Mortgage marketing is one of the single most important activities a loan officer will engage in. Unfortunately, it also happens to be one of the most difficult.
During the past 7 years I have personally trained thousands of loan officers, and during this time I have heard one very important question asked with a particular urgency over, and over, and over again:
” Why can not I generate enough mortgage leads !? ”
OK, so maybe I did not put enough question marks and exclamation points after that question, but I'm sure you get the point. Mortgage marketing has evolved at a rapid pace in the last few years with more than 91% of all home buyers going to the web to begin their search.
In 2010 – 2011 it was reported that roughly 97% of all consumers in the United States now consult the web, social media, search engines, or blogs before making important buy decisions!
What does this mean to you as a loan officer? It means that your marketing efforts better be focused on the internet – Because that's where the borrowers are these days!
What sort of strategies are working online? Here are a few that I've personally used in helping my loan officers generate leads:
Blogging / SEO
I listed blogging and SEO ( Search Engine Optimization ) together since they tend to work hand in hand. See, blogging is one of those strategies that only works when you have a steady flow of traffic stopping by to read your posts.
No traffic – No results … Search Engine Optimization just so happens to be a means of driving this traffic. See, when someone visits a search engine to perform a search “Chicago Home Loans” for example, it's a pretty safe bet that this person is a potential hot lead for you – As no one really looks up mortgage loans, and loan officers for fun ! ( OK, maybe there are a few exceptions to that rule – but I'm guessing those who find us loan officers “intriguing” and “fun” to read about are few and far between! )
SEO is a strategy of ranking your web pages and blog posts high on the search engines so that these hot prospects searching for mortgage loans, and interest rates
Here is a strategy that has been used to fuel 7-figure marketing funnels. Sometimes referred to as a “landing page” – A squeeze page is a single page on the web dedicated to the sole purpose of capturing a name and email address from the site visitor.
This is often accomplished by displaying a very simple page with few (if any ) links or actions that can be taken other than a few bullet points, a short sales video ( To sell them on why they should enter their email ) and a lead form .
This method of lead generation can be (when properly structured ) and extremely cost effective source of mortgage leads. If you're not using this strategy currently I strongly urge you to investigate further.
You've heard it said that email is the single highest ROI form of direct marketing in the world. With an average Return On Investment ( According to the DMA – Direct Marketing Association ) of roughly $ 40 for every $ 1 spent, this is an incredible way to generate leads and build your business!
List segmentation is a reference to collecting email addresses from interested prospects, and then segmenting those lists based on who wants – ie: Purchase loan prospects would be considered 1 segment, whereas refinance prospects would be another and so forth.
The idea is to group similar prospects together so that you can send follow up emails that are relevant to what they are looking for. This method of marketing works well because you are essentially targeting follow up messages and matching them with the ideal groups of prospects.
This translates into higher conversions, more closed loans, and very little extra work since this form of follow-up is typically managed via email auto-responder.
As you can see, there are certainly multiple strategies that can be used to fill your pipeline with leads. With millions of loans being closed each year right here in the US – there is no shortage of leads to be had. The trick is in selecting the form of mortgage marketing that will work best for you.
The task of matching strategies with your current efforts is the subject for whole article by itself. In the meantime, my suggestion is that you take a closer look at your current marketing efforts, and identify where you might incorporated the strategies discussed above.
Marrying the strategies discussed here with your existing efforts can yield surprisingly effective and desirable results!