Email marketing has been proven to be effective for many businesses, including mortgage brokers. Whether it's catchy subject lines that reel in readers or the promise of a great deal, emails can be great for your business.
In this blog post, we’ll discuss how mortgage brokers can use email marketing to achieve their business goals.
What is Email Marketing?
Let's first break down what an email marketing campaign is and how it can be used in your mortgage marketing strategy.
Email marketing is a digital marketing strategy that involves sending targeted promotional messages via email to a specific group of individuals or customers. It is one of the most successful ways of communicating with clients and prospects in today's digital age. In many ways, it can be used as a replacement for direct mail.
MARKETING AS AN ESSENTIAL TOOL
With email marketing, loan officers can send mass emails to customers and prospects as a way of promoting their services or establishing a communication channel. Email marketing is an essential tool for any business, including your mortgage business, as it helps to reach prospects in a personalized way, provides an opportunity to engage with clients, and contributes to overall business growth.
Why Should Mortgage Brokers Utilize Email Marketing Strategies?
With the rising competition in the mortgage lending industry, mortgage brokers need to come up with innovative ways to stay ahead of the game.
One way loan officers and brokers can achieve this is by using email marketing to achieve long-term benefits like increasing clientele, improving the conversion rate, and generating leads. Email marketing is a powerful tool that loan officers can use as part of their marketing strategy.
As a mortgage broker, you can use email marketing in a variety of ways and for a variety of purposes.
Building Your Client Base
One of the primary reasons a loan officer would use email marketing strategies is in order to build their clientele. As mortgage lenders, bringing in new clients is essential for building your business. Getting potential clients' email addresses on your list can be extremely advantageous. Even if they may not need a mortgage now, they may in the future.
And, while they don't, you can work on positioning your business in the front of their mind and building a relationship with them. Additionally, a well-crafted email can help to create brand loyalty, generate referrals, and enhances your credibility in your industry.
Additionally, running an email marketing campaign is quite affordable. In fact, many email marketing platforms have the option to create a free account or offer free trials that you can use for your mortgage business.
Compared to other marketing channels, email marketing is incredibly cost-effective. Most email marketing providers like Mailchimp or Constant Contact allow you to send free automated campaigns or pay-as-you-go, making it easier for loan officers to keep their clients updated without incurring high marketing costs.
Easy to Use and Fairly Low Maintenance
Mortgage email marketing is also extremely easy to use and can be low maintenance. Many platforms provide free email templates that you can use for your email campaigns, removing the time-consuming task of creating your own email design or template.
Additionally, many email platforms provide the option for a mortgage loan officer to set up automated emails. With marketing automation, you can schedule emails, personalize the subject line, and send automatic emails when a new client signs up on your list.
Marketing automation is a great advancement in general marketing strategies and can make your life easier as a loan officer.
Drive Traffic To Your Website
Another great benefit of using email marketing tactics as mortgage brokers is the ability it provides for you to drive traffic to your Facebook, website, social media, and other channels. Primarily, the goal for many brokers is to increase the number of visits to their website as this will often lead to more loans or customers.
Your mortgage email marketing strategy should include internal links to your landing page and calls to action that encourages viewers to do their business with you. A simple call to action can not only lead to more website views, but also more customers.
Show Off Your Knowledge and Expertise
Mortgage brokers typically deliver several services to their clients. For instance, some mortgage brokers offer advice on how to get the best mortgage rates, how to save for a down payment, or the necessary steps to take when preparing to purchase a house.
With mortgage email marketing, mortgage brokers have an opportunity to showcase their expertise and establish themselves as reliable source of information, promoting themselves as the first call when it comes to mortgages.
Maintain Relationships and Keep Clients Informed
Email marketing also provides an opportunity for mortgage brokers to keep their customers up-to-date with market trends, announcements, or developments that may affect their clients.
Keeping clients informed is essential in the mortgage industry, as the market continuously shifts, and clients need to have reliable and updated information.
Offering valuable and unique content via regular email communication can keep clients engaged and coming back for more.
How Can a Mortgage Broker Use Email Marketing | 4 Mortgage Email Marketing Tips
Email marketing is essential for mortgage brokers because it allows brokers to establish a personalized connection with their current clients and prospective clients.
Here are four mortgage marketing tips and strategies that you can use when creating your marketing campaign.
1. Build Your Email List
The first step in email marketing for mortgage brokers is to build a quality email list. Your email list should comprise potential clients who are interested in your services and people you have worked with in the past. Often, the goal is to build up the widest range of subscribers and segment them accordingly.
BUILDING YOUR LIST
You can gather your email list in different ways such as:
- Through a sign-up form on your website, where visitors can leave their email addresses in exchange for valuable content or newsletters.
- Social media platforms, where you can post market updates, campaigns, or advertisements targeting potential clients that visit your page.
- Lead magnets such as e-books or free consultations where interested parties can opt in to join the email list in order to gain instant access to the product.
Email lists can also provide you with valuable information from your audience that can help you in other campaigns.
Gaining information about your target audience is very important for business success and segmentation, especially if your email sign-up form asks for a location, phone number, or other information.
2. Segment Your Email Recipients
After building your email list, it’s essential to segment it according to different categories or criteria. Segmentation enables you, as mortgage brokers, to tailor your message to different groups of people.
HOW TO SEGMENT YOUR LIST
For instance, you can segment your email list based on:
- The different stages of the mortgage process that clients are in
- Clients' interest in different mortgage products
- The level of engagement of your clients with your products and services
- Type of industry/industry professional (for example: real estate agents, bankers, other brokers, etc)
3. Create Quality Content That Includes Valuable Information
Once you have built and segmented your list, you now need to create content to include in your emails.
The success of your email campaign is dependent on the content you share. As mortgage brokers, creating quality content that is valuable to your email subscribers is key to engaging them.
Start a newsletter
Regular email newsletters that delve into different ideas, updates, and advice can be a great way to engage your readers.
Your email content should provide your subscribers with solutions to their mortgage problems, help them make informed decisions about loans, and outline the benefits of your services.
Some Topics for your email newsletters
For example, some of the content you can focus on includes:
- Mortgage market trends in your area or nationally
- Comparisons of different mortgage products
- Tips and advice on how to prepare for mortgage applications
- Real Estate Industry advice from professionals
- Best practices as a loan officer
- Handling money and financial advice when buying a house
Mortgage brokers can also use content marketing as another strategy to drive traffic to their websites. By sharing valuable content on their site, they can drive traffic to the site by including links in their emails.
4. Be Consistent and Personal, But Not Overwhelming
Email marketing timing is essential. It's important to be strategic and intentional when it comes to sending out emails. You don’t want to overload your subscribers' inboxes with too many emails that they eventually disregard or label as spam.
On the contrary, sending emails at peak hours when your subscribers are likely to check their email is also essential to ensure a higher open rate.
Set Up Automatic Emails
Marketing automation can help when creating consistent and valuable emails. Email automation allows you to set up an email flow that can guide clients through different stages of the mortgage process such as:
- Introductions: Share an overview of your services and how you can help clients achieve their mortgage goals.
- Informational: Offer helpful tips regarding mortgages, and provide insightful guides that can help clients learn more about the mortgage process.
- Reminder: Offer reminders of important dates coming up, such as renewals or payments.
Personalization with Strong Subject Lines
Personalization enables you to add an extra layer of connection to your subscribers. Adding personal elements, such as openers that include the subscriber's name, enhances the feeling of rapport with the subscriber. Additionally, you can write captivating and personal subject lines that can encourage readers to open and view the email.
Some Final Thoughts
As you know, using emails in your marketing campaign can be extremely beneficial to your mortgage business. Understanding the purpose, need, and value of email campaigns can help you use this mortgage marketing tactic effectively to build a larger client base, increase your sales, and create strong relationships with your readers.