The mortgage market has been turbulent, affecting both lenders and brokers. In this time of serious crisis, mortgage brokers may be tempted to cut back on their marketing or advertising budget. Where money is tight, multiple methods of direct marketing and networking should be considered to attract attention of people who have not even considered applying for a mortgage before as well as generate repeat business from past clients.
What are the most effective and pertinent marketing techniques? Which are the methods that can make a difference and increase clientele even amidst a serious recession? Even if you think you already know all the tricks, there is always something new to learn, or at least something that you know but haven't implemented yet. Here are some possibilities to try:
Use your database: if you've been doing your job right, you should have a database of old and current clients. To be really effective, you should also be tracking the contact information of people who might be interested in the future but who haven't done business with you yet. Try to approach them and market your mortgage products. Send cards, newsletters and everything that can remind them on your company and your products or inform them on new terms and offers. Direct mail marketing is one of the possible tools to generate business.
Promotion though professionals: utilize your network to build your business and provide a needed benefit to your network's clients. Attorneys, CPA's, moving companies, etc., know people who may need a mortgage. You can either have your professional contact send out a marketing message on your behalf, or if permission is granted, you might contact the network's clients directly. The existing relationship between your network professional and his clients can generate trust in you.
Approach sellers: homes for sale by owners can be a great marketing venue. You can come in contact with sellers and buyers; buyers can be interested in financing the actual purchase and the sellers might be interested in applying for money in order to buy a new house once the old one is sold.
Craft a compelling marketing message: clearly define what message you communicate to existing and prospective clients that will create a good and lasting impression. Offer a solution to the problems they might be facing and inform them on the way you can address their needs. Present your business in a way that creates a positive impression to current and future clients.
What are the most effective and pertinent marketing techniques? Which are the methods that can make a difference and increase clientele even amidst a serious recession? Even if you think you already know all the tricks, there is always something new to learn, or at least something that you know but haven't implemented yet. Here are some possibilities to try:
Use your database: if you've been doing your job right, you should have a database of old and current clients. To be really effective, you should also be tracking the contact information of people who might be interested in the future but who haven't done business with you yet. Try to approach them and market your mortgage products. Send cards, newsletters and everything that can remind them on your company and your products or inform them on new terms and offers. Direct mail marketing is one of the possible tools to generate business.
Promotion though professionals: utilize your network to build your business and provide a needed benefit to your network's clients. Attorneys, CPA's, moving companies, etc., know people who may need a mortgage. You can either have your professional contact send out a marketing message on your behalf, or if permission is granted, you might contact the network's clients directly. The existing relationship between your network professional and his clients can generate trust in you.
Approach sellers: homes for sale by owners can be a great marketing venue. You can come in contact with sellers and buyers; buyers can be interested in financing the actual purchase and the sellers might be interested in applying for money in order to buy a new house once the old one is sold.
Craft a compelling marketing message: clearly define what message you communicate to existing and prospective clients that will create a good and lasting impression. Offer a solution to the problems they might be facing and inform them on the way you can address their needs. Present your business in a way that creates a positive impression to current and future clients.
About the Author:
Are you a loan officer or brokerwho would like work for a strong Mortgage Bank? Direct Mortgage is now accepting loan officers. Contact us at 801-924-7727 to become a member of our team!
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