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Five Ways to Effectively Target Subprime Borrowers to Generate Quality Mortgage Leads
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In today’s real estate market, it may sound unusual to target subprime borrows with bad credit. However, there is still a lot of money in this market. Many would-be homeowners would like to qualify for a mortgage loan. A number of them aren’t even aware that they can still qualify for a home loan. By using these five techniques to effectively target subprime borrowers, you will generate quality mortgage leads, regardless of poor credit.
No. 1: Use Direct Mail to Target Subprime Borrowers
Sending direct mail to potential customers is one of the most effective methods for targeting subprime borrowers. The people on your list only see your message.
Before mass mailing, consider doing a test run. Come up with two or more advertising pieces and see which one has the higher conversion rate. Then send out the better performing copy to the rest of your list.
No. 2: Advertise in the Media to Generate Quality Mortgage Leads
Advertising is a more expensive option, but it could prove beneficial in the end. This method reaches the most people, whether they are potential customers or their friends and family. The word about your ability to help subprime borrowers with bad credit can spread quickly. You may even acquire some leads with better credit.
No. 3: Make a Website to Target Subprime Borrowers and Generate Quality Mortgage Leads
You probably already have a website, but is it targeted toward the subprime borrower? I bet it isn’t. Make a website that speaks exactly to the needs of the subprime market. This targets your specific demographic and can help you gain an advantage over the competition.
To do this, you can create a brand new website with language targeted only toward subprime borrowers. It might be easier, however, to create a detailed landing page that links to your existing website.
No. 4: Telemarketing to Target Subprime Borrowers
Some of your customers may not like phone calls at home or work, but for others, your voice is just what they are waiting to hear. Imagine feeling like you can’t ever purchase a home, simply because you’ve made a few credit mistakes. Suddenly, a broker calls and tells you that it is possible to buy a home after all. Telemarketing effectively targets subprime borrowers more than direct mail and Web sites. Only the person you are trying to reach will hear your message.
No. 5: Use a Lead Company to Generate Quality Mortgage Leads
Find a lead company that either specializes in subprime borrowers, or has experience in finding those leads. A good lead company has far more experience in finding leads, especially online leads -- so put them to work for you. Some of these leads might be fresh, pre-qualified or both. You may even know their credit score or financial situation before making contact. Additionally, you can use the leads provided by the company to help your direct mail, website and telemarketing campaigns.
In today’s real estate market, it may sound unusual to target subprime borrows with bad credit. However, there is still a lot of money in this market. Many would-be homeowners would like to qualify for a mortgage loan. A number of them aren’t even aware that they can still qualify for a home loan. By using these five techniques to effectively target subprime borrowers, you will generate quality mortgage leads, regardless of poor credit.
No. 1: Use Direct Mail to Target Subprime Borrowers
Sending direct mail to potential customers is one of the most effective methods for targeting subprime borrowers. The people on your list only see your message.
Before mass mailing, consider doing a test run. Come up with two or more advertising pieces and see which one has the higher conversion rate. Then send out the better performing copy to the rest of your list.
No. 2: Advertise in the Media to Generate Quality Mortgage Leads
Advertising is a more expensive option, but it could prove beneficial in the end. This method reaches the most people, whether they are potential customers or their friends and family. The word about your ability to help subprime borrowers with bad credit can spread quickly. You may even acquire some leads with better credit.
No. 3: Make a Website to Target Subprime Borrowers and Generate Quality Mortgage Leads
You probably already have a website, but is it targeted toward the subprime borrower? I bet it isn’t. Make a website that speaks exactly to the needs of the subprime market. This targets your specific demographic and can help you gain an advantage over the competition.
To do this, you can create a brand new website with language targeted only toward subprime borrowers. It might be easier, however, to create a detailed landing page that links to your existing website.
No. 4: Telemarketing to Target Subprime Borrowers
Some of your customers may not like phone calls at home or work, but for others, your voice is just what they are waiting to hear. Imagine feeling like you can’t ever purchase a home, simply because you’ve made a few credit mistakes. Suddenly, a broker calls and tells you that it is possible to buy a home after all. Telemarketing effectively targets subprime borrowers more than direct mail and Web sites. Only the person you are trying to reach will hear your message.
No. 5: Use a Lead Company to Generate Quality Mortgage Leads
Find a lead company that either specializes in subprime borrowers, or has experience in finding those leads. A good lead company has far more experience in finding leads, especially online leads -- so put them to work for you. Some of these leads might be fresh, pre-qualified or both. You may even know their credit score or financial situation before making contact. Additionally, you can use the leads provided by the company to help your direct mail, website and telemarketing campaigns. |
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