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Back in the old days, before the housing bubble burst, being a mortgage broker or loan officer was like having a license to print money. After all, interest rates have been low, home prices have been rising, and almost any homeowner can be persuaded to refinance their home.
Furthermore, banks and lenders were particularly informal in their business practices and practically anyone could obtain a loan. Of course everyone knows how it all happened. Today’s home sales are slow at best, and even qualified buyers with good credit can have a hard time getting a loan.
So how is a mortgage broker supposed to drum up business in this dismal market? Getting that business back means getting back to the basics of marketing and sales; Communication, direct marketing and a good website.
Word of mouth is the best way to generate new business and networking is the best way to spread the word about your business. It sounds old, but there is no substitute for the Internet to get your business card into the hands of as many people as possible.
Try to visit as many professional groups, networking parties, and seminars as possible. Don’t be shy, these events are designed specifically for making professional connections and doing business.
Direct mail and direct email are another essential in mortgage marketing. While direct mail pieces don’t always work to get new customers, they help keep your name in front of customers you’ve already dealt with and build your brand. Previous clients are one of the best sources of word of mouth recommendations.
Still in its infancy, email marketing is one of the most cost-effective marketing tools out there. While email is cheap and effective, there are some mistakes you should avoid. Be wise with your email marketing. Your customers will quickly tune in to your message if you email them often.
And be sure to offer, and keep up with, an “opt-out” option for customers who don’t want to hear from you by email.
Creating a visible web presence is a great way to complement any marketing effort. A mortgage website that provides good general information about new loans and refinancing, as well as specific information about your business is an indispensable marketing tool.
There is work to be had out there, but finding it is going to take a lot more effort than it used to.
