Loan Officer Sales Training 04/08/2024: Email Marketing For Loan Officers

Join us on "Loan Officer Sales Training" for an insightful episode on email marketing strategies tailored specifically for loan officers. Hosted by Kyle Hiersche, this episode dives deep into the world of email marketing and its effectiveness in the lending industry.

Tune in as we explore proven strategies for building targeted email lists, crafting engaging content, and maximizing open and click-through rates. Our expert guests share their insights and best practices for leveraging email marketing to generate leads, nurture client relationships, and drive business growth.

Don't miss this opportunity to learn how strategic email marketing can elevate your sales efforts and help you stand out in a competitive market. Tune in to "Loan Officer Sales Training" and unlock the power of email marketing for your lending business.

For more episodes visit:
https://themortgagecalculator.com/Page/Loan-Officer-Sales-Training-Podcast

About The Mortgage Calculator:

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! 

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of over 350 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more!

Our Mortgage Loan Originators are trained to be loan consultants to guide borrowers throughout the entire loan process. A licensed Loan Officer is only a phone call or zoom meeting away and always available to assist borrowers throughout the loan application process all the way to closing. To apply for a mortgage please visit our Quick M

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as thousands of Non-QM mortgage loan program variations using alternative income documentation!

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages...

Transcript

0:03

So welcome everyone. My name is Kyle Hiersche. I'm the CEO of the mortgage calculator and this is our loan officer sales training that we do every weekday at 12 PM. Eastern time. Where we go over the front end and sales end of mortgages. Today, we're going to be talking about email marketing specifically, right? So especially here at the Mortgage Calculator, we do it you know, a lot different than you may be thinking when I'm saying email marketing. So that's something we're going to touch on here today, but obviously very important to make sure that our emails are, you know, getting delivered and being responded to especially because people don't like to answer the phone much nowadays. So text and email are really crucial to, you know, get ahold of them. Right. So let's talk about email marketing. Switch my screen there. Okay. So remember emails need to be used in conjunction with calls and texts, right? It's all meant to be used together. That's how you know, the, our system is built. Right, especially everything is integrated together. There's buttons that you click that do everything together. And so it's important to remember that. Remember, as a loan officer, like, we've talked about on some of the other trainings, you're going to have to pick up the phone. Right so you're not going to get away with just texting and emailing. You're going to have to actually pick up the phone and it's all about doing all 3 of them. Now, here's an interesting fact here. 33 percent of emails. Are open based on the subject line, right? Solely on the subject line, I guess, is really what that stat is. And here's a fun fact. The subject line with the highest open rate is seven words. So you know, take that as for what you want. You may want to use that and just keep in mind, it should be around that, you know, six to eight words, I guess, would be a a goal there for you when you're crafting your emails. And another fact here that 70 percent of salespeople only email once. So again, doing our job, you know, it was the same when we talked about calling their statistics that are almost the same when it comes to calling. So just following up with multiple emails already puts us above 70 percent of the people, right. Of the salespeople that are out there. So remember that we want to you know, obviously follow up, which we're going to talk about here shortly and make sure that we are using emails to our advantage. But coincidentally enough, one of the biggest ways to use emails is using it in conjunction with calls and texts, right? That's how we use them to our advantage. For email marketing, they say that the average open rate is 15 percent to 21%. I would say it's probably more on the 15 percent side. And I, and then clicky, you know, click rate is extremely low typically for emails and email campaigns, but here at the mortgage calculator, especially we don't do email blasts to everyone, right? What we do is we use our action plan. Right. That are going to text and email them over time, automatically from you putting in their name and, you know, Hey, John Doe, it's Kyle from the mortgage calculator following up, blah, blah, blah, depending on what action plan you put them on. So we're going to use personalized. Emails, right. As opposed to just blasting them random stuff. And so that's what we do here at the mortgage calculator. You know, we want to use the action plans to our advantage because that takes care of the texting and emailing for you for the most part. That doesn't mean that you can't text and email them, you know, as well. But also, you know, again, it'll take care of the text and email. But again, you have to call. That's why we always set a reminder task to right. We put them on an action plan. Boom. That takes care of the calling and the texting. And then we put them on, you know, we set a task to follow up in the future. That's what triggers us to call them in the future. So that we have all three things going on there at the same time. And then if you're also trying to get ahold of somebody specifically, following up on existing emails is typically the best way to get ahold of somebody, right? If you are already speaking to them, make sure to use that same thread. To follow up instead of, you know, sending them a brand new email, right? That's a huge, it looks totally different in your inbox when it's a conversation you were having, right? You know, our mind automatically instantly goes to that because it was a conversation back and forth. It has a number by it of how many messages are threaded in that thread. And so, you know, obviously a much better. Bigger open right there than just emailing them and saying, hey, Bob, just checking in to see if you want to do anything. Well, 1st off, you want your follow up email to include whatever it was that you were talking about before. So that's 1 of the reasons why you want to respond to the same emails. You are already talking. With on that same thread, right? So that when they look back, they can see, wait, who was this? And what was I talking to them about? If maybe they forgot. But also, like I said, better open right there when you're actually replying to a conversation you had. And then at the mortgage calculator, one of our biggest ways to follow up is following up with quotes. So re quoting people, obviously a big thing there. And when you re quote them, it sends them an email. Of course, you're going to follow up on that. quote the next day. So the following up with the quotes here at the mortgage calculator is a big part of the system. All right. So when it comes to follow up emails, speaking of follow ups, the best follow up emails have some kind of purpose. So we've talked about you know, and again, you could have them on an action plan and that's fine. But you know, you can also go above and beyond that. So I'm talking about things here, like for example, in the other trainings that we've done, talking about you know, like for example, second mortgages, when I talked about second mortgages and the fact that you should look up in your CRM search by notes, find out who you were talking to about that, those are the people that are great for a manual follow up email and the same thread that you were talking to them about before. But having a reason to reach out, which is the new second mortgage products we have, because I know we were talking about a HELOC a few months ago, now we have the new, you know, these new bank statement, second mortgages or DSCR second, or whatever it is, right? So having a followup, a reason to follow up is great. That's why it's great to go through these trainings. And do what we've talked about for each different kind of category of loans. Cause a lot of it comes back to that, about searching your database for people you've talked to about these things in the past and following up with them and make sure you do so in that same way. Email thread and do it with a purpose of I'm reaching out because I was thinking of you because this new program came out and we had talked about something like it. I wanted to update you on the new loosened guidelines or the new credit scores or the new LTV, or, you know, a totally new program. We are talking about a Heelock, but now I think the 2nd mortgage would work. Whatever the case may be. You're having a reason to follow up and you're following up in a previous conversation and they're that next bullet point to reference previous emails. Right? So, as we were talking about, hey, Bob, I know we were talking about a Heelock on 1, 2, 3, main street. A few months ago, you know, these new programs just got launched and it made me think of you because we were talking about Heelock. I think we might be able to do this. you know, maybe they got denied for the HELOC or maybe it just never pulled the trigger or whatever it may be. So, you know, very important to you know, go back and do that. Now, when it comes to the action plans following up for you, make sure that you read all the action plan emails. So, this is just something to be aware of every time you open the CRM is to look to see all the communication because for one, You want to remind yourself of what you were talking to them about. For two, you want to see any communication or notes if there's a loan officer assistant attached to the file or a referring loan officer that would be attached to the file and could possibly be talking to the client and you would see that communication, right? So you want to read that to make sure that you know what's going on. And if you have them on an action plan, it's even more important to read it because you want to see. The last emails that you sent them, right? Your last email that you sent them might've been talking about this or that or whatever. You don't just want to come out and left field, right? So make sure before you respond to people, always read the communication log there and see, you know, again, double check if there's, you know, what you LOA on the file, maybe they were talking to them about something. Thank you. And just make sure that, you know, you don't come out of left field with a response compared to what you were emailing them previously. And then here's a big one to make sure of take them off an action plan after they respond. So if you get a response from a client, make sure to take them off an action plan, because then at that point, you're going to be manually dealing with them and setting follow up. You know, now you're talking to them, Hey, let's follow up on Monday and talk about this. Or you just sent them a quote, which of course, now that you sent them a quote, it's going to go into the re quoting system and you're going to call them after each quote. Right. So You know, it's, it's. It's something where you're going to take it from being automated to take it to a manual process. So you take them off the action plan so that they're not getting random emails of, hey, are you still wanting to do that? Right? They're like, well, we're talking about doing it right now. And I just, I just got off the phone call with you or whatever. So it doesn't make sense. Right? So make sure to take them off an action plan. Once they respond, because at that time you're taking it manual, but remember now that you're taking it manually, you need all the proper reminders set. You gotta have followup tasks set to manually follow up with them at that point and make sure that they don't fall through the cracks, but you want to take them off that automated response or else it's going to look strange, right? So just to come back here to recap and, you know, we'll keep it short here today. Make sure that when we're talking about emails, it's all about using all 3, right? Emails, calls, texts remember that little nugget of info here, the 7 words, it seems to be the magic number there for the highest open rate. And we're going to always email them more than once, especially because. according to our protocol for following up with leads here at the mortgage calculator, everybody's going to end up on an action plan unless they're are, you know, engaged, right? And so because they're going to end up on an action plan, you're going to automatically be emailing them more than once. And then again, here, we're going to use the action plans follow up on existing emails when we can, if we already got threads going with them, follow up on quotes. And just make sure that you, you know, use each type of new program and stuff. Always be thinking about that. Is that, what could I do with this? Who could I go back and send an email and a text to, and maybe a phone call to. about something. So that's another reason why you always want to keep your ears open and be learning and be really engaged because it creates these opportunities. It's not just about learning about new programs all the time so that you can have the knowledge and stuff, which is awesome. That's, what's going to allow us to be an amazing loan officer you know, consultant, but it's also. Needed for you to do all the sales in so that you can, again, have these opportunities, recognize these opportunities. when they come about, when new programs come about, new guidelines come about, whatever it is, new rates change, you know, significantly enough for them to possibly qualify now. So whatever the case may be you know, just make sure that we are following up and make sure that we're just always keeping that in mind every day of, Oh, that's a cool new thing. I was probably talking to somebody about something like this. They could probably. Get help with this and then follow up with them. And then last but not least again, reminder, read all the action plans, make sure that when you open each contact. That, you know, ever whenever you open a contact in the CRM, make sure to look at the communication because again, you might not remember something and also they might, you know there might be somebody else on the file working with you as well. And then again you know, it it, it might have action plans sent to it that you need to realize what you had sent to them and then don't forget to take it off the action plan after they respond. We can go ahead and wrap it up though. Like, like I said, we'll keep it short here today. I don't see any questions. I appreciate everybody tuning in though. Remember we do this at 12 p. m. Eastern time every weekday where we go through more of the front end of the sales and the sales end of mortgages. So I appreciate everybody tuning in. We will see you tomorrow at 12 p. m. Eastern for the next episode of the loan officer sales training with the mortgage calculator.