Consistency is key to anything in life and the same goes for marketing plans for mortgage originators. Too many originators abandon their marketing strategies too early. If you want to close five or more loans a month, it’s going to be difficult to achieve that goal if you are not consistent with your marketing.
This is similar to the old adage of the prospector who stops one shovelful short of striking gold. Originators are in the same position of needing only one more phone call, one more text, one more e-mail, one more mailer or one more hour of work to get that fifth loan. Many originators stop short.
When it comes to mortgage marketing, there are many avenues a broker or loan officer can choose to deliver their message. These include videos, blogs, podcasts, mailers, e-mails, working their database, or even honing in-person presentations to first-time homebuyers or real estate agents.
The key is to stay consistent with one or more marketing plans that you elect to tackle. The more you are consistent with marketing that explains the home-purchase process, or promoting a refinance loan product, for instance, the better you will become.
Pick a strategy
Let’s cover some of the different ways to market to borrowers. Take blogging. If you stay consistent with posting, you will write better, more in-depth, longer blogs that will rank higher on all major search engines. Search-engine algorithms will pick up that your blogs are informative, attracting more clicks from readers who are staying on your site longer than your competitors’ sites. These posts will then turn into more calls and more closed loans.
Another method to inform borrowers and spread your message is video. Creating a video is helpful when showcasing your talents. You can consistently create how-to videos, or videos that answer frequently asked questions on the detailed steps for such things as obtaining a mortgage or a refinance, or utilizing a Veterans Affairs loan program.
Whatever you decide to say in the videos, stay consistent. Videos rank high in online searches and they have the bonus of being free. You do not need to upload a video every day. Start off with one a month, then every go to every other week and, if time permits, once a week. Consistency is the key — the more videos you attempt, create and upload, the better you become at delivering your mortgage message in front of the camera.
Starting a podcast is another free avenue to promote your business if you feel uncomfortable with the video route. There are several free podcast platforms — Podbean, Buzzsprout, Spreaker or Podiant, for example — that are perfect for originators to create and post their mortgage podcast on the web. Occasionally have a guest, such as a real estate agent or a homebuyer.
Another marketing strategy, and one that doesn’t cost as much as you think, is a direct-mail campaign. Data is key when doing direct mail. You want to know who you are targeting. This is not a shotgun approach with postcards or a third-party vendor’s standard advertisement mail piece. Stay consistent with a No. 10 plain white envelope, a hand-placed stamp, and the recipient’s name and address handwritten in blue ink. This works well with the refinance surge the mortgage industry has been experiencing, but it can easily be used for the purchase market, too.
Consistent marketing to your existing database will keep you and your services top of mind when past borrowers need a loan. This takes some restraint. You can become a nuisance and people opting out of your e-mails will increase. So, watch how many times you go to this well. Twice a month is a good number to touch your database with a holiday greeting and some informative content about the mortgage industry. During their birth month, contact them a third time.
Be cautious about marketing to people not in your database. It could hurt your business more than help. Do not buy a list of names and e-mail addresses for purchase borrowers, refinance borrowers or real estate agents in your local market, because your e-mails could hit the recipient’s spam folder and not their inbox. E-mail the individuals who you know will open and read your message. Stay consistent with it. If you are e-mailing real estate agents, think about e-mailing them every Tuesday or Thursday about rates or a particular loan program they can promote to their clients. Make it short and to the point.
Some originators prefer in-person presentations. Once a month, hold a presentation at your office or at a real estate office (with their permission, of course) for first-time homebuyers. Rely on social media to alert potential clients about these presentations. Keep the costs down, but offer muffins, fruit, water or coffee. Stay consistent by holding a presentation on the same day, such as the third Tuesday of each month. Word of mouth will attract clients.
Devote the time
There are many different ways to reach borrowers and each of these methods have their merits. Too many originators, however, will start down the road on one marketing plan, fail to see immediate results and then hop to another plan. Maybe they’ll begin writing a blog but then scrap that in favor of video. These originators will spin their wheels and won’t get anywhere.
Try to avoid being the jack of all trades because, as the saying goes, you will become the master of none. It’s OK to pick a couple of different methods when it comes to marketing. But consistency remains key.
Remember the prospector who misses out on striking gold by stopping too soon. This doesn’t mean that you need to work 12-hour days. It does mean that you need to consistently devote hours to your marketing plan. Only then will you see positive results and start hitting your goals.