Mortgage Marketing Definition

Mortgage Marketing is the business of informing, educating, and persuading the target audiences of banks and lenders to use their mortgage services. Mortgage services are getting more competitive because of short-term variables like low-interest rates and long-term trends like the increasing adoption of digital banking. These variables allow consumers to access more lenders. Lenders can use mortgage marketing to get more consumers into the mortgage business. Consumers demand 24hr access through digital tools, quick processing, and increased transparency from banks and lenders.

Mortgage Marketing

Attract Mortgage Clients

You can attract mortgage clients in several ways. The first way is to let your family and friends know that you are in the mortgage industry. Letting your family and friends know doesn’t mean that they will be your first clients. Your first clients may come from their referrals because they already know and trust you enough. Since they trust you enough, word-of-mouth marketing will be effective and free of charge.

The next way to attract mortgage clients is to use social media. Social media channels are great tools to make an announcement and promote your new mortgage business. Your mortgage business will be pushed outside your inner circle to your wider network with social media. Social media enables you to have greater visibility which can lead to more business opportunities.

The other way to attract mortgage clients is to get out into the community and make your mortgage industry expertise known. Getting out into the community allows you to meet and greet a lot of people who are residing in your area and may need your expertise. Meet and greet events can be in the form of joining the parent-teacher association (PTA) at your children’s school, being more involved with your religious organization, or supporting local charity events. These events can let them know that you are in the mortgage industry, and you might be the person they contact in case they need help obtaining a mortgage.

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Marketing for Loans

To market a loan, there are several methods you can utilize. The first method is by making creative visual content. Visual content can be in the form of a few pictures or a short video located in your community or your favorite local spot. Pictures and short videos are eye-catching and shareable, so they not only keep you top of mind but also help you widen your reach. Another way to widen your reach is through Facebook Live. A Facebook live stream with a short Q&A can be set up to allow real-time engagement with clients online.

The second method you can market a loan is by kick-starting your networking. Networking can be done online and in-person in order to build relationships with existing clients and prospects. New prospects can be acquired from recommendations from friends and family. A recommendation from friends and family is crucial to expand your customer base. Another effective way to expand your customer base with networking is by giving back to the community. By giving back or volunteering, your name will be associated with a positive impression.

The next method for marketing a loan is by improving your e-mail strategy. E-mail marketing works because it can be targeted and personalized as you want it to be. It can be personalized, like sharing your day-to-day experience in the mortgage industry or providing helpful tips and guides that can add value to your clients or prospects. Your clients or prospects can use your e-mails by e-mail forwarding, social media sharing, and referrals.

The other effective method for marketing a loan is by promoting your social media posts. Social media posts are effective ways to reach beyond your current network and increase your brand exposure across different social media channels. Social media advertising allows you to set a target audience using different factors like location, profession, and other demographics.

Attracting Borrowers

You can attract borrowers through several steps. The first step is to spread the word. Spreading the word means reaching out to other industry professionals to start building relationships and expanding your referral network. Industry professionals that can be useful to your mortgage business are accountants and CPA firms who have clients that are buying or selling homes, appraisers who are good sources of local information, real estate attorneys or relocation specialists who can direct prospects to you, and real estate appraiser or listing agent who you can team up with.

The next step to attracting borrowers is to sell yourself. Selling yourself can be effectively done through investing in a website. This website will include your information, such as the services you provide, feedback from your past clients, and helpful resources for your potential customers. Potential customers use social media platforms like Facebook, Twitter, and Instagram to share their home-buying experiences with friends and family.

Another way of selling yourself is by getting involved in your community. Getting involved in your community through public events allows you to have face-to-face conversations with people who may be planning to buy a home. In these public events, make sure to bring your business cards or brochures that highlight your key offerings.

Furthermore, another useful step to attract borrowers is to find out more about the customer. Customers’ needs and motivation can be uncovered by asking open-ended questions. Open-ended questions allow you to know them on a personal level so you can provide high-quality service and also build personal relationships and trust.

Increasing Mortgage Sales

You can increase your mortgage sales by following the tips outlined below. The first tip is to add more value. Adding more value to clients through helping them with other matters builds their trust in you. You can connect them with other professionals in your network who can give their expert opinion on your clients’ concerns.

The second tip to increase your mortgage sales is to be positive. Being positive is always believing that there’s a solution to any problem. Problems and challenges can occur when your clients change their decisions or consider other mortgage loan officers. You can still bring them to your side with your positive words and energy.

The third tip to increase your mortgage sales is to focus on speed. Speed in approval times and responsiveness are what your clients want. Your client’s loan application process can be streamlined and automated in order to save time, so it is your job to ensure that.

The fourth and last tip to increase your mortgage sales is to make your clients understand the value of your offering. Your offering can be the best for your client, but if your client cannot understand the product details and value to them, the sale is a no-go.

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Build A Mortgage Team

To build a mortgage team, there are several steps. The first step is to define the team workflow. Team workflow involves the roles that your members will play on your mortgage team. Your mortgage team must be built on the strengths of your team members. Your team members’ skills and strengths must be maximized to deliver more value and results for your mortgage team. Your mortgage team members’ roles must be recognized as valuable and special to make them willing to give more and push harder.

The next step to building a mortgage team is to communicate effectively. Effective communication involves different elements, such as stating your points clearly, listening and responding actively, having a policy of transparency throughout the office, and being respectful of one another’s time.

The following step in building a mortgage team is to outline objectives. The objectives for growing your mortgage business set the foundation and guide the direction. Your mortgage business can be driven to the next level by having objectives that reinforce the growth mindset, gives your mortgage team vision and motivates them towards achieving it.

The last step in building a mortgage team is to streamline the process. Streamlining the process means giving your team the tools that they need to function at the highest level. These tools are essential to provide efficiency in the different parts of the lending process.

Mortgage Lender Social Media Marketing

Mortgage lenders use social media to build relationships. Building relationships can vary depending on the social media platform. Twitter, for instance, can be used in the mortgage industry as a listening tool. As a listening tool, mortgage lenders can get all the breaking news alerts first on Twitter. Twitter helps mortgage lenders to stay top of mind with their clients or prospects.

Mortgage lenders can also use Facebook in a myriad of ways. One of these methods is to promote events and connect with attendees afterwards by posting a few photos on Facebook and tagging the people who attended. This method is the perfect tool to initiate follow up conversation with attendees afterwards while also providing a platform for future engagement with this audience. Another way to use social media for mortgage marketing is to post the listings of real estate referral partners on mortgage lenders’ Facebook business pages. This is also an effective tool during the closing of a sale, wherein mortgage lenders may ask their clients to post their pictures on Facebook and tag them. These different social media strategies used for mortgage marketing help to create exposure and engagement that will attract new prospects or business partners.

Networking In the Mortgage Industry

To network in the mortgage industry, there are several pieces of advice you can take. The first piece of advice is to participate in professional organizations. Professional organizations equip you with the current trends and strategies to deliver the highest-quality service possible to your clients. These trends and strategies can be acquired by participating in their meetings, discussions, and events.

Another piece of advice to network in the mortgage industry is to get involved in your local community. Community events like sports leagues, hobby group activities, school talks, and other gatherings allow you to build a reputation among the people you want to serve. To serve is also to add value to them. You can add value by simply thinking of what you can offer them.

One important piece of advice to network in the mortgage industry is to follow up. Follow-up can be made easy and effective by jotting down a few notes after a conversation with someone. These notes can be applied to future correspondence with an individual as you continue to build the relationship.