Create a Mortgage Loan Officer Marketing Strategy That Works
Mortgage Loan Officers are often busy building relationships, reviewing loan applications, and attending closings. Their primary goal is to determine suitable mortgage loan programs for customers, after all. To keep the business running more efficiently, it‘s important to have a steady flow of new and repeat customers. However, most Mortgage Loan Officers have limited time or otherwise overlook critical mortgage marketing strategies for their businesses.
So, what is the key to expanding your mortgage loan customer base? The short answer is planning. Creating a manageable mortgage marketing plan is an effective way to cultivate meaningful relationships. Additionally, it helps attract more clients, expand the business, and ultimately create a healthy mortgage lending company.
As a Mortgage Loan Officer, researching products and services that help your customers is the first step to an operational mortgage marketing plan. Although the idea of marketing can seem wide-ranging and overwhelming, it is critical in order to thrive in this industry. Keep reading to discover ways to create a mortgage marketing strategy that works.
Ways to Market Your Mortgage Lending Business - Mortgage Marketing Ideas
There are a variety of marketing techniques that Loan Officers and Mortgage Brokers can use to connect with leads and secure repeat homebuyers. Since buying a home is a huge investment, the real estate industry can be complicated and fraught with stress, especially for first-time homebuyers. They need someone like you to help them through the process. That said, here are powerful ways to market your mortgage lending business in today's digital world.
Social Media Marketing
Social media can be an invaluable platform to promote your mortgage lending business and stay top of mind. This methodology allows Mortgage Loan Officers to connect with thousands of homebuyers in the real estate industry and creates a powerful mortgage marketing tool ideal for mortgage lenders. Additionally, social media platforms are constantly evolving, enabling
Mortgage Loan Officers to gain traction more efficiently. Social media marketing offers various ways to maximize brand exposure and growth potential, including:
- Building relationships: Mortgage loan businesses can use social media platforms like Facebook and LinkedIn to connect with homebuyers, real estate agents, and other businesses. This helps build relationships through sharing content, commenting on posts, and providing meaningful feedback.
- Marketing products and services: Social media enables mortgage lending businesses to create more manageable mortgage ads, even for Mortgage Brokers. This can be achieved by sharing helpful content, advertising upcoming events, posting photos of closings, and sharing listings from partners.
Most successful mortgage lenders embrace digital marketing techniques to thrive in today's world. People now work and learn online, and many conduct their research online before making a purchase. Since Loan Officers have limited time to market themselves, automated digital marketing systems enable them to save time on marketing while closing more deals.
Digital marketing plays a significant role in ensuring mortgage lending businesses and Brokers generate more leads and develop sturdy relationships with REALTORS®. It also keeps clients more engaged and informed, helping the business to earn more referrals. However, mastering digital marketing can be quite tricky for most Mortgage Loan Officers. It is therefore vital to start slow, focus on gaining insights, and learn new ways of targeting your audience.
Direct Mail Marketing
Maintaining relationships with customers is a key element of a good mortgage marketing strategy. Direct mail marketing is ideal for achieving this goal as it gives your leads something tangible in an increasingly digitized world. It’s critical to focus your direct mail content on relevant and valuable information exclusively tailored to your existing customer base. Whether you choose to include local real estate market data or why now is a good time to make a move, direct mail marketing is an effective way to market your mortgage lending business. And it’s key not to forget the digital side of this equation.
After all, direct email marketing is necessary for your mortgage lending business, especially when converting leads into customers. This methodology helps you engage with your audience in a more creative and personal manner. With that said, you’ll need to be just as considerate with what you send via email as you are with direct mail marketing. Even if you have an extensive email list, you shouldn’t blast messaging to everyone on that list regularly. Avoid sending the same information to every address on the list unless your message involves or benefits everyone in your email list, regardless of their demographics. Instead, create exclusive content designed for existing customers and separate customized content for leads.
Did You Know?
The US has over 223 million active social media users as of July 2021. Social media usage is among the most popular online activities with 82% of the U.S. population having at least one social networking profile. Facebook dominates the market with over 2.74 billion accounts globally, 340 million of which are in India and 200 million are in the U.S. YouTube comes in second place with roughly 2.3 billion users, comprising 126 million monthly viewers. Other top social media platforms with millions of users in the U.S. include WhatsApp, Twitter, and Instagram.
Email marketing involves a set of procedures a marketer identifies and follows to create desired marketing objectives and goals through email advertising. This gives the business a direct channel of strengthening communication and relationships with prospects as well as leads. Using an email marketing strategy to market your mortgage lending business lets you interact with your audience and enhance brand promotion.
Email marketing also creates an opportunity for email forwarding, referral business, and social sharing. These aspects tend to captivate and provide value to your subscribers. To become more successful with email marketing, it is essential to focus less on promoting your products and services. Instead, think about content that serves your niche. Did you build this database by hosting events on how to refinance? Or was it based on blogs or social media posts showing dazzling vacation properties and encouraging people to relay their contact information? By solving your audience's problems, easing their worries, and suggesting that it’s possible — especially if they’ve always dreamed of a beach house — you’ll have a much greater impact.
For example, we mentioned that first-time buyers are often stressed out by the homebuying process. You could create a list of first-time homebuyers from your contact list, then create and send an email marketing campaign chock full of tips specifically for them. Share market insights, provide basic explanations of terms they’ll need to know, and don’t be afraid to ask your audience to submit questions for you to answer.
As you build your database through networking, participating in your community, and establishing an online presence for your mortgage business, it’s critical to think about how you can categorize your leads and clients. In the example above, we singled out first-time homebuyers — but you could also create lists of veteran buyers, vacation homebuyers, refinancers, etc.
Most people are busy, which makes hosting an in-person event challenging. Hosting virtual events with past clients, potential clients, and referral partners is a great way to market your mortgage lending business instead. Virtual events are often focused on the task at hand and usually include a small audience. These events also enable you to develop a connection within your sphere of influence while focusing on individuals. Some virtual events you can host include:
- Educational webinars: Offering free webinars to different groups, like colleges and local businesses, lets you get involved with those communities. However, it is critical to prepare and discuss relevant topics to each individual group.
- Open office hours: Schedule open virtual meetings that allow different people to connect with your business and ask questions. Make it a monthly online event to attract more people, from leads to your current customers.
- Lunch and learn sessions: Organize seminars covering topics like mortgage processes or financial elements when buying a home. Focus on small groups of first-time homebuyers or real estate students so your session really packs a punch.
Hosting local events is an effective way to interact with your community and network with new leads and current customers. Establish your mortgage lending business by throwing a silent auction in which the proceeds go to charitable causes, or consider sponsoring a local youth sports team. The sky's the limit when it comes to how you can make an impact (and a name for yourself) within your local community. And don’t forget to attend local real estate agent-sponsored events or visit their open houses.
Events like a local pet adoption sponsored by a real estate group, setting up shop at a local farmers market, or just helping with an open house can be the beginning of something greater. After all, by getting out there and making connections with members of your community, you’ll have the chance to interact with your audience face-to-face while drumming up new business. Then when it comes time to follow up, people can associate a face to your name.
How to Build a Contact Database
Successful Mortgage Loan Officers understand that their business will thrive if their database is thriving. Investing in your contact database is among the most cost-effective marketing strategies in the mortgage lending business. After all, building a functional contact database helps increase conversions and promote business expansion. Here are some ways to build a contact database for your growing mortgage lending business:
- Import and consolidate existing contacts: Most mortgage lending companies are overlooking contacts that could be in their lead generation databases or CRM. The majority of these contacts are already on mobile phones and email accounts. Therefore, they only need to be moved to the database to build your contact database.
- Convert social media contacts: With social media marketing, it is easier to build a significant following. Whether you use LinkedIn, Facebook, or Instagram, your mortgage lending company will have a vast following, provided you employ an effective social media marketing strategy. Moving all these contacts into your database is a great way to build a contact database. It can be done manually or automatically by using ads or asking your followers to complete an online opt-in form.
- Invest in Google AdWords: Google AdWords offers the most efficient and practical method of generating leads for your mortgage lending business. Use it to drive live leads, which are crucial for generating contacts for your lead database. Make it a continuous strategy by using retargeting ads to nurture leads to enter your database or convert to clients.
- Host or attend events: It is easier to acquire leads when interacting with your audience at events. Sponsor and speak at events in exchange for leads and attendees. Adding these names and contacts to your database helps build your contact database and expand your email list in general.
- Find a niche: Whether it’s retirees seeking a slower-paced place to live, young parents looking to move into a new home, or those looking for a ski condo that the whole family can enjoy, if you’re an expert in something or passionate about an activity or lifestyle, you win over new clients by creating high-quality content that naturally speaks to them.
Who Should Mortgage Professionals Market Their Business to?
For a digital marketing strategy to succeed, it should target a specific audience. Targeting the wrong people or the general population will result in fewer leads. When marketing your mortgage lending business, here are the three top groups to target.
1. Real Estate Agents & Brokers
Although mortgage agents and Brokers do not offer mortgages directly to homebuyers, they have access to lenders and loan programs. Real estate agents interact with homebuyers more frequently and freely than mortgage lending companies. Therefore, creating mortgage marketing strategies tailored to real estate agents can help lenders access homebuyers more efficiently.
2. Real Estate Developers
Most real estate developers are in the industry to sell their properties and generate profit. Targeting real estate developers is crucial since you focus on a niche to market your mortgage lending business. This group of people interacts with homebuyers, including those looking for mortgages. Targeting real estate developers allows mortgage lenders to identify and access prospects likely to consider borrowing from them.
This is the immediate target group for most mortgage lending companies, and it’s no surprise why. Borrowers fuel the mortgage industry, and homebuyers typically need to secure financing to buy property. When creating ads for homebuyers, it is crucial to refer to them directly and make them aware of how you intend to help them as a mortgage lender. Whether using digital marketing strategies, newspapers, or media ads, targeting homebuyers is the first step to generating leads.
Regardless of how you decide to go about marketing your mortgage business, the key is to find your balance and leverage your strengths. If you’re a great photographer, videographer, or on-screen personality, stay extra active on social media, perhaps with a little extra boost from paid Facebook Ads. If you’re more of the writing type or an investor-minded expert who has a lot to say, keep publishing blogs or a podcast. If analytics are more your thing, tweak your email campaigns to make them as effective as possible. If you’re an expert event planner, try reaching new people with new experiences and drumming up new partnerships with local businesses. Then once you start getting traction, you can fill in the gaps through practice or by hiring help. Happy marketing!