It All Starts With A Plan
Survey successful professionals and you’ll find several common threads. One of the most important ones is the ability to plan wisely and then execute that plan. Few people have the good fortune simply to stumble into success.
The mortgage loan business is no different. To be successful, you must develop a marketing plan that fits your business. Here are some of the questions to consider as you develop your strategy.
Whom Are You Targeting?
If your business tries to be everything to everybody, it’s difficult to achieve the expertise necessary to establish your company’s identity. Do you specialize in a geographic area, type of property, or segment of the homebuyer market such as first-timers or investors? Do you have insight into the refinancing market?
Define your area of expertise, and then develop a marketing program that focuses on the consumers that will be the most receptive to your message. You’ll get the most for your marketing dollar with that approach.
How Do You Reach Them?
In today’s competitive climate, you can’t afford simply to maintain your website and let prospective clients find you. You must take the initiative in establishing your name throughout the marketplace. A two-tiered approach can yield results.
Through sponsorships of events, youth sports teams, public works projects, or other non-industry related items, you can give your business a positive association among those who aren’t even looking for homes right now. Meanwhile, you can establish your mortgage loan authority by supplying useful content on social media or contributing articles to industry sites that correlate to your target market.
Your approach may differ, but the point remains – find an effective multi-level communication strategy that keeps your mortgage loan business in people’s minds.
How Do You Manage Leads?
It usually takes time and multiple contacts to convert a lead into a sale. Without effective lead management, you can’t prioritize your leads and follow up in an appropriate time frame – giving competitors an opportunity to swoop in and take your potential sale. Make sure that your lead management system is good enough to result in a solid conversion rate.
Are you having trouble keeping your lead pipeline full enough to put your lead management system to work? Consider the services of a mortgage lead provider that can keep your pipeline full of suitable leads while staying within your budget constraints. Call (310) 209-8600 to see how LeadPoint can help.
How Do You Follow Up?
Make sure that you follow up with potential customers as well as past clients. Stay in touch in a regular yet unobtrusive way. For leads whom you’re trying to land, timing is key. Stay on message: what can you do to help them achieve their goals? But be careful; there’s a fine line between letting them know you’re available and pestering them. Newsletters, social media, and holiday messages are all suitable methods of keeping in touch with your former clients. Positive word-of-mouth is an important factor in people’s perception of your business.
Fail to Plan, and Plan to Fail
By now you’ve heard, “Plan your work and work your plan.” Planning is not just a good idea – it’s essential in today’s mortgage loan market. If you aren’t planning, keep in mind that your competition is. With superior planning, they may take clients that should have been yours. Is that a chance that you really want to take?