Tapping a dry well?

According to the latest FHA Single Family Production Report, FHA case number assignments for new HECM applications fell in November and December.

In their latest newsletter, Reverse Market Insight aptly titled their February report ‘Dry Well’. 

For farmers or ranchers, the first signs of a nearly-depleted well are reduced water pressure, sputtering or inconsistent water flow, or sediment. In such situations, well-users may deepen the well, find another aquifer, or check for blockages. 

For reverse mortgage pros, several strategies may be employed to find a new source of applicants and potentially get the leads flowing again.

Know your marketing niche:

Where is it that you shine the brightest? Is it networking with local financial professionals, banks, or real estate agents? Look back to where you’ve been most effective and if those efforts have been set aside, make a plan to reengage.

Focus on referrals:

Are you consistently seeking and receiving referrals from your previous borrowers? One way to spur a referral is to ask for a review of their experience. Another key engagement that’s often overlooked is annual check-ins. Even better, call your borrowers who closed two months ago and go over their first loan statement, how to request credit line withdrawals, or answer any questions they may have.

Remember, superior service is fertile soil for referrals.

Use video email campaigns:

Did you know you can make a short custom video for a potential borrower and embed it in your email? Doing so vastly increases the odds they’ll click on the video and hear what you have to say. Loom or Bomb Bomb are great platforms for video marketing.

Show, don’t tell:

If you’re sending an email with a 48-page reverse mortgage loan proposal many of your prospective borrowers are prone to tune out or be overwhelmed. Instead, consider doing a short screencast using Loom to explain each page. 

Host virtual training sessions:

People want to help those who provide value. Consider hosting regular online sessions covering how reverse mortgages work or dispelling the common myths about the loan. Send out an email invitation with yes…a short video link so they’ll open your message and RSVP.

Work your database:

To put it simply, a reverse mortgage professional without a Customer Relationship Manager (CRM) is like a ship without a sail. 

Revisit your records in your CRM (such as Sales Engine CRM), and filter fields for the most likely prospects. Schedule an email drip campaign, or reminders to call them periodically. 

In conclusion:

Try some of these strategies to quench your thirst for new leads and closed loans. Find out which works best for you or tweak the methodology to suit your sales style.

If you’ve found some success in drumming up new business please share your ideas in the comment section below.