By Doren Aldana

How would you like to win more repeat, renewal and refinance business from your existing client base? What if I told you all you had to do is simply ask your clients the same 11 questions every year to explode your income? Sound too good to be true? Here’s how…

This Annual Mortgage Review Card is designed to motivate your clients to call you for an annual mortgage review to ensure it still fits with their short and long-term financial goals. Lots can happen in one year and if you’re not staying on top of their account, they could be overpaying. Not only that, this is a perfect opportunity to update their contact info (phone, address, email, etc) and ask for referrals. That’s why it’s important to mail this card out on an annual basis so no one falls though the cracks.

Here’s how it works…

STEP 1 – Mail this letter to every client in your database with a funding date one year old or more. If your database is under 500 contacts, you can mail everyone all at once. However, if your database is over 500 contacts, you may want to adopt a more staggered approach. This would involve pulling a list of everyone with their mortgage anniversary coming up for that month and then mailing out the card just to those contacts.

STEP 2 – Schedule time in your calendar to follow-up with everyone via telephone within one to two weeks of mailing.

STEP 3 – Schedule the annual review meetings either on the phone or in-person. If you have an assistant, this would be a good activity to delegate.

STEP 4 – Conduct the Annual Mortgage Reviews. For best results, here are a few questions to ask your client:

Question # 1 – What is the approximate value of your home now? (If they don’t know, ask them if they would like a free home evaluation from your top-notch real estate agent)

Question # 2 – Have there been any changes in the size of your family over the past year? Do you anticipate changes in the next 2-5 years?

Question # 3 – How much longer are you planning on living in this home?

Question # 4 – What are your real estate goals and dreams (3-5 years; 5-10 years; 10+ years):

Question # 5 – Have there been any significant changes in your employment or income in the last 12-months, or do you expect any in the near future? If yes, please explain the amounts and their elements such as base salary, commissions, and bonuses or self-employment.

Question # 6 – Have there been any significant changes in your savings, checking, investment or other asset balances in the last 12 months, or do you expect any in the near future? If yes, please explain the amounts and their elements such as additions or subtractions.

Question # 7 – Have you incurred any new debt that will remain open for more than 10 months? If yes, please explain the amounts and types.

Question # 8 – Have you paid off any existing debts in the last 12 months? If yes, please explain the amounts and types.

Question # 9 – On a scale from 1-10, (1=poor, 2=excellent) how would you rate your:

CPA:
Financial Planner:
Insurance Agent:
Real Estate Professional:
Banker:

NOTE: use this information to find new top-notch referral partners as well as to recommend new professionals to your clients.

Question # 10 – What needs do you have that my company can meet or meet better?

Question # 11 – What friends or associates do you know who might be buying, selling or refinancing in the next 6 months?

In conclusion, just by mailing this simple card along with the phone follow-up you’ll be amazed how much referral and repeat business you’ll generate!

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