With recent Fed rate hikes and talk of a recession, many mortgage loan officers are entering an economic cycle they haven’t yet experienced. Veterans will tell us changes like these are to be expected. The last two years were a frenzy, but now things are returning to normal. (Isn’t that what we all wished in the early days of the pandemic?)
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Mortgage marketing must change with the economy. While we normally talk about advance mortgage content planning and mortgage loan officer marketing tools that pre-schedule messages, market changes can shake up even the best laid communication plans and force lenders to adapt.
Here are six mortgage marketing ideas to help loan officers REwork their plans to fit the current economic climate.
- REview your current mortgage marketing plan.
Dust off the plan you began implementing at the beginning of the year. Consider how your goals have changed. Do you have a new target audience now – perhaps first-time buyers or trade-up buyers rather than refi prospects? Do you need to change marketing channels? If you’ve scheduled any posts or email messages that are no longer appropriate, go ahead and remove them.
- REframe your messaging.
If you continue to promote refinances in your mix of mortgage products, it’s time to talk about something other than historically low interest rates. Messages might describe the savings available when consolidating high interest consumer debt instead.
- REassure your contacts.
Clients and prospects are probably hearing about scary Fed interest rate hikes and potential housing market crashes in the media. The best marketing for mortgage brokers will always include timely mortgage marketing content. You can provide historical and fact-based context to help balance the news. In doing so, you will become your contacts’ calm, knowledgeable, go-to mortgage market guide during stressful times.
- REinvent your strategy.
In your revised mortgage content planning, make your prospects’ new priorities your new focus. Consider messaging that shows how owners can access home equity while keeping their current low rate (like HELOCs or HELOANSs typically offer) or purchase a home with an affordable monthly payment (hybrid ARMs or buydowns). Show them how they can prepare now for possible problems later (HELOC as an emergency fund).
If your past marketing strategy relied on real estate agents as your primary referral source, now is a good time to expand to other professions, such as financial planners or insurance agents.
- REintroduce yourself.
Now’s a great time to get personal. We got used to seeing ourselves onscreen in two years of Zoom calls. Take that newfound self-confidence and add mortgage video marketing into your mix. You can use videos in social media posts, emails or text messages.
Even if your videos do not personally address individual prospects, they will feel like they’re getting to know you on a personal level when they hear your voice, see your mannerisms and learn more about your priorities.
- REnew your commitment.
In a challenging market, communicating well is more important than ever. Chances are you’re already committed to providing top-notch customer service. Expand and renew that commitment in your mortgage marketing strategy. Vow to deliver targeted, timely messaging that will help your contacts as much as it helps you.
The right mortgage loan officer marketing tools will make mortgage marketing easier, no matter what condition the economic environment is in. A strong CRM like Surefire, with a full content library developed by experienced mortgage and marketing experts, makes mortgage content planning a breeze. Marketing automation and compliance controls are the added bonus that management teams love, too. Schedule a demo today to see what this tool is all about!
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.
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