When marketing to distressed homeowners 30, 60, or 90 days late on their mortgage payment, they are myriad variables that will determine the success of your campaign. From our experience, the biggest factor is the number of touch points with the homeowner. You probably tell your clients location, location, location. We tell our clients repetition, repetition, repetition.
Sending out one mailer, one time, to one list, will hopefully provide a listing or two or three. That will pay for the cost of the campaign and put a lot of money in your pocket. But marketing has never been, meant to be, nor will ever be, a one-time deal.
Repetition will multiply its response. Let’s say your first mailing gets a 1% response on the first mailing, 1% on the second, and 2% on the third. If the campaign stopped after the first mailing, it would have cut the results by 75%.
People respond to repetition. It’s like a parent that finally gives in to repeated requests for a new toy, a piece of candy, or permission to stay up late. Distressed homeowners are the same way. Probably more so because the entire media for the past few years have essentially told them that if they are approached with an offer to stave foreclosure, it’s probably a scam. This makes repetition all the more important because repetition builds familiarity, which in turn builds credibility, which in turn builds trust.
By being “in the face” of distressed homeowners, you ensure that you are in the forefront, even if the timing isn’t right for the struggling homeowner to take immediate action because there are other orbits in their busy life that command their attention. Repetition guarantees that you reach the financially distressed homeowner on the magic day… maybe that day is when the two spouses finally sit down to discuss their finances, or it’s the day the ominous credit card bill arrives, or a notice that no more unemployment checks will come, or when their neighbors boast about the new mortgage that saved them hundreds of dollars a month.
Besides the list, the biggest determinant of success when marketing to distressed homeowners is the number of times you put your message in front of them, through multiple channels. To bounce some ideas around on how you can get in front of distressed borrowers that need your help, call 866-490-3459 or as a starting point for a conversation, request a free count of delinquent homeowners in your area.