages in that geography. The pros of this database are that you can get it a lot cheaper than some of the other mortgage databases. The cons are that it only runs 65-70% accurate after filtering. This data usually ranging from 6-12 cents per record depending on the vendor and the amount of filters you use. This is the database you should use for a small call center to a large one. Or if you doing a mass mailing to blanket an area. I use a lot of this database in my call center. The Filterable columns normally include...
- Loan Type (Variable & Fixed)
- Credit Score Range
- Credit Card User / Debt
- Loan Amount
- Home Value
- LTV
- Loan Origination
- Length of Residence
- Lender Type
|
|
|
realtorsfriend
169 Posts |
Posted - 01/22/2008 : 5:24:54 PM
|
quote:
Originally posted by raymondb
If they are pulling from a modeled consumer database then yes the mortgage selects are built off laws of averages after the data is compiled. This stuff run between 65-75% accurate and has about 15% disconnects so its definatly mass marketing data. The thing is if you want credit selects you really should pay the extra money and get prescreened credit data. That stuff is very accurate on the credit selects such as the amount of credit card debt, fico score, current loan amount, lates, number opf tradelines, etc...
i will email you off the board about the data we offer but if you ever wan tto see the difference in filters and selects you can view some great stuff here...http://www.bestratereferrals.com/data.html
Its strickly an informative page about filtering and whats actually available with each database. There is no pricing or buy now buttons....If you have any more questions about the different list choices let me know. Each database was designed for different marketing strategies so you definately want to make sure you are gettinghte right stuff!
Thanks Raymond! |
|
|
AndrewP
28 Posts |
Posted - 01/26/2008 : 09:06:04 AM
|
Excellent Stuff Raymond!
Thanks! |
|
|
raymondb
4124 Posts |
Posted - 01/27/2008 : 09:06:58 AM
|
No problem Andrew, there will be much more to come.
quote:
Originally posted by AndrewP
Excellent Stuff Raymond!
Thanks!
|
|
|
NRU2
85 Posts |
Posted - 01/27/2008 : 09:59:14 AM
|
| Raymond Thanks |
|
|
edbates
75 Posts |
Posted - 01/27/2008 : 7:14:43 PM
|
| Thanks Raymond. Great stuff! Telemarketing is where its at (at least that's what I am learning) I have just started calling this last week off a list I bought. So far it has been a cheap way for me to generate leads. |
|
|
jpark31
1070 Posts |
Posted - 01/27/2008 : 10:01:24 PM
|
| Since everybody here hates internet leads...sell me your websites! |
|
|
raymondb
4124 Posts |
Posted - 01/28/2008 : 10:11:41 AM
|
hey John I have one you might be interested in? email me!
quote:
Originally posted by jpark31
Since everybody here hates internet leads...sell me your websites!
|
|
|
edbates
75 Posts |
Posted - 01/28/2008 : 3:05:25 PM
|
| Raymong thank for your time today on the phone. It really gave me some great ideas. I will keep intouch with you? |
|
|
raymondb
4124 Posts |
Posted - 01/28/2008 : 9:21:54 PM
|
| No Problem Ed, it was my pleasure! If you were pulling apps with the script you wee using you should do much better with the short version I gave you, keep me posted on your progess. If you need any more help let me know! |
|
|
tvanleer
169 Posts |
| | |
Search for: