The Great Recession of late 2000s was one of the biggest economic catastrophes in recent history. The housing crash which primarily led to this decline took the marketing powers away from mortgage brokers who were at their peak before this recession. Mortgage professionals have made effort to make a comeback ever since, with considerable success recently. Increasing numbers of friendly brokers have been observed over the past few years. National Mortgage News, Mortgage Professionals of America and the American Banker have all reported how mortgage professionals are not only returning but taking back their share of the originations from banks.
Put the Customer First
There are many reasons why people are flocking away from banks and towards local professionals. Lack of corporate culture is one of them. Banks follow a culture which is focused more on making a sale, of mortgage loans in this case, than on helping their clientele with their financial goals. On the other hand, financial professionals with their greater training are able to make this connection with the clients. This subsequently lets them sell more loans. Banks’ marketing campaigns notwithstanding, their culture about making a profit rather than the consumers. This is all the leverage mortgage brokers need. Combined with greater understanding of customers’s needs, luring borrowers back to themselves becomes easier.
As a mortgage broker, your goal may be to sell as many loans as possible. But to do that, focusing on your relationship with the customer instead of actual transaction can help you increase the number of loans you sell. Be empathetic to client needs because you are after all helping them with one of the biggest financial decisions they will ever make. Mortgage is important to them, and an opportunity for you to relate to your customers on an emotional level. Making an emotional connection with your customers can help you gain their trust, upon which long-term relationships can be built.
The Power of Social Media
Social media with its ability to support marketing efforts has proven to be of great value to mortgage professionals. Ever since they started making a comeback, local brokers have seen this potential. Social media is one of the greatest tool in your arsenal. Be where your competitors are not by establishing your online presence.
Online platforms offer a huge potential because of their instantaneous and huge reach, Facebook leading the way with 2.2 billion monthly active users (https://www.dreamgrow.com/top-15-most-popular-social-networking-sites/). Facebook influenced 52% of the consumers’ offline and online purchases in 2015, with more than 50 million small businesses having their presence on the social media giant (https://web.facebook.com/sheryl/posts/10156250899685177?_rdc=1&_rdr). Effective social media campaigns can take your business miles ahead. The 3Ys strategy which says that your customers should know YOU, like YOU and trust YOU should be your guidepost when marketing, especially online. The reason customers turn to lenders instead of banks is the sense of personal connection. Knowing this, the worst damage you can to your marketing efforts is making your campaigns cliché and robotic.
In today’s digital world of low attention spans, going beyond merely posting about industry rates and news can stop many social media users mid-scroll. Visual content is 40 times more likely to be catch interest than other types of content, according to HubSpot (https://blog.hubspot.com/marketing/visual-content-marketing-strategy). Instead of automated posts and standard marketing slogans, investing a little effort into knowing what the customers actually care about can make all the difference.
Patience is the Key
If you are a new mortgage broker, breaking into the market will take you time. If you are an established professional who has just now started building their online presence, online engagement may initially be less than what you are used to expect. Give it some time. Identify your customers, and then sit back and study them so that you can get the most out of your marketing efforts. Not everything is about ROI, or at least about instant ROI! Think of it more as a marathon, a long-term effort, than a sprint. If you are looking for swift success, you are bound to be disappointed. There is no one tactic which works for everyone, so the best strategy is to try everything and find out what works for you.
To conclude, the best way to be a great mortgage professional is to be your own customer, and to focus on what your clients need as opposed to what you want.