Mortgage Lender Marketing

Are You Promoting the Right Message?

Housing sales have leveled off, interest rates have crept upward and housing affordability has gotten tougher. There's nothing like a little adversity is there?

It's in times like this that we're pressed to innovate, search for improvement and move outside our comfort zones. I believe that's when we experience our most significant growth. That's why today's issue inquires, "Are you promoting the right message?"

Is Your Message Being Noticed?

When you market your services to real estate agents, does your message answer the old adage, "What's in it for me?" A well-crafted marketing message describes what an agent can expect from your service and what they'll personally gain. Sounds simple enough, right?

Take a peek at your marketing materials. Look at your business card, brochures, website, flyers, anything you use to promote your services to agents. What's the primary message you're communicating?

To close loans on time
To render quality service
To constantly communicate
To offer the lowest rates & fees
To offer a diversity of loan programs

Many loan officers are surprised when they learn that the reasons listed above don't cut it. First, agents expect those things. It's the reason they hire you in the first place. And secondly, it doesn't communicate two essentials that every good marketing message needs:

How you solve a specific problem
The bottom-line benefit to the agent

Problems are hidden opportunities for you. That's why when you meet with agents, you ask about their problems. Too often, we're in a hurry to convince them about our great service and never learn their true needs. Believe me when I say that their true needs isn't for loans to close on time. In communities where the housing market has cooled off, their true needs run much deeper.

A Time of Uncertainty

If an agent is fraught with capturing more business, do you think they're more worried about loans closing on time or more concerned about having a steady stream of leads?

With home sales slowing, more agents will struggle. And that's a glaring opportunity for you. How? Because your marketing focuses on solving their problems.

Problems such as:

Inconsistent Referrals - Agents with a "hunting" mentality constantly search for the next sale, instead of developing relationships that produce referrals.
High Advertising Costs - Agents that only mail, "Just Sold" or "Just Listed" postcards to their farm are advertising. With increased competition, the return on investment isn't worthwhile. Besides, it's advertising, not marketing. Advertising is meant to produce leads, not nurture relationships.
Poor Client Loyalty - Agents not farming a neighborhood or marketing their databases regularly won't experience repeat business.
Pitiable Market Share - Agents using outdated marketing methods, like mailing "Just Listed / Sold" postcards, can't compete compared to those who get involved in their farms with regularly planned events, like neighborhood block watches, garage sales, holiday neighborhood celebrations, etc.

These are the problems that matter to agents. Addressing them is how you become distinct and stand out from competition.

And let's not forget about the bottom-line; what it means to an agent when the problem is solved:

Produces More Income
Provides Stability
Impacts Morale
Reduces Stress
Delivers Satisfaction
Increases Profit Margin
Shrinks Costs
Greater Client Retention
Breeds More Quality Referrals

Does it make sense? Do you see how your message needs to change so Realtors notice you? It's a communications jungle out there and by taking time to carefully plan your marketing and craft a unique message, you can capture more business from Realtors.

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