It’s no surprise to anyone reading this that the mortgage and finance worlds are in a rather challenging situation. Times aren’t easy for mortgage professionals these days. But, challenging times and slower paces are often a great opportunity to take a step back to evaluate your business and focus on how to stand out.
The best way to outpace your competition is to continuously work on establishing your presence. Below we’ll explore some ways that you can use to get ahead and cut your slice of the pie.
Establish a modern content-rich website
It’s always crucial to create a website that is not only responsive but compatible with all modern devices: computers, phones, and tablets. Checking online for a website is one of the first things that people do when a business or service is new to them. This alone makes having a website crucial.
For mortgage and real estate professionals, it is highly recommended to always include a blog on the site where a potential client can find educational content. This will help a visitor build confidence in the brand. Similarly, have contact information prominently displayed so that potential refinancers know exactly where to where to turn to for those questions that remain unanswered.
Engage on social media
Creating social media accounts and using them regularly will build a following behind the brand and maintain the same sort of influence as a website for those looking up the company for the first time.
When just beginning social media start with the classics: Facebook, Twitter, LinkedIn, and Instagram. If you’re bold enough, you can even explore Snapchat or TikTok to try reaching younger audiences. Unless marketing specialists are hired, start on only two to three platforms at once so you won’t get overwhelmed. Utilize automation where you can – there are numerous low-cost social media scheduling tools out there that can help you stay consistent.
The first step for any mortgage team when launching social media is to focus on what the client wants in hopes of encouraging them to engage. Be sure to fill your page with interesting and relevant content regularly. Once they have commented, always keep that chain of contact open and answer messages frequently. Above all else, social media works as a communication lifeline from a business to a client in any market, so be sure not to neglect the page once it is set up.
Create a strong personal brand
What are some companies that come to mind when you hear the words “strong brand?” If you picked something like Nike or Apple, you’ve made a good choice. But there’s also a whole realm of personal branding. Position yourself as an expert, share valuable tips and insights, and establish a powerful presence. It’s not that difficult, especially if we’re talking about doing it locally.
You can approach branding through either digital or traditional means. If you wish to go digital, consider starting your own podcast (or making guest appearances on others), or a blog. Your blog can be more of a traditional text-based thing, or you can explore newer formats through social media. Facebook/Instagram Lives can be an especially interesting option to explore.
For non-digital, you can have a weekly column in a local newspaper where you share the latest news on the housing market. Or you can teach personal finance courses, attend networking events, or even sponsor a local meetup or conference.
It will take some time until you can start reaping the rewards of a personal brand. But it will help you not only to get new leads from unexpected places but also gain the trust of people who’ve found you through digital marketing channels like organic search or PPC.
Cultivate long-term relationships with your customers
In the mortgage and housing market, you’re playing a long game. It may take weeks or even months until the prospect is ready to commit. Don’t push them, just keep providing valuable content free of charge. You can do it through your blog, lectures, newsletter, or even through a personal consultation.
One important caveat is that these consultations shouldn’t carry a transactional atmosphere. Your prospects shouldn’t feel as if they owe you something. This way they will grow to trust you and eventually choose you over your competition when the time is right.
Another important thing to focus on is the post-sale experience. You shouldn’t neglect your past customers. Aside from a chance that they’ll need your services again, they can be a valuable source of referrals and testimonials. After the initial purchase, given that you’ve provided an excellent service, ask for a review on relevant channels like your Facebook page or Google My Business listing. You can also ask them for a video testimonial, which you can use on your site or social media. Afterward, you can nurture the relationship by sending infrequent emails, like on the anniversary of their purchase.
Get to know local real estate professionals
Mortgage pros and real estate agents go together like peanut butter and jelly. They are in the same boat, and they can benefit greatly from the mutual partnership. According to United Wholesale Mortgage, 90% of real estate agents would recommend an independent mortgage broker to their buyers in the future, if they worked with one in the past. Imagine the possibilities if you can tap into this resource and become someone’s go-to mortgage pro.
First, recognize how you can be helpful to real estate agents. One of their priorities is closing their contracts on time. Can you help them by providing a quick and reliable service? If yes, they’ll have an incentive to work with you.
Discover your local real estate agents on social media or networking events. Establish relationships by providing them with useful information, news, or insights. For example, you can have a weekly newsletter or video blog specifically tailored to realtors, where you cover the latest developments in the mortgage world. Just like with customers, you’d want to provide some value first.
The mortgage and housing markets are highly competitive, and it takes a great deal of effort to thrive in it. But if you play your cards right, you’ll be rewarded with scores of loyal customers and a thriving business. What are your favorite tactics that give you an edge over your competition?