5 Ways Mortgage Brokers Increase Revenue by Texting Clients
Mortgage brokers have to communicate with a ton of people to bring in new business, finalize loan applications, and more. The problem is that your clients don’t answer phone calls or emails reliably.
How much time do you spend playing phone tag or waiting for responses as a result?
That lag time hurts your productivity, your company, it’s frustrating, and frankly it hurts your compensation. So how are other brokers getting over this hurdle?
They’re texting with clients to complete applications and shore up business.
I’m going to show you how your brokerage can use your office phone numbers to text with clients professionally and accomplish these goals. Ready?
Why should mortgage brokers text?
Phone calls aren’t any better. About one in five adults are willing to answer a phone call, if they’re available at the time. The problem is your business hours are the same as your clients’, and they often can’t answer the phone while they’re at work.
That’s why some financial institutions report answer rates as low as 5%!
That doesn’t help you do anything quickly (or efficiently). So how does text messaging compare?
95% of all texts are read within three minutes of being sent, and the average response time for a text is only 90 seconds!
People don’t answer personal calls or emails at work, but they’ll respond to texts almost instantly. These simple behaviors have a profound impact on your business.
Now let me show you five ways you can use them to increase mortgage broker revenue.
1. Generate more leads with less effort.
People are searching online for your services, and they want to talk to a real person without having to call. So here’s what happens:
- People find your website
- They have questions
- They want to text you for answers (or pre-approval)
The easy solution is to let them text your business from your website. That’s exactly what SMS Chat accomplishes.
SMS Chat is a live chat widget that floats on your website. It lets both mobile viewers and desktop viewers start conversations with your business (see ours in the bottom right corner of the screen for reference).
SMS Chat lets you:
- Get key information you need to provide mortgage rates and other details, and
- Continue the conversation with that person even after they’ve left your site
SMS Chat messages come into your brokerage as texts, and your replies go directly to that person’s cell phone. Prospects love the flexibility of continuing the conversation without having to stay on your site.
It also opens a channel of communication that is key to increasing sales (which I’ll cover in a minute). All of this means you’ll be able to generate more leads from your website, and you’ll stand a higher chance of closing them.
2. Close more deals (and faster).
Between 35% and 50% of deals go to the vendor who responds first. Prospects often shop companies and rates. The first broker to respond has the best chance of creating a relationship with that prospect and earning their business.
Text messaging is the best way to connect first and build relationships with your prospects.
You’ve got two main options. One, use an autoresponse. Let’s say someone contacts your business. Maybe they text in through SMS Chat, or fill out a form on your site. Then they’re automatically sent a text, like:
“Thanks for your message! One of our agents will reach out ASAP (usually within a few minutes during business hours). - Our Mortgage Company”
The average text is read in only five seconds, so you know they’ll see it, and now you have an open (and preferred) line for two-way communication.
Two, you can personally follow up with prospects. Let’s say someone goes through a mortgage estimate calculator on your site. You see the lead come in, and you quickly send them a text saying:
“Hey Richard, saw you were using our mortgage estimator. Let me know when you have a couple minutes, we can talk through your timeline and options. Thanks! - Dan, Your Mortgage Co”
Normally, a combination of both options works best. If someone contacts you, you want an autoresponse to go out, so your response can be the first one they get. Then you want a broker to personally reach out as soon as they’re able, so they can build the relationship and close the deal.
3. Complete more loan applications more easily.
You need a lot of information from clients before you can get them the pre-approval letters and loans they need. But you rarely get all those details at once, and it normally takes several attempts.
So text for reminders, updates, and requests.
Let’s say you sent an email asking for a bank statement. It’s been two days and you haven’t gotten a response. Send a text saying:
“Hi Ruth, can you get me that bank statement? I’ll need it to [do XYZ]. Thanks! - Carlos, New Life Mortgage.”
Chances are the client either missed your email or just forgot. This will prod their memory, and they’ll often get you what you need quickly.
Once you multiply these communications by all your clients, pre-approval letters, loan applications, and underwriting updates, the amount of time and hassle you’ll save is staggering!
Just like that, you’ll be able to hit and exceed quotas much faster and more easily.
4. Earn more online reviews (and clients).
Referrals and word of mouth are the most effective ways to earn new clients, so how do you get more referrals?
It starts with providing great experiences for your clients. After that, text clients asking for a review on your favorite platform (Google, Facebook, etc.). 78% of people treat online reviews like personal recommendations, and that will lead to more business for you.
It doesn’t take much to succeed here. Just send a text like:
“John, I’m so happy to help you get your new home. Would you mind leaving a review for us on [platform]? facebook.com/business It would help me a lot. Thank you!”
All the client has to do is click the link to leave you a review. Do that every time you work with someone, and you’ll control your market before you know it!
5. Send promotions that earn high returns.
You don’t send out promotions to past clients very often (they aren’t exactly in the market for a new home or refinancing all the time). But when you do have promotions, you want to make sure your message is seen, that it prompts clients to take action, and that they share it with friends.
How can you accomplish all that?
Text clients your promotional flyer (and maybe even a link). You might use messaging like:
“Rates are at their lowest in years. Thinking about selling or refinancing your home? Let’s talk through your options! Just reply to this text.”
On the flyer, you could also offer a referral discount. Your client might know someone in the market, and they could easily forward the text to them.
Bonus: Text from your office phone numbers.
Texting is great, but you need to do it professionally. That starts with texting through a business phone number, and Text Request can add two-way texting to your current office phone numbers.
That means you’ll be able to login on your computer or smartphone to text using your direct line. This can also be a shared dashboard, so multiple people in your office can either:
- Text through the same line, or
- Each have their own line under one company-owned account
You’ll get time stamps so you can always know who said what to whom and when, and your manager or compliance officer can oversee communications as needed. Text Request is also a completely secure service, and every text message in or out is permanently recorded.
How can your mortgage company start texting?
I’d recommend grabbing a quick demo of Text Request first. You’ll be able to see firsthand how to accomplish all the goals listed in this article, and bounce your questions off a real expert.
After that, you just pick a plan that’s right for your brokerage, verify your phone numbers, and you’re good to go!
Got questions? Use the SMS Chat in the bottom right corner, or visit our contact page.