It's Time to Order your Calendars, or is it?

A New Post by Rhonda Porter
Mortgage Broker/Correspondent Lender
Read other posts by Rhonda Porter

October is the time of year that I re-order my calendars and Christmas cards for clients.   For the first time in 7 years, I'm NOT going to give my clients calendars...and I may not do Christmas cards either.  As much as I'd like to imagine my calendar is proudly hanging in my client's office or home; odds are, it's been trashed (even though it's personalized with a favorite photo that I personally captured).  Christmas cards may either be lost with the cards from friends or family or circle filed as well (I think they may have slightly better odds of being retained than a calendar...but who knows).

Cutting out calendars is going to save me about $550.  If I cut out the Christmas cards, I may swap them for Thanksgiving card where I can say I'm "thankful" for their business...so I'm not factoring a savings yet.  (I need to make my mind up soon on this one as it is the time to order).   

October is actually a great time to review the past year.  Where have you spent your money to support your mortgage practice?  Take time to determine what was successful and what you can do without.

If you cannot track business to your efforts and hard earned income, then stop doing it!      

This includes not just marketing (post cards, newsletters, etc.), consider what you're spending for "mortgage clubs" or services (such as LTB, MMG, CMPS, etc.)... all of these programs add up quite a bit and many of us are either not really using them or are under utilizing them.   

• When was the last time you used the product?
• When was the last time it produced a transaction?
• How can you be using it more? Can you replace it with something more cost effective?
• Determine when your subscriptions are up for renewal and keep track of it.  (CMPS recently renewed me without any notice).

I recently canceled my LTB subscription after 7 plus years of being a member.  I've considered canceling it before...I'm not sure if I didn't because I felt a sense of security having it or just sentimental.   Many of the features I enjoyed about it, I've replaced or recreated with my blogging.   The last straw for me was when they sent an unauthorized email to my database causing 9 of my bona-fide clients to unsubscribe.  When I called LTB, they told me this was a "marketing opportunity".  No thanks, I'd rather create my own!  And I guess they did me a favor...I haven't missed it.  I have been writing my own newsletters with links back to my blog articles.  I email rate sheets to the agents I work with via a post I do on Fridays...I'm self sufficient.  I figure I'm saving around $2k by no longer being a LTB member.

Again, I'm not hear to pick on anybody...I'm strongly suggesting that you use October to plan for next year if you're sticking it out in the mortgage industry.  It's time to hunker down. 

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Comments

[The Mortgage Cicerone]

Rhonda - Love your comment about sending Thanksgiving Day cards instead of Christmas. I also like sending Arbor Day or Valentine's Day cards (or any obscure Holiday). Most likely, you will be the only one that does, unlike Christmas. While I would still send a Christmas card (just me), I would not spend big money on the Christmas cards becuase of the reasons you spelled out above!

In todays (really all times) environment, you have to measure your "Return on Investment" (ROI) on every dollar you spend. Memberships can be a very powerful component of marketing, but an LO MUST examine both the cost, usage and ROI. Another thing I have discovered, just because it's the most expensive, does not make it the best. Again, ROI is what EVERY LO must examine.

Great post Rhonda!

[Rhonda Porter]

Thanks, TMC! It's kind of funny...I've always been so proud of my calendars. I use a photo I've taken and maybe write a short story to go along with it to my clients...I'm pretty sure it's been money wasted (regardless of how much I liked them).

And as far as the memberships, you're so right. It's a huge chunk of change that we LO's part with. Sales people are so easy to sale TO...we need to use the economy as excuse to reevaluate where our money is going. Actually, even if times were better in the mortgage industry/economy, we should constantly be reviewing where our money is spent.