Cold Call Mortgage Data?

lifeagent13

Super Genius
100+ Post Club
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Georgia
I currently run mostly mortgage protection off of direct mail leads, I know that there are only so many new loans in a given area at any time, it seems like you could call these people before mailing them? Anyone try this? New home owners get bombarded with mail about 'mortgage protection' seems like an easy phone call.
 
For what it's worth, most of the mortgage protection mail I got bothered me more than anything else because the pieces were designed to make it look like it was about the mortgage. I didn't like that it seemed like someone was trying to trick me.

What you're talking about is new purchases and you can get that, but I really think when someone bought a house is probably one of the worst times to try to sell them anything.
 
What you're talking about is new purchases and you can get that, but I really think when someone bought a house is probably one of the worst times to try to sell them anything.

I wonder with the tight underwriting of mortgage requirements that may be changing especially if just target say $350k+ home buyers so they are not low down FHA buyers. I'm planning to use new home sales data in my area not mortgage leads.

I mail 4-6 times with info before calling and often -- well sometimes-- get a good response since the recognize me from mailings.

My main focus is investments (retirement planning and larger accounts) but this forum has outstanding ideas that also applies to those of us that are primarily financial planners with focus on securities side.

Use to do many more indexed annuities back when we had 8% ptp annual caps and some clients still have those high caps from when interest rates were higher. Hate to lock in today's near historical low rates. However like some of the newer creative products.

Have CPA background (and CFP for decades) and 30+ years both insurance and securities.
 
You sending first class? If it's 4-6 times, let's call it 5 for round numbers. In postage alone that's $2 plus the cost of the new homeowner data (which you may very well be able to get for free at the court house). I'm sure they start to recognize you, but it seems like a lot of cost and time to invest to get there. Over a $50/month term policy that's probably not worth it, going after investments and financial planning on the other hand I can see why it might be worth it.

So are you currently doing this and getting a good conversion ratio then? Are you mailing the misleading pieces I'm used to seeing?
 
I'm about to start mailing/cold calling for MP as well and I've been doing some research. I was doing this for Med Sup leads but now that open enrollment for MA plans has ended my conversion rate has dropped a bit and I'm looking for another pond to fish in.

This has been the best script I've found. Best sounding to me anyway, not sure how effective it is yet but it looks good.
"Hi, how are you today (respond), I'm calling you because I'm helping folks cover 100% of the cost of their mortgage if something happens to them and we actually have a program that will let you get back 100% of what you paid if you don't use it. Has anyone talked to you about that before?" Another last sentence would be "Would that be something you think might help you?" You need to hit on a hot button and have a serious conversation starter. Just asking about the level of satisfaction is remarkably unremarkable. What answer could they give that doesn't shut up the conversation. "It's great, thanks for asking". "I don't have any and I don't want any". Where are you going with that? By contrast if you're asking questions like "have you heard about that?" you'll hear a yes or a no, from a yes you can say "great, did you go ahead and sign up for that?" If they say no then it lines you up to explain it. The point is that regardless of what they say (outside of eat dirt and die) you have a comfortable flow to the conversation. Building a script around a comfortable flow of conversation is the only way to make them work. Talking at people or asking obscure questions will consistently fail, especially in the b2c world.

You may also want to check out Free Telemarketing Scripts For Everyone!. I'm biased on it because I wrote the content and it's based on my experience, but there is a lot of information on there that can help you provide a basis for creating your own scripts.

Original thread is here, but a lot of comments have been removed http://www.insurance-forums.net/forum/insurance-cold-calling-forum/cold-calling-life-t53177.html
 
I'm about to start mailing/cold calling for MP as well and I've been doing some research. I was doing this for Med Sup leads but now that open enrollment for MA plans has ended my conversion rate has dropped a bit and I'm looking for another pond to fish in. This has been the best script I've found. Best sounding to me anyway, not sure how effective it is yet but it looks good. Original thread is here, but a lot of comments have been removed http://www.insurance-forums.net/forum/insurance-cold-calling-forum/cold-calling-life-t53177.html

How did cold calling/mailing for MP go?? Where did you get your data?
 
I bought a new homeowners list of about 700 names and numbers for 40$ through USDATA.

called them all multiple times over the course of 2 weeks. my original script was something like this:

" hello prospect, this is agent with company on main st. I am following up on something I sent you in the mail. It was in regards to a program we offer that pays off your mortgage if you get sick or hurt and can't work or if you die to soon. Would you like to receive some info on one of our plans?"

I got very little interest, and I honestly never did any mailings; I just know how many mortgage protection offers people get when they buy a home. but I changed my script and got better results with this:

"hello prospect, this is agent with company on main st. I received your name and number from a list of new homeowners in the area. did you purchase a home recently?..........Well, congratulations, are you new to the area?.......Very good, MR. prospect the reason I called is because I find that when someone makes a big purchase, it is a good time to meet with financial professional to review their planning and update their insurance policies. I'd like to meet with you to give you some info on our retirement plans, and provide you with a free insurance review. can we set up a time where I could buy you a cup of coffee?"

I had more success when I used the second approach.
 
... I'd like to meet with you to give you some info on our retirement plans, and provide you with a free insurance review. can we set up a time where I could buy you a cup of coffee?"

I had more success when I used the second approach.

So where do you meet them to buy the cuppa?
 
I bought a new homeowners list of about 700 names and numbers for 40$ through USDATA. called them all multiple times over the course of 2 weeks. my original script was something like this: " hello prospect, this is agent with company on main st. I am following up on something I sent you in the mail. It was in regards to a program we offer that pays off your mortgage if you get sick or hurt and can't work or if you die to soon. Would you like to receive some info on one of our plans?" I got very little interest, and I honestly never did any mailings; I just know how many mortgage protection offers people get when they buy a home. but I changed my script and got better results with this: "hello prospect, this is agent with company on main st. I received your name and number from a list of new homeowners in the area. did you purchase a home recently?..........Well, congratulations, are you new to the area?.......Very good, MR. prospect the reason I called is because I find that when someone makes a big purchase, it is a good time to meet with financial professional to review their planning and update their insurance policies. I'd like to meet with you to give you some info on our retirement plans, and provide you with a free insurance review. can we set up a time where I could buy you a cup of coffee?" I had more success when I used the second approach.

Did the data have the loan amount and mortgage company? Because it's pretty much useless if it doesn't have that info.
 
It was a new homeowners list, some of the people I found had paid cash. There was no info on the lender or whether there was financing of any kind.

I agree it was somewhat useless, I'd say for the amount of time I spent calling these people did not translate into enough business for me to want to do it again. I mean I got a lot of answering machines.

However a colleague of mine did a similar shtick in a different area and got a hold of a real estate investor, now the prospect placed a million dollars in assets with him, all through a COLD CALL. just lucky I guess.
 
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