As you’ve probably noticed, life has changed rapidly and unexpectedly with the advent of the coronavirus pandemic. With the housing market cooling down, loan officers need new, creative strategies to close more deals. The right loan officer marketing boosts deal closings even when housing activity is slowing down. Here are five ways to help borrowers qualify for mortgages even as the environment seems sluggish.
1. Establish Expertise
Branding is a critical element in loan officer marketing, but success comes down to establishing your expertise in the mortgage field. Clients must feel confident that they are choosing a loan officer who knows exactly what they are doing and will close a deal as painlessly as possible.
For branding and to establish expertise, look to social media and build a robust presence. Use videos to share your knowledge with clients. Post regularly about how to qualify for the best rates, explain what various mortgage terms mean and give your clients information they can use when mortgage shopping. Put together interactive webinars. Clients always want to feel they are in safe, experienced hands.
2. Don’t Skimp on Marketing
When the market is cooling down, you are probably looking at some belt-tightening. There are places where you can cut back on spending, but make sure marketing isn’t one of them. Cutting back on marketing only makes the situation worse. You want your name and brand out there when your field is even more competitive than usual. Pay-per-click and similar campaigns are expensive, but they aren’t the only marketing game in town. Determine where you get the top marketing bang for your buck and keep it going.
Ensure you are sending the right message in your marketing materials. Survey previous clients to find out what they liked about your marketing, and where there is room for improvement.
3. The Right Technology
If it’s been awhile since you upgraded your technology, or you find yourself doing too many things manually, it’s time to get with some new programs. Automate every aspect of the loan process as much as possible. Buyers always want short approval times, and that is especially necessary in a buyer’s market. Seek out the most-effective and efficient platform for your needs.
Maybe you have the right tech platform but are not using all of its potential. Do you take advantage of features such as customized timelines for borrowers or other personalized items? This is the sort of individual attention that customers seek.
Good tech can help you with your marketing while saving you money. Your customer relationship management (CRM) program, for instance, should allow you to send out newsletters, surveys and other materials to customers in your database.
The first contact you’re likely to have with clients is via phone or text — instead, consider going the video route for that initial communication. Seeing each other face-to-face can establish a level of trust between a loan officer and a prospective client that you can’t get anywhere other than an in-person meeting. A client is making a huge commitment and purchase, trust is absolutely essential for closing more deals, and that level of connection could be the key.
4. Client Education
Successful loan officer marketing depends heavily on client education. If the client does not understand the process, closing the deal becomes difficult, if not impossible. Keep your customers abreast of the best financial and real estate moves they can make to qualify for lower rates or down payments.
If you serve a bilingual population or want to expand your loan services, make sure educational materials are available in languages other than English. If your bank or brokerage has not already done so, hire a bilingual loan officer to assist clients and answer their questions when English is their second language.
Provide your client with products such as ScoreMaster to educate them. They can come to you with any questions. The more honest and forthright you are with clients, the better the odds of closing the deal, and ScoreMaster can help.
5. The Right Customer Experience
As a loan officer, you know there is no one-size-fits-all when it comes to satisfying clients. That is why it is imperative that you fit your style to the individual borrower. Some people want to complete the entire loan process online, with as little interference as possible from a loan officer, while others need substantial guidance and hand-holding. Analyze each client to determine how you can deliver the right customer experience for that person.
ScoreMaster, with its gamified system, is an excellent tool for closing more deals. Lenders offering ScoreMaster see an increase in better loans and the number of people who can qualify for loans. Clients also see loan officers providing such valuable tools as having their best interests in mind. Contact ScoreMaster today and learn how we can help improve your bottom line.