We don’t have a show today so you can move along if you want because we’re going to pitch something to you in the absence of said show. Brian went one direction and Frank went another with office duties so getting a show out simply wasn’t an option.
But we do want to do a little text post and a quick pitch that we honestly believe will still be helpful it you’ll indulge us for a brief moment. As you all know we’re big fans of loan officers focusing on purchase business. In our collective 40 years in this business we both know that a strong book of purchase business is always the wisest way to keep the pipeline humming. With that said however, it’s pretty hard to pass up a good refinance market when it comes along.
Enter today’s market. Loan volume is creeping up again, and it isn’t purchase deals. Refinances are making another surge and since that’s the case, you might as well get some of that action if you’re a loan originator. Here’s the deal. Most of the LO’s out there use email blasts to accomplish communicating the message to their past client database in an effort to shake the refi-tree and see what falls out. Although there is nothing wrong with email blasts and we would encourage you to use them, there’s still nothing more powerful or effective than the phone call.
Problem – phone calls take time. There’s probably way too many people to call and you can’t squeeze in the time to make it happen even though you know you’d get a better return if you did it. Solution – Hire Boomerang Prospecting. Here’s how it works. You send BP an excel spreadsheet of all the people you know should get a call right now about doing a refinance. They scrub that list through the Do Not Call Registry. The cost for that is $50. You’ll be surprised how many people are on that list. So if you sent BP a list of 500 people it will probably scrub out to about 250 callable numbers.
Once the list is scrubbed you then pay $2.75 per number for the service. With their service you’ll get 2 calls made to each number in an attempt to connect with the client. If they connect they use the refinance script that’s in their system to see if there is interest. If there is interest they set the appointment for you to call them and you get the deal. The phone number that shows in your clients caller ID is your office phone or cell phone, whatever you want. If on the second try they don’t still don’t connect, they leave a professional voice mail asking your client to call you if they are interested.
It’s a very simply system that flat works. If they call 250 of your clients you’re going to get a handful of deals out of it. 250 clients would cost you $687.50 (plus $50 for the scrub) but here’s the deal – they’re going to actually call all 250 of those clients up to 2 times. Not only that, but they will get them done super fast – much faster than you would. Let’s say you get 4 deals from it where you net $2,000 a deal. You spent $687.50 to get $8,000.00 – that’s pretty good and you didn’t make one outbound call. They are essentially your own personal refinance call center.
The beauty of it all is you can continue to send more and more names to them to call as you need. The results on the refinance script have been fantastic. So, while this low rate environment is still around heading into what could be a very cold winter, you may want to hire them to get this work done for you so you can sock some money away. Do we get paid if you use the system? Yeah, duh, but so do you…….
Have a great day, thanks for listening and we’ll see you Monday.
Frank and Brian