So you’re ready to get serious about your mortgage marketing plan huh? In today’s market loan officers should be doing all that they can to tip the odds in their favor. One activity in particular can add a much needed flow of leads to your pipeline without requiring you to resort to buying leads, or spending large amounts of cash on low return advertising. What is this activity?
Marketing to realtors! Yep, marketing to real estate agents is an activity that can easily turn your business around in short order. However, this mortgage marketing strategy requires a very specific approach, or you could easily end up dedicating a truckload of your time, energy, and resources for very little in return. So what are these 3 Rules of realtor marketing?
1. Don’t begin marketing to realtors until you’ve identified your ideal agents
Did you know that nearly 70% of all real estate agents in the U.S. close fewer than 4 transactions per year? This statistic comes directly from the NAR (National Association of Realtors). This means that if you take the approach of most loan officers and begin marketing without first identifying who the performers are, the odds are against you. Not exactly a great way to start out your new mortgage marketing strategy right?
Take some time to first research who the top agents are in your marketplace, and you’ll find that you’ll save yourself days and weeks of wasted time and effort later on.
2. Incorporate Sales Managers into your strategy
If you take a look at how most loan officers implement their realtor strategy, you’ll find that a large majority target 1 realtor at a time. This is fine early on as you’re “cutting your teeth” on a new strategy, but ultimately, you can supercharge your results by leveraging your time. Meeting with the sales manager, and offering to add value to his/her office could be the windfall you’ve been looking for.
Think of it this way. Once the sales manager endorses you as a trust-worthy lender within the office, your job of earning the trust and the loyalty of his/her employees has now become much easier. This is the social proof, or evidence that most realtors are looking for when deciding if using a new loan officer is worth the risk or not. Incorporate this tip into your mortgage marketing plan ASAP.
3. Stop following the crowd
Here’s a fatal mistake that more than 80% of all loan officers make. Following the crowd. Following the crowd is simply a reference to the manner in which most loan officers assemble their marketing strategy. They look at what everyone else is doing, perhaps asking around a bit, or browsing a message board here and there… That’s it! No creative thought process, no solid marketing fundamentals, and very little time and energy goes into the creation of their latest mortgage marketing plan.
Why is this a bad thing? This is what is known as “me too” marketing. If most loan officers fail at successfully generating business from realtors, then wouldn’t it stand to reason that most of their strategies are ineffective? Avoid copycat marketing, as more often than not, it will lead you down the path of frustration. The last thing you want is for real estate agents to think that you’re just “more of the same” and blow you off with that dreaded “I already have a loan officer” objection.
Apply these 3 rules to your mortgage marketing strategy as you plan your next foray into getting referrals from realtors. Many loan officers have found marketing to realtors to be an impossibly difficult task. What keeps many going is that the potential is career-changing. Even 2 or 3 high producers sending you referrals each month can quickly add up to a 6 figure income. So what’s the simple solution to get realtor business fast? Our free guide will answer this for you.
Author: Chad Weber
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