VA Mortgages
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Marketing Tips for Mortgage Lenders
In today’s mortgage market it definitely helps to position yourself at the top of the ladder of lenders in order to generate more business. Interest rates are higher and home sales are lower which can lead a lot of mortgage lending businesses into lower loan production which translates to less profit.
In order to keep a step ahead of the competition and keep your loan production numbers up there are a few ideas you can use like:
- Position yourself as an expert in the community. If local homeowners and potential homeowners consider you a mortgage loan expert then your business will increase. You will earn more trust and respect in the community which will lead to higher loan production. Try contacting your local newspaper or small community newspapers and offer to write a real estate news column for them. This way you will get the publicity, get a chance to inform people about mortgage loans, and earn the respect you need in the community to be considered an expert in the field.
- Work weekends. People are busy during the week with work, school, kids, and activities. By following up on good leads on the weekend you are more likely to find people at home and with some time to discuss their mortgage or refinancing needs. Also try evenings since most people are home at night, but be careful when you call so that you don’t interrupt their dinner.
- Be nice. It can get frustrating when you are calling leads and people are hanging up on you or worse, but if you are kind and upbeat people are less likely to be rude to you which makes them more
likely to hear you out.
- Talk to your clients. This seems pretty obvious, but many mortgage lenders don’t walk their clients through how the mortgage was obtained in order to get them the best deal. If you explain exactly how you got their mortgage loan, and worked hard to get them the best deal with the most favorable terms they will appreciate all of the hard work you did to go out of your way and help them. Let them know that not all lenders do this. Once your clients know that you really worked to get them the lowest interest rate and fees, then they are more likely to tell others what a great deal they got and refer people to your business.
- Keep your advertising and media information easy to understand and up-to-date. Make sure and newspaper ads, flyers, or mailings are current with the correct interest rates and market information on them. Also keep your website up-to-date with the current changes in the market rates and keep it user friendly and accessible for clients. Try having someone in the office log on and navigate your website. Ask if they had any problems or if there was any information they could not find. This way you get a fresh view on the website so that you can make necessary changes in order to satisfy clients and generate more business.
- Know your competition. Look at their ads and advertising techniques. Go to their websites and see what catches your eye. Think about their marketing and incorporate what you like about it into your own advertising strategies.
When the market slows down lenders will re-evaluate their business practices and advertising in order to recreate themselves and try to generate more business. Make sure that your business is a trail blazer and gets to where the clients are first.
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