Mortgage marketing content can alter the landscape of your prospect pipeline in healthy ways. Earning business by addressing the real needs of many homebuyers or those looking to refinance can pay dividends not only in winning the deal, but also in winning a client for life and the follow-on referrals that can come from that.
Mortgage businesses can share content in many ways – via blog posts, landing pages, direct email marketing or social media posts – using contact info from past clients or another target audience. Sharing eye-catching and educational info to drive repeat business is one of the best marketing campaigns around.
Mortgage marketing content should never be all about the rate.
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Sure, every rate shopper out there will beg to differ. But that’s only until you start probing a little. There’s all too often something more under the hood that those potential clients looking for the absolute “best rate” won’t or don’t want to talk about.
We know that those little or sometimes major details can swing an approval one way or the other. Yet until that prospect finds out the hard way, they all too often do not. That’s not the news that you want to deliver after they’ve made an offer, and neither is it something you want to have to tell their real estate agent at that point.
Offering much more than that low margin rate as a lead generation strategy will pull in a better-quality lead. The simple reason is that if you’re marketing to prospects by using the right content, you can educate them in the process and better shape their expectations before you’ve ever even reached the rate quote part of a conversation.
Mortgage marketing content can set you apart, and here are three ways you take advantage of the concept in your own business.
It might be obvious to many, but there really are so many different types of buyers or borrowers out there, from first-time purchases to trade-ups, downsizes, relocations, etc. Then there are also the variables of occupancy – primary, second, investment. And of course, let’s not forget property types – single, multi, condo, co-op, townhomes, HOAs, raw land, finished lots, etc.
Consider this if your mortgage marketing content is based solely on rates: Imagine you advertise for a conventional 30-year fixed-rate loan for a 720 score, single-family home, with an 80% LTV. Your lead is a first-time buyer who is looking to purchase a newly built, phase-1-of-many-more-to-come condo in a mixed-use building and who will be starting a new job a few months out, is loaded with student debt, and has only 3% saved for a down payment plus an as-yet-undetermined gift coming from an otherwise non-cooperative family member for his upcoming wedding day?
Needless to say, you’re back peddling on your rate quote from the start. At best, you have a lot of explaining to do. Depending on how sincere you sound, your explanation may not be considered 100% genuine by this prospect. That’s hardly the way to go about creating long-term client relationships.
The alternative could have been marketing pro-actively with the information that would-be buyers need to know upfront: “Not everyone is the same, and neither are rate quotes. Every scenario is different, and we’d love to help you learn about what’s right, and more importantly, what’s available specifically for you and your needs.”
There is still so much disinformation in the minds of many. Myths about the mortgage industry and home buying in general abound. They range from assuming you need 20% down, to believing you only borrow money if you don’t need it, to thinking your rate needs to be 2% lower to justify a refinance, and of course, to claiming banks charge all the interest on a loan “upfront.”
The truth here is well known by us in the industry, and to be fair, you do pay more in interest at the beginning of a loan. Of course, that’s because you pay interest on what you borrow and at the beginning of a loan, you haven’t paid much principal back yet.
Refuting the myths and demystifying the process are great ways of educating and, in the process, endearing prospects to you and your company. Teaching those with a willingness to learn will earn you business, and, best yet, it comes with loyalty right from the beginning. Handling these prospects the same way you start with them, by continuing to nurture them all the way through the process, is what will win you clients for the long term.
Service After the Fact With Mortgage Marketing Content
Too many loan officers approach the business from a transactional perspective. It’s great if you’re never at a loss for the next deal, yet selling to new prospects is always more expensive and time-consuming than working with past clients – provided you impressed them the first time around, anyway. That is of course the goal. It is easier to do your job well and to make happy clients than sell to the next batch of cold lead rate shoppers.
Staying in touch, keeping your name on the tip of their tongues, reminding them of your past efforts, and assuring these past clients that you are there for them as well as their friends, families and co-workers is where your consistency, regardless of market conditions, is made.
Keep your clients informed of where their rate is relative to the current pricing. Keep your clients appraised of values for their home and their neighborhood. Keep your clients aware of the savings available when rates are lower or when PMI can go away. Congratulate them when they’ve built up enough equity to make improvements; trade up and out; send their kid to college; or provide a wedding to remember for the one that’s graduated and ready to start a life of their own.
The right mortgage marketing content, especially when delivered based on triggers for the possibility of these types of milestones and events in their lives, is what will keep you top of mind. And that of course is where you want to be.
Want to find out how easy it can be to automate the delivery of award-winning and proven content to build a solid and durable mortgage business? Sign up for a demo with Surefire from Top of Mind Networks. You’ll be glad you did.