There are approximately 6.84 billion smartphones worldwide – which, to put that into perspective, is a number equivalent to about 85% of the global population. To do business successfully in this smartphone-connected world, you’ll need to add text messaging to your marketing toolbox. And not just those one-offs you send to family and friends. You’ll need a tool to support mass text messaging.
Mass text messaging is a surefire way for mortgage lenders to communicate quickly and with confidence that their messages will be read. After all, text messaging has a 98% open rate, and 90% of today’s consumers prefer text messages!
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 and only in certain instances. After all, borrowers provide mortgage lenders with access to very personal financial information, so it’s important to maintain the status of a trusted professional and not become an annoying spammer.
There are some situations when mass text messaging is appropriate for mortgage lenders to use – 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 mortgage interest 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? If so, loan limit changes may be important to contacts in your database. If you have a large first-time buyer or credit-builder contingency in your contact list, then Fannie Mae’s move to consider on-time rent payments in loan approvals would be a great thing to share. (But since this is far from breaking news – it happened in 2021 – be sure to add your own spin on how it works and could benefit your borrowers.)
You also 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. Be sure to let your own enthusiasm 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 – and even include short 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 messaging doesn’t have to mean generic, nor should it. You can send personalized messages through your mortgage CRM. You can also make messages seem more personalized by including a brief (20-second 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.
Want to learn more about SMS texting?
Download Surefire’s Mortgage Text Messaging Ebook. And learn more about how Surefire℠ CRM and Mortgage Marketing Engine by Black Knight can help you implement mass text messaging by attending a demo.