Tuesday, May 30, 2023

Why I Love Using Door Hangers In My Mortgage Business

Every day we pass through hundreds of doors without thinking twice. How would you like people to be able to stop and pay attention to your mortgage marketing message?

The answer is “door hanger” or if you prefer “door knob hanger”.

If you’re like me, you probably prefer to close on a mortgage using the low-cost origination idea. Door hangers definitely fit that category and are a great basic tool.

Here are some of the advantages of using door hangers:

1. They are affordable,

2. They are easy to generate,

3. Response is almost instant,

4. They help you to set up the farming area,

5. They can be targeted for a specific market,

6. Somebody’s about to get a great exercise.

As mentioned above… there are lots of good reasons why you would want to work the door hanger idea into your marketing plan. But, here’s the most important reason: You’ll get instant feedback by using door hangers. If you’re new to the mortgage business…this is what you want…you want prospects now…not next week, not next month, and certainly not next year.

If you’re an old hand with mortgages but are experiencing a slight lull in your business… this provides a quick jump start to discover some new possibilities.

And, remember… this is low cost mortgage origination that you can do right away. If you have a business need…and, will not incorporate this idea…I really can’t help you…you have other issues that need to be addressed immediately.

I’m sure you’ve come to know that door hangers are used as one shot attempts at securing prospects. There is no follow-up because there is no contact information. Only when your mortgage prospect calls is it the beginning of any kind of two-way communication. Door hangers are the way to get your message out there quickly, efficiently, inexpensively, and in bulk.

So…your door hangers have been delivered. What’s next and what can you expect?

Firstly, you are expected to get an immediate call. In fact, unless you are prepared to collect information while you distribute it; You may need to turn off your phone for an hour until it is convenient for you to call back.

Second, you may meet people who are willing to continue the conversation with you. Just be prepared for that.

Third, your door hangers have a short life span, typically, three or four days at most. It is an immediate response idea with no long term residual value.

Fourth, your response number will approximate the response rate of direct mail without the associated costs. Expect about a one to two percent response.

Fifth, you will get complaints. Don’t worry about it; Just be aware you will get them. You’ll find they fall into two categories, both of which revolve around that little sign posted at the entrance to the premises where you placed your door hangers. It reads: “No soliciting,” or something similar.

You may get a call from a resident that you are actually soliciting. Apologize deeply and move on. Your response is: “I’m sorry, I didn’t mean to offend…I’ve done several refinances in the community and everyone is very happy…I provide a valuable service to your community.”

If you’ve just raided the rental community…you might get a call from a not-so-happy property manager. If you do not get that call; They are not doing their work. So, expect the call and be prepared.

They will call you and threaten to contact the sheriff or local police. Your response is: “I’m sorry…I didn’t know…it won’t happen again, I can assure you.” Be polite and apologetic and defuse the situation.

As you know…I don’t know of anyone in the mortgage industry who is serving a prison sentence for violating that little post sign. It’s not a crime that lands you in mortgage jail, trust me.

In the case of rental communities, I usually wait a year and then do it again. You can always blame your employees (even if you don’t have any). Next time…but, chances are you’ll have a new property manager to yell at you instead. They tend to turn-over at roughly the same rate that rental units do.

Ok back to basics…let’s pick a target for your door hanger. This could be a rental community, residential area of ​​single family homes, condos or townhouses. Obviously, if your door hangers are designed for rental, your theme could be “Renters Are Dangerous to Their Money,” or something similar.

For homes, a refinance flyer with a free report is always a good option. In either case, give them a reason to call you now… offer something that’s free if they answer.

Personally, I prefer to distribute my door hangers with rental communities, townhouses, and condos versus single family homes. Why? Because, I can deliver a large number of flyers in a short span of time.

I also like to have them delivered on Saturday mornings. You can either count it as your exercise time or hire a few kids to man the door in a particular neighborhood. If you rent to children…obtain parental permission and supervise the placement of door hangers.

You can buy blank door hangers that are pre-punched and print them yourself. Here are some sources you can review or use a Google search if you prefer. You will have many options.

paper.com/index.html – Use their search box and type in “door hanger”. At 8.5″ X 11″ their 3-Up Door Hanger comes in a 250 sheet pack (750 door hangers) for $33.08 plus S&H.

pcform.com/doorhanger.asp – their is a 3-up (750 door hangers) in 250 sheet packs

$45.00 price, $72.00 for 1500 door hangers etc.

kwiktickets.com/updh_3up1.html – Their 3-up package is 333 sheets per pack. 1 pack equals 1000 door hangers for $28.00. Available in white, green, blue or yellow.

You can also make your own using full page letter size flyers.

First…lay out a great flyer on yellow letter size paper. Use full page. If you’re targeting a residential neighborhood…use a refinance theme like “Don’t miss the boat, rates have never been lower.” If it’s a rental community… “Renting is dangerous to your money” is a good one to use.

Second…let’s take that full page flyer and turn it into a door hanger.

Fold the flyer like you’re going to put it in an envelope…in thirds. The secret here is to fold your flyer with the print facing out so that even when folded… the first third is visible and readable.

Third… when folded… punch a centered hole in one end and loop a rubber band through it to hang. You’re done…so easy…so quick…and, so cheap. Now… let’s get them delivered.

Keep this little Origin gem in your mind… there are a lot of door knobs out there that need door hangers.

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