Why is a Marketing Plan for Mortgage Brokers Essential?

A Marketing Plan For Mortgage Brokers is the Difference Between Mediocrity & Excellence.

A loan officer is a small business within a business, and writing a marketing plan for it is the first step toward achieving your goals. If you choose not to take the time to learn the finer aspects of mortgage marketing and how to plan it, chances are you’ll become one of the statistics.

Failure is Result of Poor Planning

 Research conducted by the Small Business Administration (SBA) shows:

50% of small businesses fail in their first year
and 95% fail within their first 5 years
Their failure was commonly the result of poor planning, lack of experience, and having too little capital.


What's Included in a Marketing Plan for Mortgage Brokers?

You'll find that a marketing plan for mortgage brokers has a few core components included:

  • Production Goals


  • Demographic of Targeted Agents


  • Positioning Strategy


  • Marketing Budget



Production Goals

Before you can reach your destination, you have to know how to get there. This means calculating certain ratios so you have instruments you can read that report how you're performing.

For instance,

  • Do you know exactly how many originations you need daily to reach your monthly closings goal?
    •

  • Do you know your pull-through percentage - the percentage of loans originated monthly that close?


  • Do you know how many deals each month to expect from each of your current Realtor partners?


  • Do you know how much money you spend on marketing to convert a prospect into a client?


Have You Had Difficulty Working With Realtors?

If we were playing darts and the lights were turned off, would you still be able to hit your target with pinpoint accuracy? This is the same as not knowing which agents to set your sites on.

Most agents are not the type you want to attract to your business. They're part-time, don't have enough business to support your efforts or there's the personal side - they're too demanding, or too protective of their buyers.

Instead, having a demographic of the ideal agent prospect and enhancing your positioning strategy can help you immensely by avoiding headaches and attracting profitable relationships.

Is Your Plan in Writing?

Writing a marketing plan for mortgage brokers is a formal process of describing the type of relationships you want to attract, how many you want to attract and how you will attract them. By knowing precisely what you want to achieve, you know what you have to concentrate on to do it. You also know what is merely a distraction.

Effective planning will certainly boost your loan originations and increase your income, which is the goal of every loan officer. It is a milepost down the road to success and, as such, care and time should be put into its development.

If you want more referrals from Agents, you must be able to convince them that you have the best service for them. If you cannot convince potential Agents of this, then you are wasting your time and money. This is where a marketing plan for mortgage brokers comes into play and why it's so important. Quickly learn how mortgage marketing works.

There are numerous advantages you can extract from the real estate community if you know how. And the marketing plan is an excellent tool for identifying and developing strategies for extracting these advantages.

A few of the advantages include:

- Identifies needs and wants of Agents

- Determines demand for subject matter expertise

- Identifies competitors and analyzes your competitive advantage

- Identifies new and potential relationship opportunities

- Keeps you focused on major, not minor, goals


No Time to Plan? A Common Misconception

 "Not enough time for a plan," loan officers say. Planning saves time now and reduces stress later.

Too many loan officers write marketing plans only when they have to. Unless your manager wants to look at your plan, there isn't likely to be a plan written. The busier you are, the more you need to plan.

If you are always putting out fires, you should build fire breaks or a sprinkler system. You can lose the whole forest for too much attention to the individual trees.

Take the next step and learn how magnetizing your mortgage marketing can make a marketing plan for mortgage brokers easier to write.



Return to Home


footer for marketing plan for mortgage brokers page