What Is Hyper-Targeted Marketing and Why Should I Care?

 

Borrowers choose the first lender that they connect with

If you’re a lender, you know how much being the first to the borrower can impact your likelihood of getting the loan business. In fact, 50% of all mortgage borrowers choose the first lender that reaches out to them. Knowing who they are and getting your message directly to them before your competition can significantly affect how you generate quality borrower leads for real estate.

There are two large problems when marketing to potential borrowers today: 1. Most of the potential borrowers that you are currently marketing to don’t care, and 2. Most of your marketing materials are not seen by real people.

Problem One – The Borrower’s You Target Do Not Care

Only one out of every eight properties will refinance and one out of every 12 will sell in a given year.  That means you are wasting time, money and effort marketing to borrowers that DON’T CARE.

Problem Two – Your Message Is Not Being Seen By Real People

As is the case with direct mail, most digital marketing impressions are not seen by real people. Most direct mail pieces end up in the trash and most digital ads are served to non-human traffic sources like bots, toolbars, click farms and crawlers.

Hyper-Targeted Marketing solves both of these problems.  

Hyper-Targeted Marketing uses predictive analytics to determine your audience – borrowers that are expected to refinance or purchase in the next 12 months – and a patented ad delivery platform that can display your ads to your audience in their homes with 95% certainty, while eliminating non-human generated impressions.

Three years ago, ProspectNow Founder Steve Wayne conceived the notion of using property and loan transaction information in ProspectNow to predict which properties were likely to refinance or sell in a 12-month period as a way to help lenders find more business more efficiently.

Hyper-Targeted Marketing is about knowing who is likely to borrow and then getting your message and call-to-action to them before a another lender does. Using Hyper-Targeted Marketing in your marketing strategy allows you to be smart with your time and money.

Ready to find out more? Register for our Hyper-Targeted Marketing Webinar and find out how ProspectNow can help you get to your mortgage borrowers before your competition does.

10 Actionable Tips for CRE Agents New to Prospecting

For many in CRE, prospecting is among the least appealing routine task. Still, this activity is our bread and butter. It keeps the pipeline full and generates countless connections and referrals.

Prospecting is critical, but it needn’t consume your days. Like any aspect of your work it can be streamlined through thoughtful planning and utilizing all of the available tools.

If you’re just getting started with prospecting, here are some quick tips to keep in mind. They’ll help you make the most of the time you devote to cultivating potential clients.

#1. You’re going to make mistakes

Count on it. The first few calls you make are likely to be a little awkward, and you may not feel that you’ve accomplished much. Au contraire! Mistakes are opportunities for improvement. Keep notes on your calls and identify missteps to be avoided in the future. Think of alternative approaches to try next time.

#2. Some prospects are not a good fit

It may happen that, on contacting a prospect, you realize that your property is not a good fit for them. This will happen, but the call is not a complete bust. If you have been energetic, engaging, and confident you have likely made a favorable impression, and may come to mind in the future. Meanwhile, try to leave the prospect with some useful information.

#3. Consult, don’t sell

Especially on the initial call, you should not come across as a salesperson. You’re not going to be pitching a property. Your role should be that of a real estate expert who is interested in finding out what challenges and pain points the prospect is facing, and how you might be able to help.

#4. Integrate marketing intel

Use data gathered through marketing channels to tailor your outreach. Use the prospect’s preferred method of contact, address any challenges with which the company may be struggling.

#5. Ask questions and listen

Asking good questions will encourage the prospect to share their concerns and priorities. Listen to them, and take notes on every call.

#6. Do your homework

Prior to the call, find out about the prospect and their organization. Scan the company’s website: What big projects are they involved in? Are they hiring? Learn some personal details about the person you’re calling: Where did they go to college? How long have they been in their current position?  All of this information can spark conversation effectively.

#7. Know your listings

As you listen to the prospects needs, you want to be very familiar with your listings, so that you can begin to make connections that might work for everyone. Perhaps you might be able to recommend other services or vendors that can help.

#.8 Keep organized

Use a good CRM to manage contacts and ensure that you never miss scheduled calls or meetings. Make detailed notes with each call. Document every meeting and make sure that all the related paperwork is stored together or easily traceable.

#9. Listen to your coach

As a new agent, you will likely be reporting to a mentor or colleague. Take advantage of this opportunity to learn from the experience of others. Apply advice that seems sound. You may be surprised at what a big difference some minor adjustments can make.

#10. Follow up

It’s hard to overstate the importance of this step. Failing to follow up and follow through on commitments you make to prospects can be tremendously costly. Keep ALL appointments. Respond promptly. Supply any promised information.  This is part of earning trust.

Research has repeatedly shown that it’s necessary to make contact multiple times before a prospect becomes a client. Sales experts hold that you must reach the lead at least 7 times on average before a sale. This varies widely depending on the situation and the format and quality of the contact, but there is no doubt that your first call should never be your last.

Organize Your Real Estate Prospect List in 4 Steps

In real estate, a prospect list never rests. If you’re on your toes, that list is a live thing, evolving and shifting almost daily to reflect what’s going on in your work. Keeping your prospect list up to date will help you avoid missed opportunity, and the secret is organization.

Taking the time to get your list organized will allow you to prioritize your contacts, schedule calls and communication, and eliminate dead ends and time wasters. Follow these steps to get your prospects organized, lean, and productive.

Step #1: Identify Priorities

Before you even look at your list, consider your ideal client. What would their characteristics be? Who is looking for what you’re selling? Where are they? What are some of their habits and activities? Contacts that fit this profile should be among your priorities, so identify them.

Priority prospects will be decision-makers in their firm. Strive to secure direct contact information for these gatekeepers, if possible. If their location, size, and current activities line up with your goals and interests, these prospects should be on your mind.

Step #2: Divide and Conquer

A good strategy for handling your list efficiently is to break it up. One method is to create just 2 categories: warm and cold.

The warm (or primary) list is composed of your “ideal” prospects –people you already know about and may already have a relationship with. These can be past customers, referrals, and partners in previous projects.

The cold list will be made up of people who are likely to be interested in what you have to offer, but with whom you have yet to make contact. They may be potential clients whose situation is evolving and will soon create a need for professional services. A cold (or secondary) list can be generated in various ways, including closely monitoring social media. Another approach is provided by online services like ProspectNow, which compiles millions of contacts for property owners and CRE tenants.

Step #3: Subdivide

To go further, create categories within these lists to identify these contact types:

Contacts: This will include ALL of your contacts, and can be further broken down by the function or nature of your relationship with that person. You might have categories like these: Other brokers, Construction, vendors, personal, etc.

Prospects: This category is for those contacts with whom you could potentially do business: buyers, first-time buyers, multi-family, industrial, sellers, etc.

Clients: These contacts are people that you’ve worked for. Your goal should be moving  people here from the Prospects list above.  A good practice is to categorize them by the year in which they used your services.

Referral Partners: These are the people on whom you can rely for a glowing review. They generally “graduate” from the Client category, and can give new contacts a realistic picture of your services and performance.

Step #4: Repeat!

Remember that a healthy prospect list is not static. Setting aside some time to regularly update and overhaul your list will make it dramatically more effective and save you buckets of time in the long run.