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Just like the most important factor in real estate is location, the most important factor to a mortgage loan officer’s success is branding. Think about this. All loan officers are selling the same product for pretty much the same price. So what will make a customer choose you over your competitor? Is it your experience? Fast turn around? Low fees? Are you bi-lingual? Whatever that answer is, you need to let the public know - and that’s where branding and marketing come into play.
As the Las Vegas home market continues to boom, and mortgage rates see all-time lows, it is no surprise the mortgage industry has seen its own growth and with it a lot of competition. However, as a mortgage loan officer, you do not have to get lost in the shuffle. By following these marketing strategies, you will be investing wisely in your business and stand out over your competition.
1. Choose a Niche
Many loan officers fear that by choosing a niche, they will lose business by catering to a select group of individuals. However, it is quite the opposite. Narrowing your focus can help bring you new opportunities. How? Well, not only does this tactic help you zero in on your brand and message, but it also allows you to allocate resources more efficiently.
Consider the following ways to choose your niche:
- What clients do you want to work with?
- Are you good at helping first-time homebuyers?
- Is there a particular geographic location you have a better feel for?
- Do you specialize in FHA or reverse mortgages?
- What about VA/FHA and refinancing?
2. Share Tips and Trends in the Industry
When you start building a rapport in the industry, it can end up helping you get ahead in the long run. Today, more than ever, people are looking for authenticity, and providing others with tips and trends can not only get you ahead, but it can also start building your name and reputation with your clients and the industry as a whole. Consider the following ideas:
- Answer questions you encounter in your day-to-day life as a loan officer on your social media such as instagram or Facebook Page.
- Provide how-to-guides or tips for the loan process.
- Share industry content that your consumers and audience want to know and will find interesting.
3. Offer a Free Consultation
Offering a free consultation is a fantastic way to stand out from other mortgage loan officers. This tactic will not only generate leads that can help you garner potential clients, but it can also provide you with an opportunity to connect one-on-one with your potential prospects. This opportunity will allow you to build personal connections and help you demonstrate the ways in which you can assist them in this process.
4. Utilize Video
Words are not the only way to reach your customers. Using pictures or short videos not only produces visual content that is shareable and eye-catching, but it can also help you expand your overall reach. Videos are known to produce results. Facebook Live videos have an engagement rate of 4.3%, compared to 2.2% of non-live videos. And infographics have a 40% engagement rate.
If you have some interesting mortgage statistics or want to be more visually apparent, using a video or infographic can be an excellent way for you to connect with your potential customers. Consider going live on Facebook to answer questions and share valuable information. By creating an informative video that provides advice or a how-to, you can reach a potential customer by educating them on loans and the housing market. This can position you as an expert, making it more likely that they will want to work with you.
5. Launch a Social Media Campaign
Social media brings immense opportunities. In 2019 alone, it generated more than $17 billion in revenue and it can really help you get ahead in the mortgage business industry. Launching a social media campaign can get you to reach beyond your current consumers and network. You will effectively increase your overall brand exposure across all of your social media platforms. By targeting specific demographics and zip codes, you will get in front of the individuals you want to reach.
6. Deploy Targeted Marketing Emails
As a loan officer, you should not have to spend all your time marketing. By deploying targeted marketing emails, you can reach the people you want without spending hours trying to figure out different marketing techniques. The top benefits of deploying targeted marketing emails include:
- Relevance: Targeting your marketing emails provides you with the freedom to create unique messages, which helps you connect with your customers in a way that shows you appreciate and value them.
- Revenue: Targeted marketing emails provide you with more conversions, which leads to more revenue.
- Response: Sending targeted emails provides you with more opportunities that these consumers will engage with you. Statistically, click-rates and open-rates are higher in targeted email campaigns.
- Relationship: Speaking directly to your customer through targeted email campaigns allows you to create relationships that will stick.
7. Include Informational Pieces
About 85% of consumers expect brands to provide them with valuable content, and the loan industry is no exception. Providing informational pieces, useful solutions, and creating high-quality content is a great way to appeal to your customers. It’s likely that your target audience is looking for reasons why getting a loan would be beneficial, the difference in types of loans, and how to manage them. By providing informational pieces, you will be seen as someone who wants to help, rather than someone who just wants to make a sale.
8. Include a Promo or Deal
Everyone loves gifts, promotions, or a deal. Surprising potential clients with such an opportunity is a great way to stand out from the competition. These offers can provide you with an opportunity to gauge the impact of your marketing campaign. Consumers are likely to take advantage of a promotion when they feel as though they are getting a good deal, and the outcome is going to be beneficial for them. For example, you could offer a referral bonus to your existing clients to encourage them to recommend your services to someone in the market for a mortgage loan. It’s not only a win for your current clients and your prospect but for you as well.
9. Answer FAQ
Reaching out to your customer base will not only get them to know you and become comfortable with you, but they can see that you genuinely want to help them. Using a question and answer tactic in your marketing campaign is a great technique to accomplish this objective. Better yet, the process does not need to be complicated. Compile a list of questions you get on a regular basis and post their corresponding answers in a video or a blog. In the process, you will be providing potential customers with the information they need to know and branding yourself as someone who is here to help.
10. Debunk Common Misconceptions
For many new home buyers, this time can be extremely stressful and scary. They may have heard or received many tips (sometimes false) that they need to be aware of, which can provide them with even more anxiety. However, by debunking some of these common misconceptions, you can start offering your potential customers with a new outlook. Easing the stressors of the situation and providing them with a new sense of confidence can ultimately pay off in your favor.
11. Client Testimonials
Building relationships, whether with clients, current prospects, realtors, or even referral partners, is crucial in helping your business take off. If clients know you and trust you, they are more likely to work with you. Client testimonials are a great way to bring this opinion to light. If you can get testimonials from happy clients, you can capture a well-deserved endorsement that can help your business grow. Ninety-one percent of consumers indicate that positive reviews make them more likely to use a business. Testimonials are a great tool to add legitimacy and enhance your marketing at no additional cost.
As the market continues to grow, it is more important than ever to figure out advertising strategies you can implement as a loan officer that can help you succeed. No matter if those strategies mean optimizing your website, providing more fulfilling content, or staying up on reviews, each of these tips can help you go the distance. However, if you truly want to stand out amongst your competition, consider reaching out to a media partner who can really help you create the perfect marketing strategy for your business.
