1 investing in top producing loan officers october 21, 2014
TRANSCRIPT
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Investing in Top Producing Loan Officers
October 21, 2014
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Investing in Top Producing Loan Officers
• What works• How to replicate it• Q & A!
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Our approach
1) Wholesale vs. Retail – Depend on network of statewide lender partners
2) 94% of our business comes from our Top Producing Loan officers
3) Focus – use budget to drive traffic to those who know our programs best
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Top Producing Loan Officer Criteria and Benefits
• Platinum Level: Top 10% of regional production in the Metro & 20% in Greater Minnesota
• Gold Level: next 10% of regional production in the Metro & next 20% in Greater Minnesota
• Silver Level: next 10% of regional production in the Metro & next 20% in Greater Minnesota
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Building our infrastructure
1) Business Development Team-- New team – sales experience, sales approach
2) Account management -- Sales visits for top producers-- Create partnerships through Real Estate Partners program (Free CE credit)
3) Get feedback and Adapt-- Give them what they want, play to self-interest
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Top Producers Marketing Support
• Increased b2b support • Co-branded We’ve got
Housing Covered campaign– Advertising– Customized print
material– Social media– Press releases
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Targeted, co-branded, successful! Home Improvement experiment:
– Mined our own data for last 5 years of first-time homebuyer loans and did direct mail with top producers
– # of postcards: 4,858– #of sales conversions: 11– Total mailing cost: $ 3,052– Total loan amount generated: $130,559– Cost per response (estimate): $ 57– Cost per new customer: $ 277– Cost per postcard: $ 0.62
Return on investment: 4159%
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Lender Search
• Critical to have a good lender search• Our LO’s LOVE it – even though it isn’t perfect• Currently manual, working on improving• Integrate with CRM and new commitment
system
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Future state: Faceted search
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Future state: landing pages for individual loan officers
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Support new lenders too
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Key Takeaways • It’s all about the search• Self interest is okay – help
lenders make money• Have the right people on the
sales team• Create a relationship with
Realtors• Keep it simple• Work with not against
communications department
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Key Takeaways
www.mnhousing.gov -- More details in the marketing section on our lender page
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