RM marketing question

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Edwin

501 Posts

Posted - 08/18/2008 : 3:41:06 PM

I've made a lot of realtor contacts this summer.
Right now, I'd like to keep my name on their minds, so I'm putting out a letter. In the letter, I'd like to promote the benefits of mining their client database for older clients with low LTV's.
I'm hoping that they've got some clients - that they may not have heard from in years - who may be getting ready to downsize, or feeling the pinch of increased property taxes, or want to pay cash for a second/investment home.
Is anyone having any luck with such an approach?

Edwin

501 Posts

Posted - 08/18/2008 : 3:55:25 PM

Shameless bump...

fundid

192 Posts

Posted - 08/18/2008 : 6:14:49 PM

quote:
Originally posted by Edwin

I've made a lot of realtor contacts this summer.
Right now, I'd like to keep my name on their minds, so I'm putting out a letter. In the letter, I'd like to promote the benefits of mining their client database for older clients with low LTV's.
I'm hoping that they've got some clients - that they may not have heard from in years - who may be getting ready to downsize, or feeling the pinch of increased property taxes, or want to pay cash for a second/investment home.
Is anyone having any luck with such an approach?

Haven't tried that one. sounds like a good idea.

syndicator

381 Posts

Posted - 08/18/2008 : 7:15:54 PM

I'm sure the new bff's you've made need your help more than you need theres. My experiance with Realtors are the ones you want to be frineds with don't care who you are and the ones that are talking to you, their clients aren't worth contacting.

It may be a way to get your name out there for the mean time.

That is just my two cents.

quote:
Originally posted by Edwin

I've made a lot of realtor contacts this summer.
Right now, I'd like to keep my name on their minds, so I'm putting out a letter. In the letter, I'd like to promote the benefits of mining their client database for older clients with low LTV's.
I'm hoping that they've got some clients - that they may not have heard from in years - who may be getting ready to downsize, or feeling the pinch of increased property taxes, or want to pay cash for a second/investment home.
Is anyone having any luck with such an approach?

Edwin

501 Posts

Posted - 08/19/2008 : 09:01:27 AM

I understand that 95% of the realtor business is completed by 5% of all the realtors.
I also understand that those fiscally successful 5% generally work with only one mega-builder, and don't care about anyone else.
But, it's the other 95% of all realtors that I'm interested in because they have a huge database. Especially a database of older clients, who may have purchased a home 15-25 years ago.
Syndicator, a reverse is unlike any other loan. The RM client is different from other buyers and sellers. And the RM originator cannot think like any other LO.
It's like moonwalking - moving forward by walking backwards.

rmcinturff

439 Posts

Posted - 08/19/2008 : 09:21:57 AM

Edwin, I am speaking with more realtors lately and more are open to talking with me. They have the elder client that is talking about moving out or downsizing and 2 things are happening; the market isn't bearing what they want for the property and the buyers don't have the loan programs to make it happen and I'm offering a way to help them stay in the home until markets adjust.

866-751-9246
Liberty Reverse Mortgage

MisterVA

8011 Posts

Posted - 08/19/2008 : 09:48:28 AM

The more people that are aware of your ability to do RMs the better. Realtors, even those that are not high producers, know family members or friends who really DO want to remain in their homes rather than sell. If they are able to help someone in this regard, they may also get referrals because they were interested in people's situations, not just a comission check. A lot of marketing efforts with Realtors are with th aim of building longterm relationships. If you expect to show up once with a bunch of cards & flyers and sit back & wait for referrals to pour in, that is a big mistake. I think you are on the right track.

Edwin

501 Posts

Posted - 08/19/2008 : 10:01:11 AM

Rick, buddy!
You and I are onto the same thing.
Out here, the jumbo market is holding steady, so that's not been a problem for me. Getting a buyer for their current home might be.
However, if I can get one deal moving in an otherwise stagnet real estate office, I've found that I get other referrals.
It's kind of like taking the finger out of the dike.
How are you getting through to your realtors?

JoefromPhilly

765 Posts

Posted - 08/19/2008 : 11:17:10 AM

What's in it for relitters? They are not earning a commission if a house is not sold, and you can't pay them referral fees, legally.

- Joe

Edwin

501 Posts

Posted - 08/19/2008 : 11:51:06 AM

Joe,
I've found that I'm offering a unique loan program to my realtors. The've never considered having a past client use a reverse mortgage to buy (there's the relitter's commission) a second home or investment property. The client may not have to/want to sell their current home for another 5-10 years.
Instead, the clients are buying smaller, cheaper homes right now, while it's a buyer's market.
As a result, the realtors are going back through their old card files, calling on past clients and promoting my services, in hopes of future bidness.
I'm not looking for FTHB's off the street. Can't find a lender right now for a FTHB with no savings and weak credit anyway.

rmcinturff

439 Posts

Posted - 08/19/2008 : 1:30:27 PM

You all know the 80/20 rule. 20% of the folks are making 80% of the money. 20% of the realtors are holding the office down in this market. 20% of those are the really heavy hitters and have an incredible contact list. The one's that want to remain in the business are offering more than realty advice. If they help someone stay in the home during difficult times, that client would be more inclined to go back to that trusted resource when they finally do sell. In addition, say we do an RM for a person and the lead came from the realtor and 5 years down the road the client passes away. If the RM helped that senior remain in the home they wanted to remain in, then the family will recognize its value and openly accept that the realtor was instrumental in keeping their family member's wishes. That realtor will get that listing. Its not ambulance chasing, its good business.

I have also introduced some key realtors to my attorney and financial planner contacts that they may all expand their clientel lists if they see the opportunity. A well versed successful realtor is a great friend to have, they are members of every organization in your community and they know you've got their back if needed. I've sent 2 referrals to realtors in the past month on deals where the reverse mortgage wasn't going to help them get out from an adjusting mortgage payment the client was afraid would bury them, one has already sold and the other is still on the listing block.

It pays to network with those walking, talking and interacting in the community, they hear things we don't and its in peoples general makeup that they help others. 20% of them, that is.

866-751-9246
rmcinturff@libertyreverse.com
MD/VA/DC/DE/PA and others.

fundid

192 Posts

Posted - 08/19/2008 : 10:59:59 PM

Getting in touch with realtors maybe a great idea since we should be able to do purchase money with hecm's soon. They will benifit from that market, I think...

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