How well you do in the highly competitive mortgage market is dependent on a number of things. Of course you have to provide good service. You also need to be able to do your job quickly and efficiently. Finally, and most importantly, you need to be able to market your service and products effectively. In fact, if you know anything about the mortgage industry, you know that marketing is what you live and die with. If you have the right marketing plan, then you have all the business you need. On the other hand, if you don’t know what you are doing in terms of marketing, then you will be out of business just as fast.
What this all means is that you need a good marketing plan. You need one that will bring you the most business with the least amount of competition. As with any product, a good mortgage marketing plan is one that is built around a niche. A niche is a unique spot in an environment. This particular environment is the mortgage business world. So what you need to do is find your mortgage niche so that you can get all the business possible.
Finding the Niche
The best first step you can take in finding your mortgage niche is to have a good idea of what your own skills are. Knowing your skills is the best way to make sure you are working in your own abilities. You need to interview yourself.
Ask yourself if you have been consistently solving the same problem for realtors all the time. If you have, then this is your strength: knowledge of that particular issue or problem. Additionally, ask yourself if there is any training you have received that separates you from others. The more you know and the more unique you are the better.
Ask yourself if there is a particular loan program you favor. If so, you are an expert at it and can market accordingly. Maybe you can even set your sites on every loan of that type in a particular market.
Overall, you want to make sure you find what you can do best so that you can work with that. Figure out what you get the most compliments from clients and realtors on. Also, think about what part of the mortgage business you like the most is. Maybe you like first time loans or working with certain types of homes (condos, town homes, or single family homes).
Focus, Focus, Focus
The best way to get the most out of your resources in any business, and especially mortgage business, is to focus on your particular niche. You see, while many mortgage pros are using their time and money on a number of different loan programs, markets, and industries, you will be focusing on what you are best at. You will become more knowledgeable and more likely to land the loans within your niche.
As you work in that niche you become an expert. People who work with you will understand how knowledgeable you are. This is something they will pass along and offer up when referring your services to others.
Finally, concentrating on this niche makes your more valuable to real estate agents. When a realtor refers someone, they want to be sure that person is going to take good care of their clients. When you are an expert in a niche, they know that they can send those niche customers to you with confidence.
Find a Program As Well
As you may know, your niche is almost as important as your referrals. In addition to finding your spot in the industry, you should also try to find your own referral partners in the real estate industry. Good referrals are as valuable as a good niche.
One way to get the best referrals from the best realtors is to make yourself valuable to them. You can do that through many referral programs out there. The best ones will get you access to the low hanging fruit of the mortgage industry: renters who are buying for the first time. These mortgages offer the least competition when referred and are the easiest to close. Additionally, they are usually qualified because they come from a real estate agent.
As you can see, there is a lot to be said for the importance of marketing in the mortgage industry. If you want to truly be successful, you need to find your niche in the market first. Then, as you progress, find your way to a program that will hook you up with realtors and the best mortgage leads around.
Shane Brooks is a hard nosed business man that doesn’t take kindly to competition. His hard hitting no nonsense mortgage marketing techniques constantly makes waves for his competitors regardless of the market he is focusing on. Shane doesn’t mind stepping on the toes of his competitors or ruffling a a few feathers of the so-called gurus in order to level the playing field.
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Being a loan officer is a tough job. It is very hard to conduct mortgage broker marketing in a way that brings in more realtors and their referrals. The key to becoming a successful loan officer is to gain the trust of the realtor and establish lasting connections. You have to show that you are different from other loan officers out there.
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OK, I give in. Due to overwhelming popular request and to celebrate the 1st anniversary of my German surprise hit (see my other movies) here’s finally an English version. I present it with the utmost respect for the creators, actors, staff and all other participants of the original STAR WARS movie and without any intensions for commercial use. © 1977 Lucasfilm / Twentieth Century Fox Film Corporation.
Provide a tiny sign to urge other patrons, entrepreneurs, company workers, and anyone that has business cards, to drop in their cards, conducting an once a month drawing for a free prize. Like viruses, such forms exploit fast multiplication to explode the message to thousands, and even to thousands of people. ‘ With this easy method, your site visitors can supply you with “web of mouth” advertising for your site, and each successive visitor can do the same. Here is plenty more stories all about mortgage broker marketing. What’s truly great about the many strategies of ‘communications’ tools out there, is that you can view what folks are claiming and what they are debating, and you’ve got the chance to jump in periodically. The best way for you to pump your site is to become a regular partaker in consultations topical to your website. Why? By showing that you are bothering to basically read what folk say and offering input with handy content, reflects how seriously you take others’s opinions or thoughts about your business.
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If you are a loan officer or mortgage broker, you may be looking for mortgage leads. You may even be thinking about buying them exclusively.
Purchasing exclusive mortgage leads may not be such a bad idea if you want to do away with your competition.
Most mortgage lead companies will sell their mortgage leads up to four times, and some mortgage lead companies as many as five times. This is known as selling the mortgage lead non exclusively.
Not only will you want to buy your mortgage leads exclusively, you will also want to make sure that the mortgage lead is being sold in real time, or what is known as fresh.
A real time mortgage lead is one that arrives on your desk within seconds of the potential prospect hitting the submit button on the on line application.
If a mortgage lead company is selling you old or recycled mortgage leads, than you can bearly call these mortgage leads exclusive because it has gone through the hands of many loan officers and mortgage brokers before it reached your desk, so be sure to be careful.
The most effective way to make sure you are receiving real time exclusive mortgage leads is to call the mortgage lead company you are considering investing your money with.
Speak with someone in customer service or the sales department and find out where they obtain their mortgage leads and how they are delivered, as well as how quickly the mortgage leads are delivered.
Your best bet is to go with a mortgage lead company that obtains their own mortgage leads through mortgage lead generation sites which they own and operate.
Steer clear of the mortgage lead companies that buy their mortgage leads from third party vendors. There is no way to know how many times that third party vendor sold that mortgage lead to other mortgage lead companies or loan officers.
Remember, you work hard for your money. So if you are not happy with the answers you receive from customer service, than it is more than likely you will not be happy with the mortgage leads they will be sending you.
Jay Conners has more than seventeen years of experience in the banking and Mortgage Industry. He is the owner of http://www.jconners.com, a mortgage marketing and resource site for loan officers. He is also the owner of http://www.callprospect.com, a mortgage lead company, specializing in real time mortgage leads.
I am not a license loan officer and recieve lots of leads. I would like to use the company which is licensed through department of corporations and department of realty and they said that I will get 20% as w2 pay and 70% as 1099 as a marketing expense. Guys is this kosher?
