5 Essential Re-Engagement Strategies for Mortgage Marketing

Maximize Outcomes Today and in Six Months

Average 30-year mortgage rates just dropped to their lowest level in over a year; as of early August, 30-year mortgage rates stood at 6.125%. It’s game time for mortgage companies.?

In light of this opportunity, mortgage companies must boost marketing and re-engagement strategies in order to be first in front of customers.?

What Mortgage Rates Dropping Means for Mortgage Marketing

In 2022 and 2023, the Fed increased rates at historic speed and extent—meaning mortgage rates experienced a huge increase over the last two years.?

This month, with rates finally dropping to a new low, mortgage companies should be hitting marketing hard, engaging and re-engaging as many clients as possible.

“Mortgage rates are falling further and faster than expected... For house hunters who have been waiting for rates to fall before they buy a home: Now is the time.”?– Redfin Chief Economist Daryl Fairweather

The volatility of the situation means it’s even more crucial to get your brand in front of as many people as possible—and do it fast.?

Re-engagement is very key in this situation: don’t let your marketing dollars be wasted on squandered opportunities.?

Now is the perfect time to engage live leads and older customers. People who are familiar with your brand (or even better, got a quote from your company), are much more likely to purchase from you now or in the future.

Here are five strategies to help you get ahead of the competition as mortgage rates drop.

Engage inbound leads quickly.

Make the most of this opportunity by engaging inbound requests as soon as possible.

Research shows that conversion rates skyrocket by 21x when leads are engaged within the first five minutes.

Engagement should be fast—and it should happen on the customers’ time. This is because:

1. Interest rates can change by the hour, day, and week. Whatever day or hour customers are ready, you should be there to help.
2. Homebuyers are making a big decision that will impact the next 30 years of their life. People make these decisions on their time—often not during 9am-5pm.

When you engage first and gain trust, potential customers are exponentially more likely to choose your company when they’re ready to buy (whether that’s now or in the future).

Even if they aren’t ready to buy for another six months, when you establish trust, you can be there to help them when the time comes.

Publish educational content.

Educational content is a powerful tool for positioning your mortgage company as a trusted advisor. You can produce content like blog posts, videos, and data-backed white papers that explain market trends and help people make decisions on when to refinance or secure a mortgage.

This content should be easy to understand and widely accessible across all your channels, including your website, social media, and email newsletters.

By educating your audience, you help them make informed decisions, which fosters trust and strengthens your reputation as a thought leader in the industry.

Revive aged leads.

Now is the ideal time to revive aged leads, reminding them that your company is the top choice for their mortgage needs—whether it’s refinancing or buying a new home, and whether that’s this month or six months from now.

Older customers can be a goldmine in these situations because they already know your brand, have hopefully already had a great experience, and can easily be persuaded to choose you again.

When the competition is fierce, re-engaging aged leads is crucial to nurturing connections you already have and encouraging them to be a returning customer.

Engage on the right channels.

While engaging quickly is important, it’s also very critical that your messages reach prospective customers. Leverage an omnichannel approach, and be sure to include high-conversion channels for your audience.

Text is the modern choice for mortgage companies, with high conversion rates, including high read and response rates.

Though email is a top choice for many mortgage companies, people don’t read emails as much as they used to. On the other hand, people are almost certain to read and much more likely to respond to texts.

Texting is a great way to get in front of people quickly. With people checking their phones an average of 144 times per day, 98% of texts are opened, and 90% are read within 30 minutes of receipt.?

Follow up, follow up, follow up.

We talked about follow up in terms of data triggers and aged leads, but follow-up should be comprehensive across categories. This includes customers who:

• Have been pre-approved
• Abandoned an application
• Had previously expressed interest at a later date

If someone lets you know their desired time frame, be sure that loan officers are noting that and they really are following up at that time.?

For example, if someone is planning to buy in six months, check in with them in three months, and follow up again at the six-month mark.

Ensure Mortgage Marketing ROI

Get your re-engagement strategy right and ensure marketing ROI with Verse, a mortgage industry partner since 2013.

Verse is an AI-enabled, omnichannel communication platform that fully manages lead engagement for you, primarily through SMS.?

• Data trigger alert? We’ll respond immediately.?
• Inbound lead? We’ll be on it within one minute.?
• Lead wants to buy in six months? We follow up in six months.

With Verse, mortgage companies get:

• Fully-managed, compliant conversations via two-way SMS
• 24/7 coverage and instant response
• Customizable lead follow up and nurture?
• Compliance enablement and guidance, including TCPA, FCC, and CTIA guidelines

Verse enables mortgage companies to grow revenue without adding headcount. Plus, we eliminate the risks involved with compliance.?

Get started with Verse today.