Mass text messaging is a surefire way for mortgage lenders to communicate quickly and with confidence, their messages will be read. After all, text messaging has a 98% open rate!
But just because you can do something doesn’t mean you should do it. In the mortgage industry, mass text messaging is one of those things – or at least it is a tool that should be employed with great care. Borrowers provide mortgage lenders access to very personal financial information. It’s important to maintain the status of a trusted professional and not become an annoying spammer.
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There are some situations when mass text messaging is appropriate for mortgage lenders – in general, when the message is newsworthy and/or time-sensitive. Read on to see 5 of those times then keep going for a few rules to remember.
1. Use mass text messaging to alert your contacts of a rate drop.
In the mortgage industry, nothing could be more time-sensitive and newsworthy than a drop in rates. SMS texting to a large group of contacts is a great way to get the word out quickly and efficiently.
If you don’t want to blanket all of your contacts, segment your list to include borrowers who are in process but haven’t yet locked; real estate agents; and active purchase and refi prospects. At a minimum, filter out in-process borrowers who have already locked their rates. A strong mortgage CRM will help you do that!
2. Some industry news warrants mass text messaging, too.
The specific industry news you choose to distribute through mass SMS texting will depend both on the nature of your business and of your contacts. Do you write a lot of jumbo loans? Loan limit changes may be important to your database. If you have a large first-time buyer or credit-builder contingency in your contact list, then Fannie Mae’s recent change to consider on-time rent payments in loan approvals would be a great thing to share.
You can make the industry updates more interesting to your users with video messaging. Include a 20-second or shorter video with a sentence or two about the change. Your own enthusiasm will spill over and underscore the importance of the news.
3. Share your new loan programs or company promotions.
Make your messages stand out from those other lenders may send by announcing promotions and programs specific to your company. Again, these will be best received through SMS texting when they are time-sensitive and newsworthy.
4. Communicate your career, contact, or company changes.
The mortgage industry is in a constant state of flux, with company buy-outs, name changes, and loan officers taking the next steps in their careers. This type of information is also appropriate to send through mass text messaging.
The news may not require time-sensitive action on the part of the recipient, but it will be a useful confirmation if they suddenly start seeing different branding on mortgage-related emails or postal mail.
5. Holiday greetings are appropriate for mass text messaging. And how about mass video messaging?
Holiday greetings may seem rather “promotional” compared with the other more newsworthy items we’ve mentioned; however, it’s important to demonstrate to your contacts that you value them outside of their mortgage interests. A well-done holiday greeting can surprise and delight them, keeping your name top of mind when a home financing question arises.
You’ll especially impress them with communications that are individually prepared. With a mortgage CRM, it’s possible to distribute personalized holiday greetings through mass text messaging – even animated videos. Alternatively, a short video you record will make the greeting seem more personally targeted, even if the recipient is not mentioned specifically in the video.
What are some rules to remember when mass text messaging?
Mass doesn’t have to mean generic. You can send personalized messages through your mortgage CRM. You can also make messages seem more personalized by including a brief (20-seconds or shorter) video of yourself.
Mass messages can also be targeted. If your business and contacts cover a wide range of borrower types and programs, segmenting your list will assure you’re sending only relevant messages and reducing the risk of the dreaded STOP response.
Be inclusive. Even if you distribute your tests broadly, you can make them relevant to a wider audience by including “someone you know” in the message. For example, sign off with, “If these changes will help you or someone you know, I’ll be glad to help.” Suddenly, a message that was irrelevant to the recipient becomes interesting again, as they think about whom they might know that would benefit from the information. That sentence also is a not-so-subtle reminder that you will be glad to accept their referrals.
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About the Author
As content manager at Top of Mind Networks, Renita develops award-winning marketing materials and strategies for mortgage companies. Throughout her career, Renita has managed public relations and produced both printed and online content for clients in the home building, affordable housing, real estate, mortgage lending, financial planning, and
environmental industries. As a ghostwriter, she has contributed to two books on social media marketing. Her work has also been published in numerous print and online trade publications for industries she supports.