The mortgage industry is heavily regulated. And, the restrictions can make it difficult for marketers to find unique and compliant angles to differentiate themselves from the growing number of loan officers.
As a result, we’ve found the key to mortgage advertising is to think outside of the box.
By focusing on an underserved component of the industry, you can add value to clients, reach a new audience, and still work within the parameters of compliance.
1. Expand Your Lead Pool
The ability to achieve homeownership boils down to dollars and cents. And traditionally, loan officers spend their marketing budget on those who have their finances in order.
However, there is a large pool of people who are working to rebuild their credit in hopes of owning a home in the near future. This selection of future candidates is a great source of lead generation.
Loan officers should shift their mortgage advertising toward clients who understand the importance of credit repair.
This angle can help loan officers build a pipeline full of future clients.If you can help a client reach an important financial milestone, they will be more likely to work with you once they are ready to sign for a new home.
2. Differentiate from a Saturated Marketplace
According to the Bureau of Labor Statistics (BLS), the mortgage industry is a fast-growing one. Between 2016 and 2026, 36,300 new loan officers are expected to enter the workforce. This indicates about an 11% change, which is above the average growth rate of other occupations in the U.S.
So if you’re like most professionals in the industry, it’s important to find ways to generate new leads and attract new clients. By offering unique services—like credit repair— to your existing portfolio of skills, you are adding value to your clients and differentiating yourself from the pack.
With differentiation comes new business and a new pool of leads you haven’t previously tapped into.
3. Push Client Relationships Farther
Focusing on your client’s financial health is a great way to shift your mortgage advertising message.
Offering credit repair guidance as a resource for your clients is an innovative technique for the mortgage industry. And, by adding this new tool, you can work with your clients at an earlier stage of their financial journey, and eventually grow your mortgage business.
Not to mention, the longer you work and achieve goals with your clients, the more opportunity you have to solidify your working relationship, which can lead to more referrals after a job well-done.
4. Marketing with a Trackable ROI
How many times have you shied away from marketing ideas because gauging the ROI was difficult? It’s hard to count how many new leads you received from your social media campaign or the flyers you posted around town.
However, there are tools available which make it easier to track new leads and new deals.
For instance, let’s say your mortgage advertising was directed to a segment of future homeowners who at the time were unable to land a mortgage due to their credit score. (After all, loan applications are trending downward for a reason). But, you provided a service that helped them rebuild their credit so they could get a mortgage.
Because this group of leads is well-defined, if down the road, those same clients came to you for a mortgage, it could be implied your credit marketing and resources provided a return on investment.
By helping repair your client’s credit scores, they can receive a mortgage, and you can close more deals -- deals which are trackable back to the campaign that generated them.
5. Get Existing Clients Better Rates
Keeping clients almost always has to do with their personal bottom line. If your competition offers a better rate, your clients will jump ship.
And, the best way to get your clients better rates is to improve their financial situation.
By offering a way for your clients to rebuild and grow their credit, they will qualify for more —and better—loans. This process also allows you to close more deals and worry less about the competition.
Focusing on credit is a unique and underutilized mortgage advertising technique that actually works. Learn more about the tools Credit Repair Cloud offers to help mortgage brokers close more loans.
