A mortgage broker, or a mortgage loan officer, is an individual who is hired to provide professional mortgage advice to prospective clients, helping them to select and secure the best financing options.
However, because of the large pool of brokers available to work within the mortgage industry, it can be challenging for a mortgage loan officer to stand out in the industry. Because of this, it is crucial for you to have a strategic marketing plan to help you establish an edge in the mortgage industry.
In this blog, we will discuss various strategies and techniques on how to market yourself as a mortgage broker to your prospects and ultimately increase your business with more leads.
What is a Marketing Plan?
To start things off, let’s first break down what a marketing plan is and why it’s an important part of any business strategy.
Investopedia defines a marketing plan as “an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market.
A marketing plan details the outreach and public relations campaigns to be undertaken over a period, including how the company will measure the effect of these initiatives.”
In sum, a marketing plan is like a map that you, as a business owner, will follow to increase your business and gain traffic to your websites or platforms.
Why Do You Need a Strong Marketing Strategy?
Marketing is used by every single business, whether we know it or not. Even companies that don’t necessarily need big-budget commercials or need to pay influencers to sell their product, still use marketing strategies every single day. From the design of the packaging and the colours used by the company to the price and placement on the shelf, marketing is involved in all of these steps.
A successful mortgage marketing plan can not only bring in new business, but can help keep your current clients and build a strong reputation. Drafting a strong plan can be genuinely helpful and can prevent losing sight of your business goals.
Marketing Plan for Mortgage Brokers: 10 Mortgage Broker Marketing Strategies
If you’re a mortgage broker looking to up your game when it comes to marketing, here are 10 mortgage marketing strategies and tips to consider implementing as you develop your plan.
Develop and Update Your Website
When it comes to marketing a mortgage brokerage, a website is a fundamental tool needed and should be one of the first things you work on in your plan. You could have the greatest social media posts and the best sales promotions, but all that means nothing if your website isn’t working properly.
A website serves as the central hub for an online presence and is the go-to for prospective clients seeking information about your mortgage services. To ensure you have satisfied customers and website visitors, it is essential to develop a website that portrays professionalism, is user-friendly, and is responsive.
A website showcasing informative and interesting content such as blogs, reviews, and testimonials of past successful investments can emphasize a broker’s expertise and reputation.
Success in the mortgage industry is often reliant on your reputation as a broker and your brokerage’s brand recognition. Initial interactions on your website can have a huge effect on your web traffic and overall business.
This is why a great landing page and a user-friendly website can go a long way when it comes to bringing in more business. Helpful content like blogs can also increase a website’s searchability, making it easier for potential clients to locate the business online through search engine results. Creating a website without being aware of user conversion metrics could cause your marketing efforts to fail.
For instance, the placement of the call-to-action buttons such as ‘schedule consultation’ or ‘apply here’ could lead to a decline in site visitors’ engagement levels if not placed correctly or do not work properly. Happy clients like websites that look great and are easy to navigate!
Invest in Search Engine Optimization (SEO)
Once the website is up, the next important task is website optimization. As mentioned above, web content can help increase searchability and visibility on search engines. This aspect of web building is called Search Engine Optimization (SEO).
SEO involves using several techniques and strategies to rank the website higher on search engines, making it more visible to potential clients. Some techniques include keyword research, link building, metadata, blogging, and loading speed optimization.
Understanding Google Analytics, how search results work, and some basics of lead generation can help you when it comes to optimizing your mortgage broker website.
SEO is a vital aspect of mortgage brokerage marketing because most clients begin their search for financial services online. A quick Google search of “mortgage brokers Toronto” brings up over 12 million results.
If you want your mortgage business to rank on the first page of these results, you need to optimize your website and its content.
The higher the website appears in the results, the higher the chances of acquiring leads as many users won’t go through the hassle of searching through more than the first page of results.
Therefore, it is absolutely crucial to partner with SEO specialists, especially for brokers who may lack expertise in and knowledge about the field.
Boost Your Presence On Social Media Platforms
Social media has made it easier for businesses to connect with potential customers. While you may not think that you need social media accounts for your mortgage business, mortgage brokers can leverage social media to engage with clients, showcase their services, and share informative and educational content. You can create a company page on Facebook, Twitter, Instagram, and LinkedIn and can use them to cultivate relationships with your current client base and new prospective clients.
Platforms like LinkedIn are ideal for building professional networks and seeking potential clients. Mortgage loan officers can also share content that relates to their industry on LinkedIn, such as links to blogs or industry publications. This can increase your credibility and put your brokerage in a better position to compete. Other sites like Instagram and Facebook can be used to share information about events, fun pieces of information, and informative blogs for your followers to engage with.
Try Out Video Marketing
Video marketing is becoming a popular digital marketing technique as it is an effective way of humanizing a mortgage brokerage. Some home buyers may not know a lot about the mortgage process, interest rates, and other aspects of the mortgage industry. Using this opportunity to educate buyers, especially first-time home buyers, can not only boost your reputation but can also bring in more clients.
Loan officers can use video content to share success stories, provide educational content, offer insights, and enable clients to connect with their brands in a more personalized way. Whether it’s a “day in the life” type of video content or a video that focuses on specific elements in loan programs or the mortgage process, any type of video content can help.
You may also consider partnering with other professionals and sharing helpful content with your target audience.
For example, real estate agents can be very important connections to have. For a video, you can interview a real estate agent who can provide information on the home-buying process which new clients will find informative.
Creating videos that address customers’ needs and wants can significantly impact their decision-making process. Video marketing can be done on social media, landing pages, or through email marketing.
Network With Potential Clients and Other Professionals
As mentioned above, partnering with other professionals in similar industries can be a great step for your company. Networking is an essential aspect of marketing yourself as a loan officer as it can help you build relationships and connects with potential, current, and past clients.
As a loan officer, you can network in a variety of ways, such as joining professional industry organizations, attending local events, or engaging in online forums.
Mortgage lead generation is vital to a thriving mortgage business. Networking can set up relationships that can bring in new customers which can then increase your conversion rate.
Attending conferences or meetups could also be helpful to establish mutually beneficial relationships with other industry professionals. When brokers meet and network with real estate agents, builders, and financial planners, they can create an abundance of referral opportunities that lead to more clients.
Email and Content Marketing
Another type of online marketing that can increase your mortgage leads is email marketing. Email marketing is a cost-effective way of promoting mortgage brokerage services and is one of the best marketing ideas to implement.
The technique involves sending newsletters, special offers, or updates to potential clients’ email addresses.
Email marketing is a form of permission-based advertising, and the goal is to convert prospects into customers, therefore improving your conversion rate. In a way, targeted emails replace direct mail and can be used similarly.
A successful campaign should have a professional design and a clear call to action, with the message being of value to the customer. Whether it’s a special offer, updates on the housing market, or informative content, make sure that it also aligns with your goals.
Automated email campaigns can also be set up to nurture and convert leads into deals. However, it’s necessary to avoid overselling as this might create uninterest instead of creating leads.
Use Customer Testimonials
Positive reviews can go a long way. Negative reviews can go even further. Sometimes, one negative review can impact your brokerage for months. Ensuring that you provide great service to your clients can mean positive reviews that promote your business.
If past clients leave reviews, you can use them as part of your mortgage broker marketing strategy. Most websites use their customer reviews as a way of proving to potential buyers and customers that their product or service works.
As a loan officer, reviews can be used to show potential clientele that your service is worth pursuing. Reviews can also be full of helpful feedback that can better your work.
Another way to use your clients’ experiences in your mortgage marketing plan is through a referral program. Implementing a referral program is one of the most effective ways of growing a mortgage brokerage business.
Encouraging customers to refer friends and family through incentives and deals can boost sales and help acquire new clients. Clients who refer business through word-of-mouth or social media share their experiences and encourage trust and credibility for the broker’s brand.
Create a Newsletter
Because the industry is so reliant on consumer relationships, it makes sense to cultivate these relationships with a newsletter.
Newsletters help create brand awareness and exposure for businesses. Mortgage loan officers can use press releases and newsletters to announce new products or services, invite clients to events, or describe new achievements.
Publishing regular newsletters allows you to build and maintain client relationships even years after the client has used your service. Maintaining these relationships can benefit your brokerage in the long run as they may use you again.
Through press releases, borrowers can come across brokers that can be trusted, and media houses can share these releases for a wider audience reach.
Build Online Advertisements
One of the most popular and fundamental aspects of any mortgage marketing strategy is online advertisements. With the rise of technology, the use online advertisements have also skyrocketed.
These ads appear on various media screens, including social media platforms like Facebook, Instagram, and Twitter. There are different types of ads and some of them include product listings, affiliate ads, native ads, google ads, and banner ads. You should consider which of these can be used most effectively when implementing your marketing strategies.
Investing in online ads is crucial as they target potential clients and cast a wider net than traditional forms of advertising. However, brokers need to identify their target market to get the most out of their online ads.
Show Your Presence in the Local Community
Finally, the last of mortgage marketing ideas involves building and maintaining your local presence.
Similarly to real estate agents, loan officers work primarily with local clients. Because of this, your presence in the community can be extremely influential when it comes to building your client base.
Attending local trade shows, participating in community events, donating to local charities, and being an active member of your neighbourhood or town can help you grow as a broker and build your reputation.
When people in your neighbourhood know your name and know that you are a mortgage broker, they may think of you first when they go to take out a mortgage with a mortgage broker. Being at the front of mind as a broker is huge when it comes to generating leads.
The more people know you and your name, the greater the chance that they will use your services next time they need a mortgage broker.
Final Thoughts
Bringing in new leads and growing your brokerage doesn’t have to be a task that brings headaches, confusion, and frustration. Implementing these mortgage marketing ideas can greatly impact your business and help you grow as a broker. If you need help with your marketing, we recommend Merged Media who have extensive experience with real estate professionals.