Mortgage marketing relies heavily on text messaging. Texting is a sure-shot way to reach potential clients. The number of smartphone users has grown exponentially and this has brought a shift in marketing. Today mortgage professionals prefer reaching out to the audience on their phones. And the results speak for themselves. The ROI is both higher and quicker.

In the US alone, for every 100 customers surveyed, 97 said they use cellphones and an overwhelming majority had smartphones. Customers tend to respond to text messages more than anything else. In fact, text messages have 40% more chances of being replied to and the response time is just 8 to 10 minutes.

Marketing texts or short messages tend to be convenient for both the seller and the buyer. However, to be effective and increase sales, they have to be created just right. What the message contains and how it is structured go a long way in converting leads to sales. Mortgage professionals are better off using proven texting templates to fulfill their clients’ needs rather than wasting the potential of a reliable marketing channel through a few random texts.

Texting Templates’ 2-Factor Design Criteria

There are a couple of factors that go into the designing of the message – personalization, and timing. An effective message fulfills both criteria.

1. Personalization

Content and tone are the two most important features of a mortgage text. What you say (relevance) and how you say it (robotic Vs natural tone) are equally noticed.

• Content

The best texts are custom-made. Short messages meant for mass sharing are hardly the ones to choose for a select clientele. How to make sure you’re sending a text that looks and feels genuine? By resorting to previous communication or taking help from similar scenarios, you can form an effective message body. Emails or call records come in handy. When you give the text a genuine look, the potential borrower is not left feeling like a phone number on your list. They feel valued.

Whether the mortgage professional is trying to make the first contact or attempting to revive a lead gone silent, a short custom message almost always works. It is more personal and will often address the receiver by their first name. That makes a good impression.

• Tone

The tone of the message is another important area. Businesses often make the mistake of designing texts for chat bots, not for real people. You can avoid this error by filtering and refining your responses and automating them with caution. Once again loan originators can turn to previous communications for getting the drift.

2. Timing

‘How soon should I send the text?’ is a dilemma many marketers face. It is more effective to respond with a text as soon as the borrower makes contact. Successful loan professionals are always prompt to respond. Automated responses give you the edge here. Often, getting there first is all that matters. Commonly, when a borrower is looking at your mortgage options, they are looking at your competitor’s options too. Your business has a better chance of winning the client over by being the first to make a reply.

Things to remember while formulating a mortgage SMS are:

• The text is relevant and addresses borrowers’ concerns
• The text is short, succinct, and easy to understand.
• The tone is friendly and welcoming
• The text is delivered timely
• It contains a call to action – leading the receiver to ask for more information, schedule an in-person meeting or buy the mortgage.

Loan Text Marketing Stages

There are different types of short messages that are sent by lending businesses. The following is a short list of the most common texting stages:

1. Introduction
2. Follow-up
3. Mid-cycle
4. After sale

Each of them has a specific structure and every part of that structure serves specific purposes. Let us see how…

Introduction

The potential borrower is usually addressed by their first name. The sender (Loan Originator) includes their name, company name, and other relevant information. It could be a link to a ‘how to video or the mortgage application page on the company website. It also leaves clear details of getting in touch in case the borrower has questions.

Hello, {Prospect’s First Name}, this is {Your Name} with {Business Name}. This is my business phone number; please save it and call me if you have any questions.

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Hello there, {Prospect’s First Name}! I hope you and your family have had a wonderful holiday season full with love and happiness. I’m always available to talk about your mortgage if you have any questions! Please contact me at {Phone Number}. Best, {Your Full Name}

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Hello there, {Prospect’s First Name}. {Business Name}’s {Your Full Name} here. It was wonderful to meet you at the {Event Name} last week. I wanted to provide you the link to the {Topic} we discussed. If you have any questions, I’m happy to assist you. Simply send me an SMS.

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Follow-up

It’s a reminder to apply for the mortgage in a tactful, indirect way. Things like low mortgage rates, limited-time benefits, or a situation that’s an exact fit for the client are usually shared. A call to action may be included. The tone is pleasant and encouraging.

Hello, {Prospect’s First Name}. From {Business Name}, this is {Your Full Name}. Please contact me if you require assistance with your credit score. I’d be delighted to assist. On this number, you can call or text me. Have a wonderful day

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Mid-cycle

This text template usually conveys to the borrower what stage of loan approval they are at. The Loan originator’s name and designation are included as is the receiver’s first name. The design is attractive, the tone, full of enthusiasm.

Hello, {Prospect’s First Name}, I’ve been having trouble getting in touch with you over the phone. Do you have 15 minutes to talk about the pre-approval process tomorrow afternoon? Please let me know when you’ll be available. Thanks!

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{Prospect’s First Name}, I’m pleased to inform you that your application has been pre-approved! Please look for your pre-approval letter in your email and contact me if you have any questions. We’ll talk shortly!

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After-sales

So the mortgage has been sold and the sales cycle has closed successfully. It’s time to express your gratitude to your customer. Let the buyer know you value them and show this appreciation through videos or images.

Texts are also used for building lasting relationships with your audience. In this case, texts do not simply encourage buyers to do business with your company again but add value to their lives. Links to educational media are generally included.

Usually, all these messages carry an Opt Out function just so borrowers can decide when to block the connection.

Greetings, {Prospect’s First Name}. Please feel free to forward my contact information to any of your friends or family members who may be interested in acquiring a property in the near future. I’d be delighted to assist them with the loan application procedure. Thank you very much!

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Hello there, {Prospect’s First Name}! Have a wonderful Friday. I recently released a two-minute video to explain why I believe interest rates will continue to be low for some time. Send me a text if you have any suggestions or questions! {Link} You can unsubscribe from these texts at any time by replying STOP.

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What makes a mortgage text stand out?

Most text templates focus on the typed word and include a smattering of emojis. The idea of what makes a message click with the buyer comes with experience. Meanwhile, take a look at the most useful things you can include in a mundane SMS/MMS to make it more interesting to the customer:

Media

Video links are most frequently added to the message. Videos that play in the message have a higher chance of being watched. Often the best way to introduce your company and its services to the borrower is through visual media. Studies show that over 90% of communication is nonverbal. So, show more and say less. Just make sure the video is quick to load and plays without distraction.

Marketing collaterals

Can you put a flyer in the message? Loan personnel regularly include information about their products in texts in the form of flyers, brochures, and such. Experts suggest it is better to tread with caution here. Although promotional materials give companies a chance to give their audience a closer look at their products or services, not everyone is interested in crunching numbers in a text message, especially if it contains private financial details.

Links to forms and landing pages

Connect your company website to the smartphone of the prospect through the text message. This enables mortgage professionals to set into motion the loan process. If borrowers can access application files right from their inbox, it saves time. You can get valuable insight into your prospect’s needs and steer the sales process accordingly. Likewise, bringing prospects to the company’s landing page gives rise to a great opportunity to sell.

Add some fun

Mortgages are serious business but that doesn’t mean the text has to be grumpy. Keep it light with humorous stickers or witty one-liners. Some prefer adding memes. However, it is important to be in tune with your client’s situation and overall outlook towards the mortgage just to be on the safe side. If they are at a tight spot financially, the fun element might just seem offensive and ill-timed.

Whatever element you add to the text, the overwhelming impression should be professional.

Mortgage Texting Etiquette

Like most things in life, good manners create good impressions in the mortgage business too. Texting etiquette covers a lot of things. From complying with federal laws to treating all applicants equally to identifying the right time to send an SMS, mortgage professionals have their hands full.

Following are the common texting etiquette every lending company has to follow:

Give the prospect a chance to opt out

Even if they have agreed to receive messages from you, they should be free to withdraw at a moment’s notice. Usually, messages contain codes like ‘STOP’ included in the body for this purpose.

Texting with due permission

Telemarketing in the US is governed by various laws and mortgage telemarketing has its own laws to comply with too. Send out a text only if you have the proper permission in place. There are safeguards in place to protect the unwilling consumer from being bombarded with messages.

Keep a record of the SMS you’ve sent

This is necessary in case you need to follow up or require a text review.

💡 Takeaways

Texting is a great way to boost the sale of mortgages. As the smartphone wielding crowd goes about searching for loans, sending a smartly crafted text message could be the beginning of a long and mutually profitable relationship. Your CRM or marketing partner could help you with tools and automation options. These can include:

• Mortgage texting plans
• Scheduling texts,
• Setting up text frequency
• Linking media, forms, documents
• Creating Autoresponders
• Customized messages such as reminders, updates
• A custom plan to fit your needs.

Use text templates that work for loan officers. Request your free GoCRM demo today.

When dealing with the complex, data-driven world of mortgage lending, you need more than just an average CRM. You need a tool that will allow you to automate, customize, centralize, and efficiently use all of your interactions with your leads and clients.

Don’t hesitate to adopt a robust mortgage CRM because of concerns about the cost. Using any CRM delivers an average of $8.71 for every $1 spent. Just imagine the ROI you could enjoy from a CRM customized just for you.

The right customer relationship management platform will prove itself to be an investment that pays for itself over time by both saving you money and earning you more clients over the long-term.

Mortgage CRM saves you time

Your mortgage CRM can save you and your team time, and time is money. What areas do you and your team spend the most time on throughout the day? Is it any of these?

1. Data collection and management
2. Cold calls and lead follow-ups
3. Lead qualification
4. Lead nurturing

A robust mortgage CRM will use automation to reduce the amount of time you spend on each of these tasks.

Data Collection and Management

No more manually entering customer information into a database or hunting for client data before making a phone call or writing an email. GoCRM seamlessly integrates with hundreds of platforms and imports all the relevant data from each one into a centralized database.

When you are ready to talk with a potential customer, you can view their entire journey at a single glance. You can even access information provided via phone, thanks to GoCRM’s ability record and import information via our cloud-based VOIP system.

Lead Follow-Ups

Nobody enjoys cold calling prospective customers or chasing down cold leads. Now, you can spend your time elsewhere while your mortgage CRM does the work for you.

Through automated lead engagement workflows, you can create email drip campaigns and set up series of emails, phone calls, and SMS messages directed toward specific target audiences, including cold call targets and cold leads.

Lead Qualification

Don’t spend time identifying your most promising leads. Let GoCRM do the work for you by setting up parameters for each type of lead. The system will automatically send promising leads to your sales team while following up with cold leads through automated workflows.

Lead Nurturing

Encourage leads down the sales funnel with automated workflows and communications. From simple out-of-office responses to more detailed drip campaigns, you can use GoCRM’s automation to nurture potential clients toward a mortgage deal.

• Engage prospective clients
• Respond to specific actions, such as form submissions and appointment requests
• Provide resources to leads

Mortgage CRM captures all leads

Almost half (46 percent) of borrowers never look at more than one lender before closing on their mortgage. Losing a lead means losing the sale, probably for good. Capture every possible lead with a mortgage CRM that tracks your leads for you.

For example, GoCRM ensures that no lead falls through the cracks through a series of steps designed to keep that lead engaged and connected with your sales team. Here is a look at how our mortgage CRM is customized to deliver a comprehensive lead management system for you:

• Automated lead assignment connects every lead with a specific member of your sales team.
• Automated task assignment places critical jobs on the correct team member’s calendar.
• Automated notifications keep each task on the team member’s radar.
• Automated workflows follow up with and engage leads until they are ready to speak personally with your sales team.
• A centralized database provides comprehensive information for accurate and timely follow up with every lead.
• SMS messages and emails sent from team members’ personal accounts ensure that a personal connection is possible as soon as a lead responds.

With every lead tracked and managed by your CRM, you avoid losing the money spent on capturing those leads. Instead, your investment delivers leads who are carefully shepherded along the sales funnel until they are ready to commit to a mortgage with you.

Mortgage CRM focuses your marketing

There is a reason that a CRM delivers increased leads and conversions about 80 percent of the time and why 60% of CRM users report improved numbers of qualified leads from their marketing: The right CRM helps you focus your marketing efforts on what really works.

Rather than spending money on marketing efforts that may or may not deliver leads and conversions, you can use the analytics provided by your mortgage CRM to identify the most effective marketing tactics for every target audience.

For example, dynamic number insertion by GoCRM assigns a unique phone number to each marketing effort. When leads call that number, GoCRM immediately connects them with the relevant marketing message so you can see which campaigns are delivering the most results.

Thanks to real-time access to data on the origin and journey of every lead, you can see which marketing efforts are driving leads, which are driving the most conversions, and focus your marketing dollars on those efforts.

Mortgage CRM earns more leads and conversions

A CRM customized for the mortgage industry does more than prevent wasted marketing dollars. It also maximizes the impact of those dollars by delivering more leads and conversions for your mortgage business.

Consider the ways in which your mortgage CRM can improve your leads and conversions, thereby earning your business more money:

• Delivering prompt replies that capture more leads.
• Reducing lead to conversion times
• Improving sales productivity (by as much as 14.5%)
• Improving email open and click-through rates
• Reducing lost leads
• Providing insights that maximize marketing effectiveness
• Personalizing communications

With every lead properly captured, engaged and nurtured through GoCRM’s robust mortgage capabilities, you can ensure that your business receives as many leads and closes on as many loans as possible.

Mortgage CRM improves productivity

Increasing the amount of work you can accomplish at one time saves you money and manpower. A customized mortgage CRM helps you work smarter, not harder, so you can save your marketing dollars while also getting more done.

By using automated processes, capturing every lead, focusing your marketing, delivering granular analytics, and earning more leads and conversions, GoCRM can help you do more without spending more.

💡 Takeaways

If you want to not only save money but also make more money by closing more loans, then you need GoCRM. Let us give you a free demo and show you what is possible through a customized mortgage CRM.