Tim Braheem: Database marketing is key to success
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The document discusses strategies for effective database marketing in the mortgage industry. It recommends being proactive in creating loan opportunities rather than waiting for them. Specific strategies include opportunity marketing by informing people of possibilities they did not know existed, and trend marketing by targeting audiences of other market trends. The document provides examples of trends like the home equity and credit report booms. It also outlines a client appreciation program that uses quarterly credit reviews and annual equity reviews to identify opportunities for existing clients around issues like debt consolidation, loan improvements, home remodeling or buying a second home. The key is to systematically offer value to one's entire database and affinity partners to create ongoing opportunities.
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Tim Braheem: Database marketing is key to success
- 1. In the beginning… Tim Braheem: “ Learn the industry and be an expert” “ Presentations & first impressions” “ Get LoanToolBox” “ Get Mortgage Coach” “ What do I need to be successful? Bill Hillestad: “ Use Database Marketing” “ Systemize everything” “ Get Act!”
- 2. My Niche and Strategy Database Marketing Systemize Everything Master the Presentation Be an Expert
- 3. Results of Database Marketing 2003 2004 2005 2006 2860 contacts 604 loans ($210M) 99 loans 26 million 116 loans 41 million 204 loans 78 million ~185 loans ~65 million
- 4. Effective Database Marketing with Mortgage Coach Presented by Khai McBride
- 7. Strategy #1: Opportunity Marketing Marketing opportunities to people that they did not know existed or were possible.
- 8. Create Opportunities Opportunities Debt Consolidation Payment Improvement Home Improvement Dream Homes Accelerate Retirement Vacation Homes College Savings Mortgage Coach Marketing Machine
- 9. Strategy #2: Trend Marketing Marketing your product or services to the target audience of another market trend.
- 10. Trend of the Late 90’s: Dot.com Boom Which Company Prospered the Most?
- 11. Trend #1: Home Equity Boom Average Equity Growth in the United States 1997 2000 2006 2003 $127,500 average increase in equity
- 12. Trend #2: Credit Report Boom 2003 2004 2005 Consumer Spending on Credit Monitoring Services $2Bil $600Mil $5Bil
- 13. Client Appreciation Program Quarterly Credit Review Package Annual Equity Review Package Complimentary
- 14. Quarterly Credit Review: Excessive Debt Profile FICO: 683 Debt: $45,211 Assets: $2000 Home Value: $675,000 Home Equity: $242,000 LTV: 64 Opportunity: Debt Consolidation Quarterly Credit Review Package Pre-Approved
- 15. Quarterly Credit Review: Derogatories Profile Rate: 6.875% FICO: 612 Debt: $700 Assets: $120,000 Home Value: $675,000 Home Equity: $242,000 LTV: 64 Opportunity: Loan Improvement Quarterly Credit Review Package
- 16. Annual Equity Review: Equity Growth Profile FICO: 723 Debt: $1,545 Assets: $121,000 Home Value: $675,000 Home Equity: $145,000 LTV: 79 Opportunity: Remodel / Move-up Buyer Annual Equity Review Package
- 17. Annual Equity Review: Equity Imbalance Profile FICO: 723 Debt: $875 Assets: $12,000 Home Value: $675,000 Home Equity: $382,000 LTV: 43 Opportunity: Strategic Equity Annual Equity Review Package
- 18. Annual Equity Review: Insufficient Equity Profile FICO: 723 Debt: $875 Assets: $8,000 Home Value: $675,000 Home Equity: $145,000 LTV: 79 Opportunity: 2 nd Home / Investment Annual Equity Review Package
- 21. Effective Database Marketing with Mortgage Coach Presented by Khai McBride
Editor's Notes
- Afternoon everybody!!! So, raise your hand if when you were a kid, you wanted to grow up and be something else BESIDES a loan officer. Just as I thought…pretty much everybody. See, when I was a kid, I wanted to be an architect, like Mr. Brady from the Brady Bunch. I wanted to build buildings and carry around blue prints in that long tube. You know, that tube he lost at the amusement park. Yep, I wanted to go to work with a suit, briefcase and a tube. That’s what I wanted to be. I’m sure that most of you wanted to be doctors, policemen, and firemen. Maybe even superheros. Can you imagine what it wouldve been like if we actually wanted to be mortgage bankers as kids? “ok stephanie…let’s play again, but this time, you be the realtor, and I get to be the loan officer.” Well, I didn’t become an architect. Instead I become a computer programmer in 1992. In 1996 I met Bill Hillestad and Tim Braheem, the owners of First Rate Financial. They were looking for a programmer to help them create a new piece of technology called Voice Broadcasting, so I came aboard and we developed the first voice broadcast software for the industry. 6 years latter, in 2002, I was getting tired of the IT industry. It had been 10 years, and I needed a change. I remember how successful and passionate Bill and Tim were about the mortgage industry so I decided, “what the heck, I’ll give the loan business a shot!” So, I decided to call them both up and ask…“What do I need to be successful in the mortgage industry?” Bill was the first person I called. His advice was “Use database marketing, systemize everything, and get Act!” Then I called tim. His advice was “Learn the industry and be an expert, master the presentation and first impressions, get The LoanToolbox and get Mortgage Coach” That was their exact advice and I still have these notes written in my Outlook file from 4 years ago.