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A good mortgage sales letter that generates leads from a cold list or new business from your old customer list is worth 1000 times its weight in gold.
Let’s say you have a list of 50 clients and 50 leads that you haven’t converted. If you send a letter it only costs .42, plus $100 for printing. That’s just $142 in total cost for the original mortgage sales letter.
A new loan can generate several thousand dollars in commission. If you get just one new loan from the mortgage sales letter, you’re going to be profitable (assuming you’re not mailing a huge list).
As a result, creating an effective mortgage sales letter is critical to maximizing your lead generation efforts.
The key is to write an effective mortgage sales letter that people read and respond to. Most mortgage brokers do not know the power of effective writing and rely on hype and trickery in their letters.
The good news is that you don’t need to publicize your letter, and you don’t need to rely on tricks like the old “fake looking check in the window” letter (by the way, it works, but only if you make it Do it without fooling 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 your response rate and build your book of business:
1. A compelling headline. Almost every mortgage sales letter should have a headline. Why? I’ll let the late great David Ogilvy explain it to you:
“On average, five times more people read the headline than they read the body copy. When you wrote your headline, you spent eighty cents out of your dollar.” -David Ogilvy
The job of a headline is to pique people’s interest and excite them about what you have to say. For example, a bad 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’s marketing letter.
2. Stories sell. Nothing can motivate people to engage and take action more than a good story. Instead of bugging your prospects about your products and services (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 she could pay for child care or get a mini van, or go on the vacation she’s been putting off for a few years.
The key is to write a story that fits the mindset of your audience. If you’re targeting subprime mortgages, tell a story about how a down and out client is with no hope. How he moved his family out of a rental in a bad part of town to a nice home in a great 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 return reply card.
For example, a weak call to action would be, “Call me at 555-555-5555 Monday through Friday between 8am and 4pm.”
A strong call to action would be, “Call me now for a free no-obligation consultation to see how much you can save on your mortgage payment: 555-555-5555. set up a time to discuss, or do it over the phone. You can contact me anytime during normal business hours at 555-555-5555. Or, you can call my toll-free 24-hour voicemail You can call 1-800-555-5555 and leave your contact information and I’ll send you more information.”
In addition to a headline, a story and a strong call to action, your mortgage sales letter should include a post script (PS) and testimonials. Studies show that 80% of your readers will read the PS first. This is where you reiterate your benefits in a conversational way. Testimonials are very effective at establishing credibility, and they back up your claims.
If you follow these simple guidelines for a more effective mortgage sales letter, you’ll generate more qualified leads and referrals.
Instead of watching Fringe or Dancing With the Stars, sit down and write mortgage sales letters tonight. Send this to your current clients and past leads. You have nothing to lose and EVERYTHING TO GAIN.
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