In a world where mortgage leads may, quite literally, cost a dime a dozen, savvy loan officers are always on the lookout for those leads that will convert to borrowers. You do not want your time sucked up by a vacuum of unqualified prospects who are interested only in rate shopping.
While a mortgage CRM is the best way to grow your relationship with the leads you bring in and to earn repeat business from the borrowers whose loans you close, you still have to identify those contact names so you can market to them.
Here are three reasons mortgage professionals should use Facebook advertising to capture mortgage leads:
Reason #1: Facebook ads will bring in better mortgage leads than Google ads.
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There’s no doubt Google ads have their place in securing mortgage leads. Facebook advertising, however, will bring in a different type of lead — one that’s more likely open to understanding and participating in the loan process over the long haul.
That’s because Google ads are typically delivered based on a consumer’s Google search terms. While someone searching for “mortgage companies in my area” may seem like the perfect lead – and in some cases, it will be – that person will also receive ads from many of your competitors and is likely to start some serious rate shopping.
On the other hand, when you place a Facebook ad, consumers will happen upon it while passively scrolling through friends’ posts. They won’t see your ad because they’re looking for the lowest refi rate or are in a rush to move quickly. And despite the fact we all hypothesize that Facebook chooses ads after eavesdropping on our conversations, consumers won’t even see your ad because they mentioned home financing to a friend.
Instead, they’ll see your ad — and become a possible mortgage lead – because they are your ideal customer, and you targeted them.
Something about the way you set up your ad will make Facebook say, “This person is a good fit for you. Let me introduce you.” And if they swipe right, so to speak, that’s the first step to more than just a rate-shopping lead. It’s the potential start of a long-term relationship.
Reason #2: Facebook ads bring in mortgage leads by building on your other efforts.
Would you like to meet your prospects and clients somewhere other than their inboxes for once? Then Facebook ads for leads will work for you. You can upload a list of email addresses, and your Facebook ad can target those contacts who have an address match with Facebook.
This works best if you target your ads in the same way you target your emails. Rather than providing one large, unorganized list to Facebook, keep your contact types segmented. That way, only refi prospects will see refi ads, and only first-time buyer prospects will see low down payment options ads. These may not be new-to-you mortgage leads, but they can bring new life to old lists.
When you run a Facebook ad campaign, you can also target people who have visited your website by embedding a Facebook tracking pixel on your site. You can use ad copy appropriate for each specific site visitor by placing different tracking codes on different website pages. This will ensure that those who go straight to your refinancing calculator receive ads for your refi services and not, say, reverse mortgages.
You can combine your marketing efforts, too. Let’s say you have a new rent-to-mortgage calculator. You’re sending out an email to purchase prospects. Add your FB tracking code to the special landing page you’re providing, and, voila, you have another way to target people who clicked through.
Does it feel a little creepy to advertise to site visitors the very next time they log into Facebook? You can delay your outreach. But remember, the early loan officer often gets the business when home shoppers are active.
Though Facebook retargets messages rather than generating prospects for you in these instances, the platform helps you transform warm mortgage leads into hot ones. And since you already have a relationship of some sort with these ideal customers, you have a leg up on building that relationship and capturing their business.
Reason #3: With Facebook ads, mortgage leads are less likely to abandon their query.
Imagine if you will: It’s late, and you’re looking through Facebook for a few minutes before going to bed. An ad for a refi program catches your eye. The call to action is compelling, and you decide to respond.
You click to follow the link in the ad, and it takes you to a landing page where you are asked to enter your name, email address and phone number. Ugh. You use your fingers to stretch the text boxes so you can see better. Ugh again. You’re tired, and you keep making typos on your phone. Forget it. You’ll think about it tomorrow.
Sound familiar? Maybe not for a mortgage ad, but for some other product or service? If you’ve done this before, you probably forgot all about following through with your inquiry the next day.
That’s where Facebook ads for leads come in. You still use the same eye-catching ad copy. This time, when someone clicks, a pre-populated form appears, containing the relevant contact information Facebook already has.
All your prospect has to do is click submit, and Facebook will let you know you have a lead. Your prospect can go to sleep, knowing they’ll hear from you tomorrow.
Bonus reason to use Facebook ads: Your ads will be compliant.
When you create a Facebook ad, the platform will make sure you’re not violating certain rules.
Facebook requires mortgage brokers and others who promote housing opportunities or related services to create a Special Ad Audience based on consumers’ online behavior and activity.
Other typical ad categories will not be available, such as Lookalike Audiences or potentially discriminatory factors like ZIP code, income or age.
You’ve got your mortgage leads. Let your mortgage CRM take it from here!
While your CRM platform may not create and place your Facebook ads for you, it can play a pivotal role in transforming those leads into borrowers and then to clients for life. Schedule a demo with Surefire CRM today to see how we can show you how.
As content manager at Top of Mind Networks, Renita develops award-winning marketing materials and strategies for mortgage companies. Throughout her career, Renita has managed public relations and produced both printed and online content for clients in the home building, affordable housing, real estate, mortgage lending, financial planning, and environmental industries. As a ghostwriter, she has contributed to two books on social media marketing. Her work has also been published in numerous print and online trade publications for industries she supports.