If I told you I had a ninja tool that would automatically send you notifications when someone was thinking about buying a house, would you want to hear more about it?
I know I would. Even the most successful, hardworking loan officers could benefit from a few slam dunks falling into their laps via a cell phone notification. Who doesn’t want to close more loans with less work?
Want to know more?
Introducing Sales Boomerang
I sat down recently with my friend, Kevin Broughton, one of the owners of the mortgage branch I manage, to talk about a really cool tool we use. We don’t have an affiliate partnership. We’re regular old paying customers who just want to share what’s working for us.
One of Kevin’s business partners heard about Sales Boomerang in a peer group he’s in. Another company was having good success with it, so they checked it out. Not long after, they started implementing it in full force, and they’ve seen tremendous results that have helped a whole lot of people.
Sales Boomerang does four basic things for us.
#1: Trigger Alerts
If a client or past client has their credit pulled by a mortgage company, Sales Boomerang instantaneously alerts the loan officer. We’ve taken it a step further internally and created a system where the client immediately receives a text, an email, and a loan application.
So borrower Bob, who you helped with a loan two years ago, just got his credit pulled by Bank of Florida Mortgage. This is your cue that you might want to give borrower Bob a call to see what he’s up to. Sales Boomerang is integrated into our CRM which kicks in and creates a couple action items. It sends a text and email to Bob from you. It also sends Bob a mortgage application via another tool called Blend. You still need to personally call Bob yourself to check in. If you’ve been keeping in touch with your database, this should go easily and smoothly. It might be a little more awkward if it’s been years since you spoke.
Now, this is a trigger lead, but it’s not a stranger you’ve never done business with before. This is a past client of yours. You have a history with this person. So, what does a conversation with this person sound like? When I pick up the phone to call them, what do I say?
Kevin says there are a couple schools of thought on this. Some people will say this is big brother-esque. Do you have some secret device spying on them? He says he’s heard of different tactics, but one stands out as being the most effective. “Hi, Bob. This is Carl. I just wanted to call you to make sure you’re okay, because I just saw that someone pulled your credit at Bank of Florida Mortgage. I wanted to make sure you authorized that because we live in such a crazy world of cybersecurity and people are always getting hacked.”
That softens the conversation so you can then say, “Hey, I’m sorry I haven’t chatted with you recently. It was my desire from the day we met to be your lender for life, and I’m sorry we haven’t connected lately. Could I take a peek at your situation and see if I could assist you in getting the best mortgage possible for you and your family?”
So you’re calling out of genuine concern. You could also say something like, “Part of the services we provide when you close with our company is that we monitor things like this on your behalf for your protection. We saw that there was a pull done. Are you looking to buy? To refinance? We’ve already got all of your past documents here and would just need to freshen it up a bit really quickly.”
The capture rate on that is high, especially if you’ve been keeping in touch with your clients and maintaining a relationship with them during those past database calls you do four times a year. If you’re truly thinking relationally and not transactionally, your call will be welcomed more often than not.
#2: Credit Watch
Credit Watch is another product in the Sales Boomerang family. You can program the system where, if someone you spoke to had a 550 credit score on the day you met them, and they get up to 600 or whatever and you want to re-engage with them, it will alert you when their credit has risen to a certain level. We’ve closed multiple deals as a result of Credit Watch.
#3: Equity Watch
A third component of Sales Boomerang is something called Equity Watch. Let’s say someone did an FHA loan two years ago in Tampa, Florida and put down 3.5%. If the system feels like that zip code has had enough appreciation where they might have 20% equity in the house, you could refinance them and remove the mortgage insurance. You might be able to help some of the people in your database get into a better situation due to the appreciation of their home. And they might have no idea until you get the alert and then call them.
Basically this system is designed to alert you daily of people you’ve already done business with who might have a need or opportunity. You need to jump in there and take advantage of those opportunities.
We want our business to be 70% purchase and 30% refi. Some people wave a banner when they’re 80% purchase, but I think they’re missing out on money, because they’re not marketing to their database. You should have about 30% refinances. Not just because rates are lower, but maybe there’s some equity there and you’re removing mortgage insurance. Whatever the case, it’s cool to have this software that automatically identifies that for you.
The projections from the MBA that came out in late 2021 show that overall lending in America is drastically lower than last year—from 3.6 trillion down to 2.6 trillion. Every homeowner in the country needs to prepare for that. And it’s never been more important for us to proactively seek opportunities, because the number of refis based solely on interest rate will be minuscule. There will always be situational refis though.
#4: Public Record Info Identifier
The fourth component of Sales Boomerang is like a public record info identifier when someone lists their home. The system alerts you to call them. If they’re selling their home, chances are, they’re buying another one, and maybe they need a loan officer.
Sales Boomerang Works
We would miss out on a lot of opportunities without this product. The proof is in the pudding. We have a lot of people who have made a lot of money as a result of it. Check out Sales Boomerang and see if it’s a fit for your office. And I encourage you to think less about the cost of the program and more about what the cost is not to do it.
“A lot of folks in our office, that’s their first login each morning,” Kevin says, “because there are a lot of opportunities to contact people that they might not have otherwise had. Everyone’s working hard, and I just love any tool that makes our life easier, gives us more at bats. If you’re great at your job, and you build trust and rapport with your clients, you turn a lot of those at-bats into closed loans.”
We spend so much of our day thinking, “What do I do next?” What I like about Sales Boomerang is it’s like, “Hey, wanna make some money? Here are some opportunities. Go do this next.” A big part of being a successful loan officer is always knowing what to do next.
You’ve got credit pulls on your past database, the credit watch, the equity watch, and the public record info that’s been sent over to you. That’s what you can do next. It’s an absolutely outstanding service. We all work hard, and when you get a couple of these fall into your lap, it feels like a slam dunk. It feels good.
Our average loan officer made $281,597 last year. Some are just getting started, and some are making a lot more. But it’s all about providing great tools for them to use. They give you a big advantage. It creates stickiness and provides value to our loan officers. They don’t want to leave our office and work somewhere else. They’re getting leads pumped into their cell phones, and it’s incentive to stay.
Interest rates are going to go up this year, and when they fall back down, we need to be ready to go. The bigger our databases are, the more opportunities we’ll have.
If you’d like to find out more about how to use Sales Boomerang in your branch or you need some help with loan officer scripts or strategies or building a team, we’d love to chat with you. Schedule your FREE strategy call TODAY.