February 4th, 2010 | 
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Are you a loan officer who has been looking for new ways to generate more closings in this troubled market? Most mortgage loan originators have been searching for this elusive solution to the mortgage loan marketing problem. The biggest problem seems to stem from the fact that there are plenty of books, coaching, and “systems” being pushed as the answer to your troubles, that it’s often difficult to know what is fact, and what is fiction.
So what is a loan officer to do? Is there any marketing tool or vehicle out there that can help you to generate all the leads you need to boost your pipeline in a troubled economy? Let’s have a look at the verifiable facts:
Online Mortgage Marketing Fact #1
The first step in separating fact from fiction is to identify a reliable way to get in front of qualified prospects, wouldn’t you agree? Isn’t it better to market to people who are already searching for a mortgage loan officer, as opposed to cold calling? Of course!
Then welcome to online mortgage marketing! What makes the web such an ideal lead generator is the fact that according to the NAR (National Association of Realtors), more than 84% of all individuals who purchased a home in 2008 began their search on the internet. How does this help you as a loan officer?
Think of it this way. Would you rather capture these soon to be home buyers early, or late in the process? Would you rather speak to someone who is confused after shopping 1 too many of your competitors, or would you rather capture the lead early on and set the bar? Most of these prospects are going to need a mortgage loan very soon, and you have the opportunity to get your foot in the door early on.
Online Mortgage Marketing Fact #2
Fact #2 is quite simple really: Online marketing is quite cost effective (In many cases free to perform) when compared on traditional marketing methods such as direct mail, print ads, hiring telemarketers, etc. The whole point of marketing is not to generate leads – But rather, to generate leads with the highest return on your investment.
In other words, you’re goal is not to generate as many leads as possible at any expense. What’s the point in closing 10 loans this month if 50% of your fee is eaten up in marketing expenses? You’d be better off closing 5 – 6 loans for the month with zero, or close to zero in marketing expenses. (Much less “busy work” at this point)
The point here is that you’re not after the highest amount of closings each pay period, but the highest return on your investment right? Marketing online has proven to be one of the most cost effective methods to get exposure.
Online Mortgage Marketing Fact #3
Time is always a concern as a loan officer. You’ve got plenty on your plate already, so your marketing efforts better be time efficient. Good news! Marketing online offers you the ability to leverage your time. See traditional forms of sales and marketing require your full attention, meaning that once you stop, the leads stop as well.
Cold calling, door knocking, direct mail, all of these methods are 1 shot efforts. Once you stop, the leads come to an abrupt halt as well. With the web, you have an opportunity to create a viral effect. My own website is still pulling leads on a weekly basis from articles, bogs, and other marketing efforts I made over 1 year ago.
Sure, it can be a lot of work up front to get things humming along for you, just like any worthy marketing effort. But once you have your strategies in place, it’s quite common to continue drawing in business on a regular basis long after the efforts have stopped. This is beneficial to you as a loan officer because it allows you to focus on closing your loans, and other activities without constantly worrying where your next lead will come from.
So what’s the next step? How do you learn the proper online mortgage marketing methods that will allow you to take advantage of the three facts listed above?
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