When you finish a modification for a client and collect your paycheck, you are far from done with that client. Ditto if you were unable to modify their loan for any reason. Either way, they are now ready to exit the modification workflow system and enter the follow-up marketing system. First, you will hand-write them a note congratulating them on the modification (assuming they got approved) and thanking them for choosing to do business with you. Maybe even include a little thank you gift like a gift certificate to Starbucks or Home Depot or something. Don't put your business card in this letter. They probably already have your card, and you'll have plenty more opportunities to give them more. The best way to use this as a marketing opportunity is to not turn it into a marketing opportunity. If you show that you sincerely care about them, like them, and are grateful for their business, then they'll appreciate you all the more and be more likely to refer you to friends. If you come across as insincerely writing them solely for the opportunity to pitch them again, they'll resent it.
Next, call them a couple weeks after the loan mod is all done to make sure they don't have any unanswered questions. Then call them again another month or so down the road to make sure they made their payment without any problems or questions. Then, call them six months down the road again to make sure they're still doing OK. Maybe call again after a year to see how they're getting along. Don't forget, besides referrals, they might need another modification, refinance, purchase loan, or real estate sale down the road! In the meanwhile, you're including them in your regular email newsletters (which is just an email version of your blog posts, which is also a must), periodic handwritten letters, coffee appointments, and other ways that you contact them. This will continue as long as you are in business.
Even if the mod is unsuccessful or they eventually lose their house, stay in contact with them just the same, as you will likely get extra referrals from them at this time, since they will possibly know and talk to lots of other people about losing their homes, which will get those other people to talking about how they're behind too, and they know this great person who does loan mods, and here's her number, and so on.
If you were, in fact, unsuccessful with the modification, you still put them in the follow-up marketing system, exactly as you would a successful client, but you will also refer them to a trusted real estate broker who focuses on short sales. More on this crucial and lucrative step in the next article: Loan Modification Marketing Series Part 8 - Referring Your Clients to Other Professionals.
