Closing gifts are a kind gesture a lender can give to their customers come post-close to thank them for their business. Choosing the right gift is crucial when building a client for life.
Often, the gift a customer would prefer isn’t necessarily the best gift to give them. For example, a bottle of wine or a gift card they can use to order takeout from their new neighborhood eateries are fantastic gifts, and they most certainly will put smiles on some faces. However, once consumed, these gifts are gone, and the odds the borrower will remember the name of their loan officer that sent them this great gift is slim to none.
Are Mortgage Closing Gifts Worth Sending?
The fact is that, despite how they felt about their loan officer’s service, 68% of borrowers use a different originator on their next transaction, and over 50% of borrowers forget the name of their originator 18 months after the transaction. A long-lasting and practical closing gift is one of the best ways to beat these odds.
But what is the right real estate closing gift? Is there a closing gift out there that borrowers won’t put into a drawer or donation bin?
What makes a great closing gift?
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The best closing gifts meet these three standards—quality, consistency, and branding, or QCB for short.
A closing gift needs to stand the test of time. If it breaks or is spent after a few uses, your borrower may start to question the quality of your company. More importantly, the reminder to use your services will be gone.
The best real estate closing gifts act as a constant reminder of the relationship you share with your borrowers. You should have notes about your borrower’s likes and dislikes in a contact management system, which you can find in a mortgage CRM.
Give them something they will use or look at in their everyday life will keep you top of mind. If they enjoy cooking, they will love a nice set of new utensils or a cutting board personalized with their last name.
There is an art to properly incorporating your brand into your closing gifts. Too much branding and your closing gift is destined for the garbage.
Too little branding, and it won’t act as a reminder of how your company helped your client through one of their life milestones.
Next time you go to order a closing gift, ask yourself: “Do these gifts meet the QCB standard?”
How Else can Mortgage Brokers Stay Top of Mind?
While your closing gift is an impactful step toward creating a client for life, it works best when combined with a direct mail campaign that marks different special occasions and holidays each year post-closing.
A birthday card is just one example of where a small gesture can pay dividends down the road. Everyone receives dozens of birthday emails when their birthday rolls around, but very few organizations send a birthday card in the mail.
Here are a few facts to back up that statement that show the advantage of print marketing has on relying on digital marketing alone: “On average, Americans receive 605 emails and 16.8 pieces of mail every week.”, “Up to 90% of direct mail gets opened, compared to only 20-30% of emails.”, “Per USPS, 98% of people check their mail daily, and Americans spend upwards of 30 minutes with their mail on a single occasion.” (Compu-Mail). It is an action that one has to invest in once a year per client, and it can go a long way.
Are you ready to become a post-close marketing powerhouse? Top of Mind Networks automates post-close retention marketing through the Surefire Retention Center. With the help of our in-house marketing experts, you can create a subscription for customized closing gifts and cards that can be scheduled automatically at the close of each loan and for years to come.
Not only is this process automated, but all content has your branding and it is perfect for busy loan officers. Please contact email@example.com to take advantage of the Surefire Retention Center today.
A recent Kent State University graduate, Dane double majored in finance and economics. Dane works with Surefire customers to find the best client retention strategy for every individual. He brings a consultative approach to maximize customer ROI and build clients for life. Dane enjoys spending time with his friends and family, fishing, athletics, and traveling.
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