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Lenders: Data You Should Demand for Your Next Marketing List

September 13, 2018  //  BY Team DataTree

As a lender, you certainly understand the importance of marketing to help bring on new clients. At the same time, you also know that marketing isn’t exactly cheap — and the last thing you want to do is throw money at a service that doesn't bring you any new leads.

This is why, when creating a new marketing campaign, it is important to obtain certain data that will allow you to more accurately target potential new clients. With that in mind, check out the following examples.

How Long Have They Owned that Home?

Knowing how long homeowners have been in their current home can help create a more successful marketing campaign. While there may be instances where brand new homeowners are suffering from buyer’s regret and want to get out of their place, it may be better to target those who have been in their house awhile. What's more, people who have owned a home for many years have been making mortgage payments for some time, which indicates they are good with managing their money and would be excellent and trustworthy clients for your company to bring on board.

Is that House Already for Sale?

The MLS uses a variety of terms to list properties that are for sale, including “active,” which is a property that is currently on the market either for sale or rent, and “pending,” which means there is a decent offer on the property and it is waiting for close of escrow. Knowing the listing status of properties is important for mortgage lenders when reaching out to potential new clients — it is best to avoid those that are already listed for sale or pending because chances are good they already have a lender in place.

How Big is the House?

Let’s say that Manny’s Mortgage Company wants to reach out to homeowners in the local area. In order for the firm to connect with potential new clients, it is important that they have an idea of what types of homes the people own. Property details like the square footage of the house, room count and if the property has a pool or added amenities will help Manny and his team determine what type of verbiage to use in the marketing campaign. The last thing Manny wants to do is announce his mortgage services for cash-strapped owners when the properties are weighing in at over 3,000 square feet with 12 or more rooms, four-car garages and pools.

Are They Likely to Refinance?

Another key piece of data for a successful mortgage company marketing campaign is the Refi Intel score. This can be generated for FHA, conventional and cash-out refinances and can give you a good idea of who is most likely to refinance in the next several months.

And, Are They Likely to Sell?

To score new clients ahead of the competition, mortgage lenders should know who is most likely to sell their current property. This is why the purchase intel score, which will help identify who will probably put their home on the market in a few months, is so crucial to home lenders who are actively pursuing new clients.

How Much Value is Built Up in that Home?

Homeowners who have been in their current place for some time have likely built up a decent amount of equity. In some instances, these people may be ready to apply for a home equity loan to help pay for things like home improvements or free up some cash for tuition payments, car payments or a much-needed vacation. Thanks to the equity intel score, which gives a good idea of which homeowners are likely to apply for a home equity loan or home equity line of credit (HELOC), home lenders can more accurately target the homeowners who may be interested in their services.

How Much is the House Worth?

Going back to the fine folks at Manny’s Mortgage Company, it is a good idea to know what types of homes are in an area before launching a marketing campaign. In addition to knowing the size of homes, it is also useful to have a handle on the estimated home values. This can prevent home lenders from sending out email and postcard marketing campaigns advertising their Luxury Home mortgage services to areas where the average value of a place is $79,000.

Is There an Open Lien?

A lien indicates that a creditor is claiming the homeowner owes some money; when a lien is on a home, it is a good way for the creditor to collect what is due. In order to sell or refinance a property, it must have a clear title free of liens. Unless your mortgage company works with clients who have open liens — and most do not — it is probably wise to steer clear of properties with an open lien in place. But if you do specialize in assisting those with an open lien, knowing ahead of time which properties have this status can help you create a targeted campaign for those homeowners.

How Much Do Owners Typically Make in an Area

Having an accurate list of what household incomes are can help home lenders create a more targeted marketing campaign. For example, homeowners who may have low incomes but live in areas where homes have appreciated may be more willing to refinance their home to free up money; whereas those with higher incomes might be interested in knowing their options for larger and fancier homes.

You Can’t Go Wrong with DataTree’s Intelligent Marketing List

If you feel that it is impossible to learn all of these types of specific data about potential new clients, think again. By working with DataTree and our Intelligent Marketing List services, mortgage lenders can go well beyond the generic hit or miss marketing campaigns that most lead generation companies provide and instead create little to no-risk lists that include reliable and up-to-date data. DataTree uses industry-leading homeowner, real estate and mortgage data along with a number of prediction scores to indicate which homeowners are most likely to want to use your services.

It is reassuring to know that your next marketing campaign does not have to be a generic plan that ends up missing the mark on many potential new clients. By checking out the services that are offered at DataTree and our Homeowner Marketing Data, mortgage companies can create targeted direct marketing lists that are more likely to be successful and bring in new clients.

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