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Responsiveness Wins: Text Message Marketing for Mortgage Professionals

Dec 06, 2022

When it comes to lead generation and borrower conversion, tired, overused marketing efforts simply do not cut it anymore. Today, the most successful mortgage lenders are taking an omnichannel approach to mortgage marketing — using multiple communication channels to engage prospects and customers.

Both marketing automation and text message marketing are valuable capabilities at a time when responsiveness wins. But before making any technology investments, lenders exploring these enhanced marketing functionalities should ask themselves these questions:

MAKE A PERSONAL CONNECTION WITH YOUR BORROWERS

Download the guide to text messaging for mortgage lenders.

WHY am I investing in automated text message marketing capabilities?

Lenders invest in automated marketing tools to give their loan officers (LOs) a leg up in generating quality leads, building referral partnerships and closing more loans. When considering whether to invest in automation software, it is crucial for lenders to think about how it gives them a competitive advantage.

Text message mortgage marketing is a high-value resource because it invites responsiveness. When a consumer receives a text message from an LO, they are able to engage with its contents and respond the same way they would typically communicate with a friend or family member.

The best text message marketing automation tools can be picked up and implemented right away, quickly improving conversion rates, loan turn times and building referral partner relationships.

WHO will be using text message marketing tools?

Simply giving an LO access to automated mortgage marketing isn’t enough to ensure their success. For that, LOs either need to learn how to use the marketing software effectively or lenders need to bring on a dedicated marketing resource to administer campaigns on the behalf of LOs. As such, a key step to maximizing the ROI of a marketing automation investment is accepting that every LO is unique and has a different route to success.

As a general rule, top performers develop effective marketing systems whereas low-performing LOs do not. When rolling out a new system, instead of hoping that low-performing LOs will make the most of text message marketing tools, lenders should adopt a different tactic: look to top performers to better understand what strategies work and replicate them for low performers using automation.

To support lower-performing LOs, lenders should strongly consider enrolling the help of either a professional services firm or hiring a dedicated marketing staff member who can administer the platform and create campaigns that support LOs.

HOW can I get the most out of my text message marketing investment?

The effectiveness of a mortgage marketing plan depends on its alignment with the market itself. Because there is no one-size-fits-all mortgage marketing strategy, lenders must be prepared to retune their campaigns as market conditions shift.

For example, when interest rates rose, many mortgage marketers had to adopt strategies designed to deepen relationships with prospects and referral partners. Finding high-intent refinance leads was not particularly difficult during the refinance boom, so lenders could reliably capture leads without extensive effort. However, since the market contracted and refis have dried up, identifying high-intent leads and nurturing them has taken precedence.

Text message marketing commands the immediate attention of recipients and should be used judiciously. By automating text messaging workflows that alert borrowers when they reach a key milestone, LOs do not have to lift a finger or even understand the intricacies of the system.

Context is often lost in written communication. To make messages more relevant and impactful, lenders should consider incorporating video messages in text outreach. Only a small fraction of mortgage lenders have fully embraced video marketing content, so the ones that do set themselves apart. The most powerful mortgage marketing engines will enable LOs to prerecord videos related to loan milestones, anniversaries and holidays, so their delivery can be automated with minimal effort.

Text message marketing by Black Knight’s Surefire CRM and Mortgage Marketing Engine

Black Knight’s Surefire CRM and Mortgage Marketing Engine combines all facets of omnichannel mortgage marketing and customer relationship management (CRM) into one powerful platform.

Surefire’s text messaging solution, Power Messaging, helps lenders differentiate themselves with automated, engaging text messages that reach borrowers where they are: on their mobile devices. Power Messages can also be enhanced with Surefire’s custom Power Videos and interactive mortgage calculators, making them even more educational and engaging for past and prospective homebuyers.

Support your originations team, market more effectively and get the full value of your tech investment with highly responsive, automated text messaging by Surefire Power Messaging. Schedule a demo to find out more.

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