Mortgage Marketing - How To Know What Works

So how do I know which mortgage marketing strategy will work for me? That’s a great question, and here’s the best answer I can give you distilled to the purest form of marketing truth:

The best marketing solution is the one that will expose you to the largest group of qualified prospects with the least amount of time/money invested.

Would you agree with that statement? I don’t know too many who would dispute this point. This is the driving point behind your mortgage marketing efforts. Unfortunately, it appears many loan officers loose sight of this fact, and end up spinning their wheels until they’re too worn out and depressed to continue.

So when reviewing your mortgage marketing strategy, it’s best to consider if your approach will get you in front of a large group of people on a regular basis… Or not?

Mortgage Marketing that meets this criteria:

- Online Marketing
- Properly optimized website (Template/canned sites do not meet criteria)
- Email marketing (Not SPAM)
- Database marketing
- Realtor or other affinity partner networking

Mortgage marketing that does not meet this criteria:

- Cold calling
- Door knocking
- Newspaper ads
- Direct mail
- Buying leads

Please don’t misunderstand and think that I am saying that you should never cold call, send mail, or use traditional advertising. This is not what I am saying. What I am saying though, is that the methods that do not meet the criteria listed above should be used only as a catalyst to bring in business when you have nothing else in the pipeline.

When you have free time to prospect, and all your other activities have been handled, sure there is nothing wrong with these methods. But you should always have at least 1, if not more than 1 marketing strategies in process that are not reliant on you  100% of the time.

See, when you rely on phone calls to bring in the business, once you stop making those calls, the business stops flowing in. A website that shows up in the search results 24/7 is working 24 hours a day, 7 days per week as your sales man.

Let’s recap:

A proper mortgage marketing strategy will provide you with exposure

A proper mortgage marketing strategy will expose you to qualified prospects

A proper mortgage marketing strategy will build on itself

Would you agree with those 3 requirements? If so, then here’s something else you need to consider. The quality of the lead. Do you like cold calling and interrupting people? I know I sure as heck don’t. It’s not pleasant to make a nuisance of oneself.

While cold calling may be necessary, and even encouraged to kick t things off for a loan officer who is in a very bad position, it’s not recommended to make this your primary source of business, especially when there are much warmer leads out there who are searching for you. What are these leads?

- Referrals from realtors – These leads are burning hot as they already need your services, and have been sold on speaking with you. Did you know that in the U.S., an average of 60  -64% of all home buyers use the loan officer recommended by their realtor? That’s a hot lead!

- Prospects who came looking for you – Generating business online is a fantastic way to qualify a lead. If someone has spent the time to log on, perform a search for loan officers, and ultimately fill out a form, or even pick up the phone and call you, then wouldn’t you pay special attention to this person over the 100 people you’d need to call to uncover a single lead?

Of course you would. These leads are great because they are qualified, and they do not rely on you planting yourself in front of a phone for hours on end. In fact, these mortgage marketing strategies free up a lot of your time to spend on other productive activities as well. Imagine what a combination of multiple realtors, a lead generating website, and more free time would do for your business?

Don’t get me wrong and assume I am making this sound easy. It does require work. But if you’re willing to commit yourself to a proper realtor and online lead generating strategy, you just may have found the mortgage marketing plan that will finally work for you.

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