Finding prequalified prospects is easier than you think
Let's take a quick quiz. The answers -- and this article -- will help you find prospects where most of your competitors aren't looking.
All other things being equal, which of these pairs is more likely to be looking for a new house?
| Prospect A
|
Prospect B
|
| Recently divorced |
Blissfully happy in matrimony |
| Just graduated from college, med school or law school |
Been in the workforce for years already |
| Just got a big promotion |
Been on the hamster wheel for 20 years |
| Just had a baby |
No kids, none planned |
| Spouse just died |
Spouse going strong |
Give yourself 5 out of 5 and a gold star if you correctly identified the "Prospect A" in each pair as being more likely to be making a big move soon.
Now, if you think about it -- or if you skip ahead and let me tell you -- you'll realize everyone in the Prospect A column has a couple things in common that can help you drum up business.
One is that each prospect has undergone a significant life change. The decision to buy or sell homes is often prompted by significant event like these. As a new couple you scrimp and save for your house downpayment, and then Junior comes along and forces the issue. You get divorced -- you've been living apart for a while, but now the court orders you to sell your house and split the proceeds. Which are often then used for a downpayment on another, hopefully happier residence.
Life events like these often "prequalify" people as likely to be in the market for mortgage services. Certainly more than people you randomly find in the phone book.
(You may be uncomfortable with the idea of marketing your services to someone whose spouse has just died. We understand, and are only pointing that out as another example of a significant life change often leading to a move. Please keep that in mind as you read on about how to reach out to these prospects.)
The other thing these prospects have in common is that they're easy to find. You can find out who's been divorced by reading the local paper or examining public records. You can usually find out who's graduating by visiting the school's website or checking the local paper. The paper's business section might have "people on the move" news that highlights big promotions. Engagement, wedding and birth announcements are in the paper, too.
There are other sources, too if you drill down deep enough. The most-read parts of college alumni news publications are the wedding, birth and career announcements. If you or someone you know has access to the local school's, take some time once a month to pore over it.
Targeting graduates, visiting school websites, getting our mitts on school alumni news -- you may notice a pattern. Many college, law school or medical school graduates are going to go through a few significant life events in the near future -- graduation is the start, but then marriage, babies, hopefully a new job and/or a promotion in a few years.
Better yet, graduates know lots of other graduates. That means referrals to the same kinds of people you're targeting initially. And that's one reason it's important to heed our final piece of advice once you've made the effort to find people going through significant life events: Don't let up. Market to them over, and over, and over again. You may have to be dedicated to your marketing efforts with 20 of these kinds people to get one to do business with you. But the other 19 might refer you to a friend or family member.
Recognizing what makes people need mortgage services and finding them are easier than you think, and the reward can be great.
