If You Are Not Sending A Newsletter To Your Reverse Mortgage Referral Partners You Are Missing Out On More Referrals and Closed Loans
Do you send out a monthly newsletter to your reverse mortgage referral partners? And no, I am not talking about an email newsletter. I am talking about a real paper and ink with a stamp type of newsletter. If I was to take a guess, I would say maybe 3 out of 100 loan officers are doing this.
If not, why not?
If you are anything like me, you are busting your ass to get in front of referral partners. You are attending networking events to meet referral partners. You are doing everything you can in order to get in front of those people so you can educate them about reverse mortgages and explain why they should send referrals to you.
Why would you spend all that time and effort and then never follow up with those people.
Do you think they will actually remember you?
Do you think reverse mortgages are going to be top of mind for them?
Is just one touch creating a relationship with them?
Do you think a 15 to 30 minute meeting with these people is all it takes to get them completely educated about reverse mortgages and all of the benefits they offer?
The answer is NO to all of those questions.
You have to stay in contact with your referral partners. And I consider a mailed monthly newsletter to be the best way to do that.
Yes, I said mailed. Listen, it is just way to easy to hit delete on an email. Open rates are ridiculously low with email. I am not saying to not use email to stay in touch as well. Just do yourself a favor and mail a real newsletter every month.
Your newsletter can be pretty much anything you want it to be.
For me, I like to send out a scenario of the month. It is just a simple two page letter that covers a closed reverse mortgage loan.
I like the scenario of the month because I really don’t have to “think” about something to write about. I don’t have to get “creative”. I just have to tell a clients story, the reason why they waned to get the loan and the benefits they received from getting their reverse mortgage. Very, very simple to do.
Sending a “real” newsletter will make you money every month. Right now I have 135 referral partners in my CRM. I have personally met with these people or I have presented a CE class for them. I don’t really know if that is a large database or not. I live in a relatively small town of 75K people.
Anyway, every month I send this out, I get responses which range from referral partners calling me to just say hi, to calling to ask questions, or they send emails letting me know they gave my business cards to someone they met, or just thanking me for staying in contact and letting me know they enjoy the newsletter. I have only been doing this for about 3 months now and every month I am either getting a referral or doing at least one proposal. That is pretty impressive.
Simple Tips For A Reverse Mortgage Newsletter
I can already here you making excuses about why you can’t send out a newsletter. Things like:
- I don’t know how to write.
- I don’t like to write.
- I don’t have the time.
I am sure I could come up with a thousand more excuses, but they are not really necessary. Here is why I am calling bullshit on your excuses.
- You probably already write letters to your underwriter about the files you submit.
- You probably help your clients write their letters of explanation.
So you see, you do know how to write.
I don’t care if you don’t like to write. Just get it done. It will make you money. If you don’t like making money, then get out of the mortgage business.
You do have the time. You have all sorts of time. Get off Facebook and write something.
If you have an assistant, see if they will write it. If you have a processor, maybe they will write it for a small fee. Both of them are going to be more than familiar with any of your deals.
Hire a professional writer to write it for you based on your MP3 recording.
Look, you can keep making excuses about not sending out a newsletter or you can take action. There are tons of ways for you to get this done and not have to spend a lot of time doing it.
Re-purpose Your Reverse Mortgage Newsletter
What I want you to understand is that your newsletter can be re-purposed for a lot of other marketing purposes.
Once I have my newsletter written I will then do the following things with it.
- Turn it into a blog post on my blog.
- Share the post from my blog on Facebook.
- Facebook automatically shares it on Twitter.
- Share the post from my blog on LinkedIn.
- Create a blog post on LinkedIn .
- Create a blog post on my Tumblr blog.
- Create a blog post on my WordPress blog.
- Create a blog post on my Blogger blog.
- Create a blog post on my Active Rain blog.
- Create a blog on my BiggerPockets blog.
- Convert it to a PDF and submit it to PDF sharing sites.
I know the above sounds like a lot. But the reality is that I can have all of that done in about 20 minutes or less. For the most part it is just cutting and pasting the newsletter into the blog posts.
Now, 6 through 11 may seem like overkill. They may also seem like a waste of time. There is a reason to my madness. The reason I do this is to build links back to my website and to my blog posts.
Every time I do the above things with my newsletter, I see an increase in the rankings of my website, web pages and blog posts. Every time rankings increase I see more traffic on my website and more leads generated.
On every blog post I link back to my original blog post and then also link back to my home page or other inner pages or other blog posts. I like to switch it up and change the anchor text for the links as well.
So, what are you waiting for? Get your newsletter started now so it is ready for next month.