Mortgage Marketing Strategy
Authored By: Shane Brooks
It is one thing to be a mortgage company or representative that is good at what you do, but there is more to it than that. Before your ability can do you any good, you have to have a proper mortgage marketing plan. An effective mortgage marketing system is what gets the potential borrowers in your office or on the other end of the phone line from you. While there are some old stand-by mortgage marketing techniques that are still in use today, there are some that are going by the wayside in light of a new system that just may be what you need to up your clientele and overall income.
Phones, Phones, Phones
There was a time when telemarketing was one of the best and most popular types of mortgage marketing. Mortgage companies would form partnership contracts with call centers who would in turn provide leads for mortgages. Random lists and even simply the phone book would be used to make the cold calls, but a really good call center could get about a 10 percent rate of success which would then lead to money for you the lender.
However, there are now many laws that hamper the effectiveness of call centers. The federal no-call lists as well as state no-call lists have made it difficult to put together call lists effectively. The work it takes to put together legal lists of people to call have made call centers more expensive than they were in the past and thus a little less effective in turning a profit.
The Internet
We live in the age of the internet. You can buy almost anything online if you know where to look and what to look for, and mortgage marketing is no different. As a mortgage professional, you can use the internet to attract leads for your business.
There are many websites out there that provide mortgage marketing by getting your mortgage leads. The website offers descriptions of what you can offer the borrower. When someone is interested, they fill out a pre-qualification form and thus you receive a lead. This is a pretty effective way of mortgage marketing, but used alone would likely not provide you with the leads or income you are seeking in the business.
Open Market Mortgaging
Just like many larger mortgage companies do, you can try marketing yourself on the open mortgage market. You can hold seminars, talks, workshops, or even classes for select groups of people. These can in turn generate leads for you.
These open market tactics work best if you can put together incentives for buyers. When there is a reason to buy on the spot, you are more likely to attract mortgage customers the day of your marketing events. You can cut closing costs or offer points as incentive depending on the size of the client and what you can afford to offer as a lender.
Good Old Fashion Methods
You can always go old school with your mortgage marketing strategies. Try passing out flyers in the right neighborhoods. Try apartment complexes and areas with high rent where customers might truly benefit from a mortgage. In addition to flyers, try advertisements in local newspapers that will build up the recognition of your name.
Use Your Customers
Another fairly effective mortgage marketing strategy is to make use of existing clients and customers. Ask for references from people you have already helped. Their relatives, friends, and even acquaintances are sources for your mortgage leads.
These are often the best leads. Word of mouth marketing is effective because people who trust one another are endorsing the product or business and it costs you little or nothing to do. If you are able to offer an incentive for referrals, it can help, but sometime all it takes is simply asking for the referral.
The Realtor Partnership System
Then there are many revolutionary ways of partnering up with other professionals in the real estate industry. Such systems will allow you, as a mortgage professional, to partner up with real estate agents to nail down mortgage leads. This is called a realtor referral partnership.
With the right research and guidance, you can get your hands on all the information you need to order and implement an effective program. What you will be able to do is turn renters into buyers. You know; these are the leads that every mortgage professional is dying to get. What this program will help you do is partner up with real estate agents, help them turn renters into buyers, and then have them call you with these new and eager mortgage customers. So act now so that you can start making the money you deserve to make.
www.MortgageMarketingStrategy.com