Review Your Mortgage Marketing Practices, the FTC is…
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The average mortgage broker and real estate professional is flooded with offers of marketing innovation. Real estate and mortgage marketing short-cuts–guaranteed to overload your email and telephones with customer inquires. Buyer beware!
The Federal Trade Commission (FTC) has been one of numerous government agencies on a hunt to clean up mortgage fraud and beef-up consumer protection.
One of the latest FTC announcements hits a very popular mortgage marketing short-cut: Voice Broadcasting. Voice Broadcasting canvases a block of numbers to acquire an opt-in, hot-transfer and possibly exploits a loop-hole in “Do Not Call” legislation.
The FTC says, “No More” as of September 2009.
The first will expressly bar telemarketing calls that deliver prerecorded messages, unless a consumer previously has agreed to accept such calls from the seller. This means the current forbearance that permitted calls to consumers with whom an EBR existed is coming to an end. This provision requiring the consumer’s permission prior to delivering a prerecorded message will go into effect on September 1, 2009. Also, beginning on December 1, 2008 prerecorded messages must at the outset of the message include an automated keypress or voice-activated interactive opt-out mechanism so that consumers can opt-out as easily as they can from a live telemarketing call.
This and related FTC actions are making it important to use mortgage and real estate marketing strategies that attract and engage consumers. Some examples include:
- Audience development–Internet lead generation and social media
- Traditional direct mail marketing
- Database marketing and client-loyalty programs
- Internet mortgage and real estate lead buying
The pendulum is swinging towards the consumer–requiring them to actively engage you for services. That means marketing strategies need to attract their attention or increase referrals.
Also, do yourself a favor and monitor this FTC press release page to stay in the FTC “good guys” group.
What are some marketing strategies that you are using? Which ones are returning good results? Do you agree with the FTC action?
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