Have you ever thought about working with Divorce Attorneys?

Karen Deis interviews Craig Strent.

Have you ever head anyone say this?

Not?!?!?!

Couples are going to get divorced - regardless of the interest rate or which direction real estate prices are headed. This is one niche market that is recession-proof; you should explore and see if it's right for you.

In this interview, Craig explains exactly how to effectively work with divorce attorneys with letters and brochures. You can obtain a free download of the 1^st letter and order the rest of the "Marketing to Divorce Attorneys System" for only $69, which will be immediately emailed to you.

Karen: Craig, how did you choose this niche to market to?

Craig: My dad has been married 3 times and my wife is a family law attorney so I have experienced problems and frustrations first hand.

Karen: What did you find when you started to work with divorcing couples?

Craig: I found that this niche is not cyclical in nature. It's not interest-rate sensitive. And, most of the time, they are motivated to get the divorce over and done with.

Karen: However, there are other situations where one person does not want to divorce and drags his/her feet. How do you overcome that frustration?

Craig: I add them to my database and consider it as a lead. Regardless if it takes 3 months or 2 years, I continue to market to them with my letters and brochures and I am able to convert at least 55% of divorcing couples into closed deals.

Karen: What are the first steps loan officers should take if they decide to work with this niche market?

Craig: They need to become a student of the divorce laws in their state. (In Maryland, we have a law called 3-Year Use & Possession Law that can play an important part in the process.) I started out by interviewing local attorneys and asked about the top issues they had to deal with when working with divorcing couples.

I sat in on a class (as an observer) sponsored by my local Bar Association and even ended up speaking at one of their events. Even though I have had personal experience because of my dad and wife's occupation, a review of the laws and listening to the issues attorneys have to deal with, was extremely helpful.

Oh, one more thing. There are plenty of websites on divorce you can research too.

Karen: What about investors and the types of mortgage products that a loan officer should investigate before mailing that first letter?

Craig: For A-paper clients, I use Bank of America's Rapid Processing because they will count income from child support or alimony and only 1 cancelled check is needed to verify and count the income to qualify for a mortgage.

Karen: What was the next step?

Craig: I began by purchasing a list of Family Law Attorneys from the bar association and then found that in addition to Family Law, there is a designation called "Certified Divorce Planner" or CDP (it's like a Certified Financial Planner) and a list of "Mediators" who attorneys hire to work on resolving issues which might hold up finalizing the divorce. All 3 were great sources of referrals.

Karen: What did you send them?

Craig: I sent them a letter telling them that I specialize in working with divorcing individuals and enclosed a brochure called "Mortgage Solutions for Separated and Divorced Individuals". (Download a free copy of the 1^st letter here and purchase the entire "Marketing to Divorce Attorney Campaign System" for $69 here.)

Karen: Did you send them just one letter?

Craig: No, it was a series of letters that I had created along with an article called "When a Marriage Ends, Tax Planning Doesn't" by Benny Kass, a Washington, DC attorney and a couple of articles that I had written called "Divorce and Mortgages Don't Mix" and "When a Marriage Ends: What Happens to the House?"

Karen: How long, after you started your campaign, did it take before you started to receive referrals?

Craig: Calls started coming in about 3 months later. What I found was that the attorneys placed the brochures in their file and referred to the brochure when they were working with divorcing clients who had questions about refinancing or selling the home.

Karen: You had an interesting story on your first phone call...

Craig: I answered a call from a mediator who had the divorcing couple in her office. She asked if she could put me on her speakerphone and ask questions about mortgage issues.

What I discovered was that by putting myself out there as the "expert", attorneys and mediators are trained (in law school) to seek out other experts outside their area of expertise.

Karen: Which group became your biggest source of referrals?

Craig: Out of the lists of Family Attorneys, CDP and mediators, I received the most business from attorneys. My advice to loan officers is to market to all 3 but concentrate your efforts on mediators because they rely on your expertise (more than attorneys) about the mortgage process.

Karen: Would you share the mailing campaign steps you took?

Craig: After purchasing the list, I sent them a letter along with my brochure. About 30 days later, I sent a copy of my article about why divorces and mortgages don't mix. I copied the article in the Washington Post and send the article by Benny Kass - 60 days later. 90 days later, I sent my article called "When a Marriage Ends: What Happens to the House?" Then, 60 days later, I sent another letter with the brochure again saying that they probably gave out the copies they had and here are some more.

When you purchase the letters and documents that I have offered for sale, you will also get a schedule of when to mail each piece.

Karen: What are the costs involved?

Craig: I would suggest getting the brochures printed on white, glossy-type paper and include your name, picture and contact info. Printing at Kinko's would run about a dollar per brochure. Postage, envelopes and labels average another 80 cents to a dollar per mailing piece. And a one-time expense would be the cost of buying the lists. To reduce expenses, if you can get your hands on a bar association directory, it contains all the names, by law "specialty type" and you could enter all the names, addresses, etc. in an excel spreadsheet so you can easily print labels.

Karen: What else have you done?

Craig: I was able to get an article published in Washington Woman Magazine (the same one I used as a marketing piece). If you can't get it published, consider using it as an advertorial instead.

I attended Bar Association functions and I found that I was usually the only loan officer there. I sponsored one of their golf outings and had my brochures there.

Karen: When I was in the mortgage business, I placed an ad in the bar association directly with the headline that said:

Craig: I would recommend that loan officers encourage people to visit their website, and add a toolbar (with a copy of the brochure to download).

Karen: Any words of advice?

Craig: Just like any other marketing you do, consistency is the key. Send out letters and brochures on a regular basis. Create a toolbar on your website. Follow-up with divorcing couples. Chances are you get 2 loans instead of just one.

Copyright - 2006 - LoanOfficerMagazine.com

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