Mortgage marketing techniques can explode your income.
How well you do in the highly competitive mortgage market is dependent on a number of things. Of course you have to provide good service. You also need to be able to do your job quickly and efficiently. Finally, and most importantly, you need to be able to market your service and products effectively. In fact, if you know anything about the mortgage industry, you know that marketing is what you live and die with. If you have the right marketing plan, then you have all the business you need. On the other hand, if you don’t know what you are doing in terms of marketing, then you will be out of business just as fast.
What this all means is that you need a good marketing plan. You need one that will bring you the most business with the least amount of competition. As with any product, a good mortgage marketing plan is one that is built around a niche. A niche is a unique spot in an environment. This particular environment is the mortgage business world. So what you need to do is find your mortgage niche so that you can get all the business possible.
Finding the Niche
The best first step you can take in finding your mortgage niche is to have a good idea of what your own skills are. Knowing your skills is the best way to make sure you are working in your own abilities. You need to interview yourself.
Ask yourself if you have been consistently solving the same problem for realtors all the time. If you have, then this is your strength: knowledge of that particular issue or problem. Additionally, ask yourself if there is any training you have received that separates you from others. The more you know and the more unique you are the better.
Ask yourself if there is a particular loan program you favor. If so, you are an expert at it and can market accordingly. Maybe you can even set your sites on every loan of that type in a particular market.
Be confident in your abilities and focus on your strengths. Figure out what you get the most compliments from clients and realtors on. Also, think about what part of the mortgage business you like the most is. Maybe you like first time loans or working with certain types of homes (condos, town homes, or single family homes).
Focus, Focus, Focus
The best way to get the most out of your resources in any business, and especially mortgage business, is to focus on your particular niche. You see, while many mortgage pros are using their time and money on a number of different loan programs, markets, and industries, you will be focusing on what you are best at. You will become more knowledgeable and more likely to land the loans within your niche.
As you work in that niche you become an expert. Your business partners and clients will marvel at your industry knowledge. This is something they will pass along and offer up when referring your services to others.
Finally, concentrating on this niche makes your more valuable to real estate agents. When a realtor refers someone, they want to be sure that person is going to take good care of their clients. When you are an expert in a niche, they know that they can send those niche customers to you with confidence.
Find a Program As Well
As you may know, your niche is almost as important as your referrals. While searching for your strengths and techniques, you should form realtor referral partnerships with those you trust. Good referrals are as valuable as a good niche.
One way to get the best referrals from the best realtors is to make yourself valuable to them. You can do that through many referral programs out there. The best ones will get you access to the low hanging fruit of the mortgage industry: renters who are buying for the first time. These mortgages offer the least competition when referred and are the easiest to close. Additionally, they are usually qualified because they come from a real estate agent.
As you can see, there is a lot to be said for the importance of marketing in the mortgage industry. If you want to truly be successful, you need to find your niche in the market first. Then, as you progress, find your way to a program that will hook you up with realtors and the best mortgage leads around.