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Rick Astley - Never Gonna Give You Up
Why I Love Using Door Hangers in My Mortgage Business
Why I Love Using Door Hangers In My Mortgage Business
Everyday we go through 100's of doors without even thinking about it. How would you like to be able to make people stop and take notice of your mortgage marketing message?
The answer is "Door Hangers" or if you prefer "Door Knob Hangers."
If you're like me, you probably love to close a mortgage using a low cost origination idea. Door hangers definitely fit in that category and are a great originating tool.
Here are a few of the advantages of using door hangers:
1. They're inexpensive,
2. They're easy to generate,
3. The response is almost immediate,
4. They help you establish a farming area,
5. They can be targeted to a specific market,
6. Somebody is going to get a lot of good exercise.
As noted above...There's lots of very good reasons why you would want to work the door hanger idea into your marketing plan. But, here's the most important reason of all: You'll receive an immediate response using door hangers. If you're new to the mortgage business...this is exactly what you want...you want prospects now...not next week, not next month, and certainly not next year.
If you're an old hand with mortgages but experiencing a little lull in your business...this provides a quick jump-start to find some new prospects.
And, remember...this is low cost mortgage origination that you can do immediately. If you need business...and, won't incorporate this idea...I really can't help you...you have other issues that need to be addressed immediately.
I'm sure you realize that door hangers are meant to be used as one shot effort to gain prospects. There's no follow-up because there's no contact information. Only when your mortgage prospect calls you is this the beginning of any kind of two-way communication. Door hangers are meant to get your message out there quickly, efficiently, cheaply, and in great quantity.
So...your door hangers are delivered. What's next and what can you expect?
First, you'll hopefully get immediate calls. In fact, unless you're prepared to gather information while you're delivering; you may need to shut off your phone for an hour until it's convenient for you to return the call.
Second, you may run across people willing to carry on a conversation with you right then and there. Just be prepared for that.
Third, the life span of your door hanger is short, usually, three or four days at the very most. This is an immediate response idea with no long term residual value.
Fourth, your response numbers will approximate the response rate of direct mail without the associated costs. Expect about a one to two percent response.
Fifth, you will get complaints. Don't worry about it; just be aware you'll get them. You'll find they fall into two categories, both of which revolve around that little sign posted at the entrance of the complex where you placed your door hangers. It reads: "No Soliciting," or something similar.
You may get a call from a resident that you are in fact soliciting. Apologize profusely and move on. Your response is: "I'm sorry, I didn't mean to offend...I've done many refinances in the community and everyone is very well pleased...I do provide a valuable service for your community."
If you just attacked a rental community...you will get a call from a not-so-happy Property Manager. If you don't get that call; they're not doing their job. So, expect the call and be prepared.
They will call you and threaten to contact either the Sheriff or the local Police. Here's your response: "I'm sorry...I didn't realize...it won't happen again I can assure you." Be humble and apologetic and diffuse the situation.
Just so you know...I not aware of any folks in the mortgage industry serving jail terms for violating that little posted sign. This is not an offense that puts you in mortgage jail, believe me.
In the case of a rental community, I usually wait a year and then do it again. You can always blame your staff (even though you don't have one). the next time...but, chances are there will be a new Property Manager to holler at you instead. They turn-over at about the same rate that rental units do.
OK back to basics...Let's pick a target for your door hangers. It may be a rental community, a residential area of single family homes, condos, or townhouses. Obviously, If your door hangers are geared towards rentals, your a theme can be "Renting is hazardous to their wealth," or something similar to that.
For residences, a refinance flier with a free report is always a good choice. In both cases, give them a reason to call you now...give something that is free if they respond.
Personally, I prefer to deliver my door hangers to rental communities, townhouses and condos versus neighborhoods with single family homes. Why? Because, I can deliver a huge number of fliers in a very short period of time.
I also like to deliver them on Saturday morning. You can either count this as your exercise time or hire a couple of kids to place them on doors in a particular neighborhood. If you hire kids...do get the parents permission and supervise the placement of the door hangers.
You can buy blank door hangers that are already perforated and print them yourself. Here are a few sources you can review or use Google search if you prefer. You'll have lots of choices.
http://www.paper.com/index.html - Use their search box and type in "door hangers." Their 3-up door hanger on 8.5" X 11" comes in a 250 sheet pack (750 door hangers) for $33.08 plus S&H.
http://www.pcform.com/doorhanger.asp - Their 3-up in a 250 sheet pack (750 door hangers) is
priced at $45.00, 1500 door hangers for $72.00 etc.
https://www.kwiktickets.com/updh_3up1.html - Their 3-up package is 333 sheets per pack. 1 pack equals 1000 door hangers for $28.00. Available in white, green, blue or, yellow.
You can also make your own using a full page letter size flier.
First...layout a good flier on yellow letter size paper. Use the entire page. If you're targeting a residential neighborhood...use a refinance theme like "Don't Miss the Boat, Rates Have Never Been Lower." If it's a rental community..."Renting is Hazardous to Your Wealth" is a good one to use.
Second...let's take that full page flier and turn it into a door hanger.
Fold the flier just as though you are going to put it in an envelope...in thirds. The secret here is to fold your flier with the printing on the outside so that even when it's folded...the first third is visible and readable.
Third...while folded...punch a single centered hole in one end and loop a rubber band through it for hanging. You're done...so simple...so quick...and, so very inexpensive. Now...Let's get them delivered.
Keep this little origination gem in the back of your mind...there's lots of door knobs out there that need door hangers.
About the Author
Tom Domin is the author of "101 Ways to Originate Mortgages" and publisher of "Tom's Mortgage Tips" a twice monthly Mortgage Newsletter geared for Mortgage Professionals. Put your mortgage career on the fast track and sign-up for FREE at http://www.MortgageMarketingToolKit.com/
