Phone Communications Remain Effective
In the age of modern technology, person-to-person phone calls and texts are becoming more effective than ever, providing mortgage originators a genuine edge in creating a stronger, lasting relationship with clients.
It’s not too difficult to understand the reasons why loan originators often revert to email, because it’s regarded as less annoying than calling someone on the phone or sending them a SMS text.
In contrast to email, you don’t see people with hundreds of unread texts. Research shows that open and response rates for emails are only 20% as opposed to SMS with as much as 98%. Nowadays, texting people is the dominant method of communication for Americans aged under 50, although boomers and generation X are quickly embracing SMS communication too.
Sending text messages is not very time consuming to do. On average a person responds to a text in 90 seconds, but responding back to an email takes 90 minutes, based on marketing experts.
Within the real estate industry applying multiple channels to reach your audience is wide ranging but frequently that variety of channels leaves out contacting prospects by phone. These conversations are not the feared cold calls. These are warm leads where strategically timed calls and direct messages that anticipate the recipient’s unspoken needs.
For example, cold emails sent to a cold list generate open rates of approximately 10%. However, emails recognizing and mentioning birthdays raise open rates to 50%. Loan originators may beat out competitors by simply calling people by phone versus an automated message.
The power of voice pays off down the road for repeat business and referrals, as clients remember your level of support, knowledge and professionalism in past interactions. To get more closings in this competitive industry, calling prospects and clients directly is a wise choice.
Needless to say, due to the fact this is multi-channel marketing, potential borrowers are also getting postcards and emails. As a mortgage originator you should continue to post on your social media accounts. Phone call and texts don’t substitute these other channels; they are part of the engine or a valuable complement.
The human advantage
The human voice and one-on-one interaction can’t be replicated by artificial intelligence or 100% internet based loans. Since we are human beings at birth, we strive and need human interaction not everything should be automated or derived from computer intelligence.