Digital Marketing

Tips for Mortgage Sales Letters

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A good mortgage sales letter that produces leads from a cold list or generates new business from your old client list is worth 1000 times its weight in gold.

Let’s say you have a list of 50 customers and 50 leads that you haven’t converted. If you send a letter at a cost of only 0.42 and $100 to print. That’s just $142 in total costs for a basic mortgage sales letter.

A new loan can generate several thousand dollars in commissions. If you get just one new loan from a mortgage sales letter, it will be profitable (assuming you don’t mail to a huge list).

As a result, it’s important to create an effective mortgage sales letter to maximize your lead generation efforts.

The key is to write an effective mortgage sales letter that people will read and respond to. Most mortgage brokers don’t know the power of effective writing and rely on exaggeration and deception in their letters.

The good news is that you don’t need to exaggerate your letter, and you don’t need to rely on tricks like the old ‘fake check in the window’ letter (this works, by the way, but only if you do it without misleading the recipient).

If you want leads and referrals, here are the three most important parts of a successful mortgage sales letter that will help you increase response rates and build your book of business:

1. A compelling headline. Almost all mortgage sales letters should have a title. Because? I’ll let the late great David Ogilvy explain it to you:

“On average, five times as many people read the headline as the body copy. By the time you’ve written your headline, you’ve spent eighty cents of your dollar.” -David Ogilvy

A headline’s job is to get people interested and excited about what you have to say. For example, a poor headline might say, “Introducing your local home loan specialist!”

A better headline would be, “Susan Johnson Saved $498.95 a Month on Her Mortgage Payment – Here’s How You Can Save As Much or More!”

That headline needs a little work, but it’s light years ahead of the average mortgage broker marketing letter.

2. Selling stories. Nothing gets people more involved and motivated to take action than a good story. Instead of shoving a pitch about your products and services down your prospects’ throats (which puts them in a defensive mindset), tell them a story about a customer who saved money instantly. And as a result of saving this money, you could pay for child care or buy a mini van, or go on a vacation you’ve been putting off for a few years.

The key is to write a story that fits the mindset of your audience. If your target is subprime mortgages, tell a story about being a hopeless customer. How he got his family out of a rental in a bad part of town to own a nice house in a wonderful school district.

3. Call to action. The next important area of ​​an effective mortgage sales letter is the call to action. You want your prospect to take action and call you or fill out a response card.

For example, a weak call to action would be “Call me at 555-555-5555 between 8 am and 4 pm Monday through Friday.”

A stronger call to action would be: “For a free, no-obligation consultation to see how much you can save on your mortgage payment, call me now: 555-555-5555. We can schedule an appointment to meet and discuss your financial situation, or by phone. You can reach me at 555-555-5555 anytime during normal business hours. Or you can call my toll-free 24-hour voicemail at 1-800-555-5555 and leave your contact information and I will send you more information.

In addition to a headline, story, and strong call to action, your mortgage sales letter should include a Post Script (PS) and testimonials. Studies show that up to 80% of your readers will read the PS first. This is where you reset your buff in a conversational way. Testimonials are very effective in establishing credibility and reinforce your claims.

By following these simple guidelines for a more effective mortgage sales letter, you’ll generate more qualified leads and referrals.

Sit down and write a mortgage sales letter tonight instead of watching Fringe or Dancing With The Stars. Send it to your current customers and potential former customers. You have nothing to lose and much to win.

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