Whenever people want to get a mortgage, they look for professionals who can streamline the process. This is precisely when your mortgage brokerage firm comes to the rescue.
In this article, you’ll find tips on how to grow your business, as well as five big mistakes you could make in the process.
As a mortgage brokerage business owner, you may have already thought about your target audience and the demographics of your clients (eg, age, gender, income, education level, etc.). You need to know your audience’s age range, habits, interests, and income to understand how to market your business. Also think about where you want to focus. Is it one or more domains? Choose more than one if you’re sure your business can handle it and you’re licensed to provide services in all of these areas.
Here are three tips you can check out to start growing your mortgage broker business.
You can have big goals, but remember they need to be realistic. How big can your mortgage brokerage business grow? What budget do you have to invest in this expansion and marketing efforts? Think about these questions and set realistic goals. Believe in your company’s efforts and be confident, but don’t take on too much work that you probably can’t manage to do. With that in mind, you need to have a long-term growth plan. Plan all the steps and activities that can help you reach your goals and grow. Break down your steps into smaller steps that you should take to achieve your goals. Establish key performance indicators (KPIs). Also think about ways to assess your progress. It takes time to grow as a business, but you will have success over time once you stick to realistic goals.
When new clients come in, they want to be sure they’ve chosen the right mortgage broker or brokerage because their success depends on you. You need to calm your clients who are stressed and overwhelmed by the process. Show you certifications and awards and put them in your office. Use your Linkedin page and website to generate mortgage leads and showcase your accomplishments. Collect written recommendations from your clients and former clients to put on your website.
Before choosing a mortgage broker, customers do extensive research, and your reviews, awards, and certifications can help them choose you over your competition. Show your current and previous customers that you care for even more positive reviews. Through it, you can get referrals from them, which, in turn, will bring in new leads. Whenever you help them succeed in financing a home and getting a mortgage, ask them to leave you a review. Appraisals are an essential approach to demonstrating to potential borrowers that you are the best fit for their needs.
Remember: Don’t rely solely on referrals to market your business, as they can bring in a lot of leads, but they are also unpredictable and you might get fewer referrals over time.
If you want to effectively promote your mortgage broker business, you must first identify the right audience that we have already discussed, such as their interests, habits, age…etc. Consider how your business differs from your competitors? What makes your business unique? Why should they choose you? Get answers to these questions before marketing your business.
Here are some effective marketing tips we’ve compiled just for you to get the most out of your marketing efforts:
- Build your website if you don’t have one and make it user friendly and easily navigable. Keep it updated and regularly analyze your content, including statistics, product descriptions, company contact details, customer reviews, etc. Help them find what they’re looking for on your website quickly and easily. Put the most crucial information on your homepage.
- Have a blog section on your website and write SEO friendly and educational content to show off your mortgage knowledge and build trust.
- Create a content calendar to stay organized and remind your customers of you through regular posts and content they can share. This way, your prospects will form a habit of reading your content.
- If you want to help potential borrowers learn about your business, you need to improve your social media presence. It’s one of the best ways to communicate with your prospects because they can use your platforms to ask you questions, tag you, leave reviews, etc. They will know about your brand, company news, industry changes, blogs and more through your social media accounts.
- Send targeted, brief and interesting email campaigns to your prospects. Don’t forget a monthly newsletter that can help your customers know that you are a professional in your industry and inform them of company updates or industry news.
- Most importantly, analyze all your efforts through Google Analytics to improve your marketing activities.
- Consider integrating a customer relationship management (CRM) system into your workflow if you haven’t already. This software can help you track your customers, respond to their inquiries, establish automated marketing campaigns, and offer personalized approaches.
- Optimize your website and make it more SEO friendly so that your business appears in top search engine rankings, which can make your business known to more people and increase website traffic. Go for digital marketing service providers, who can offer you a package for SEO, copywriting, SMM, email marketing, and more. for your marketing success.
As promised, here is a list of the top five mistakes made by mortgage broker organizations, and maybe you too:
- don’t learn — Many mortgage companies do not encourage their employees to read books, learn as much as possible, learn about the best tools and apps to run a successful business, and attend networking events. If you want to have a competitive edge, you need to be aware of current industry trends and embrace new ways to reach your audience. Stay up to date and apply the best business practices in your industry.
- Not having a unique selling point (USP) — How can you expect your customers to choose you over the competition? Do you want to get ahead of the competition? Then have a USP. Show your customers that you offer more value than your competition. It should be obvious how they will benefit from working with you to find mortgages. Communicate your USP to users to generate leads and increase conversion rates.
- Not maintaining relationships — Many businesses forget to keep in touch with their former customers after the closure. Customer experience should be your ultimate goal. Follow up with them and show that their experience matters to your business. Relationships are the key to getting more referrals and taking your business to the next level. So build relationships with your current and previous customers. Remember that your past clients may want to come back to your business for another mortgage.
- Not Leveraging Marketing — If you do not market the business properly, you may fail. You already know the effective marketing tips we provided before. Check them out and take advantage of marketing efforts as they will definitely pay off by driving traffic, increasing brand awareness and increasing conversion rates.
- Trying to be the best at everything — Do not try to compete on all aspects at all times, as you may end up copying your competitors and losing the uniqueness of your business. Do some things differently from your competitors, which will bring value to your customers.
Check all these tips and mistakes and grow your business starting today.