Marketing Basics for Mortgage Brokers

Back in the good old days, before the housing bubble burst, being a mortgage broker or loan officer was like having a license to print money. After all, interest rates were low, housing prices were climbing, and almost any homeowner could be persuaded to refinance their house.  

On top of that, banks and lenders were particularly casual in their business practices and practically anyone could get a loan. Of course everyone knows how all of that worked out. Today home sales are sluggish at best, and even qualified buyers with good credit may have trouble getting a loan.

So how is a mortgage broker supposed to drum up business in this dismal market? Getting that business back means going back to the fundamentals of marketing and sales; networking, direct marketing, and a good website.

Word of mouth is the best way to generate new business and networking is the best way to get the word out about your business. It sounds old fashioned, but there’s no Internet substitute for getting your business card in the hands of as many people as possible.

Try to visit as many professional groups, networking parties, and seminars as you can. Don’t be shy, these events are designed specifically for making professional connections and doing business.

Another fundamental of mortgage marketing is direct mail and direct e-mail. While direct mail pieces don’t always net new clients, they do help keep your name in front of the clients you’ve already done business with and build your brand. Past customers are one of your best sources for word of mouth recommendations.

Direct e-mail marketing is still in its infancy, it is one of the most cost effective marketing tools around. While e-mail is cheap and effective, there are a few mistakes you should avoid. Be judicious with your e-mail marketing. Your clientele will quickly tune out your message if you’re e-mailing them too often.

And be sure to offer, keep up with, an “unsubscribe” option for clients who don’t want to hear from you by e-mail.

Establishing a visible presence on the web is a great way to compliment any marketing effort. A mortgage website that provides good general information about new loans and refinancing, as well as specific information about your business is an indispensable marketing tool.

There’s business to be had out there, but finding it is going to take a lot more effort than it used to.

Search Engine Marketing – How Persuasion is Used in the Marketing Message

Search engine marketing is one form of inbound marketing, which uses the power of words to persuade consumers or people searching for information on the Web, to click on links which direct them to a specific webpage. Many of the concepts used in search engine marketing are grounded in the psychology field with regards to persuasion and the manipulation of people.

The participants in the Stanley Milgram study had similar reactions to authority figures in the experiment as high school football players do with their coaches. Within the Milgram experiment participants overrode their personal moral value levels by following instructions from the researchers and, in their mind, creating extreme pain for the research participant.

The similarities between the Milgram study participants and the high school football players show that when people are put into social situations where they are being directed by an authority figure there is often a pressure felt to perform the task as requested by that figure. No different with search engine marketing and social networking, people are persuaded and manipulated by the words they read from messages and advertisements posted by businesses and other online users. Is it possible that the motivation to please these authority figures in life could stem from childhood, where efforts are directed into learning and performing for parental figures as a way to receive recognition and rewards.

Persuasion is very much present in today’s marketing world. Whether online or off-line advertising, communication techniques in the form of pictures, sounds, colors and word choice are used to illicit specific emotions, thoughts, opinion and feelings in consumers in attracting them as leads.

If you are out to increase the effectiveness of your online exposure and attract prospective online customers, you owe it to yourself and the financial future of your business to learn everything you can about effectively using advertising in a virtual environment and facilitate company growth.

Do you want to increase the effectiveness of your online marketing techniques to dramatically grow your bottom line?

If so, read about and download my new free eBook 10 Ways to Write More Effective Ads.

Network Marketing Success – Get Smart and Avoid Swordfish!

If you haven’t seen it yet, I highly recommend Get Smart. I’m not all too keen on how the writer’s portrayed Agent 99 (Anne Hathaway), but that’s not her fault.

Are you going through your network marketing business hitting all the same obstacles that Max did – despite The Chief’s warnings?

Seriously. Max says he’s “usually very observant”, yet he misses the sand trap, tractor AND swordfish, and nearly impales his boss’ head! And let’s not forget the golfers on the range using the car for target practice! All that, and The Chief was still trying to warn him!

Look at your business. Take a good hard look at what you’re doing in the name of “building your business”. What items are you missing, in terms of the important, obvious obstacles that you need to clear? What’s your sand trap (the thing that slows you down), your tractor (the thing that deflates you) or your swordfish (that thing that drive your business to the brink)? Who’s using you for target practice – and hitting you where it hurts most? Are your leaders sending you warning flags? Are you listening?

For me, (like some of you), it was a matter of not making a point of touching my business daily. I got distracted by “shiny object syndrome” and was prone to lose focus on my daily business building activities. I’d get sidetracked – sometimes for weeks, and scratch my head, wondering where all my business went! It didn’t go anywhere, I just didn’t work with it for weeks on end.

There’s also another malady, to which I’ve been prone. I call it “chasing multiple rabbits”. You can only chase one rabbit at a time. Eventually, your rabbits scatter into different directions, and you have to pick ONE in order to successfully obtain any of them.

TOO MANY GOALS. Too many objectives on which to focus your time o worse yet – too many network marketing companies. I’ve joined nearly a dozen direct sales companies in my lifetime – some of them more than once. Some I joined for research – to compare comp plans, or to understand what the consultants have to go through. Some I joined because I love the product. Others I joined thinking it was “the one” and later decided against it. Ultimately, I had to settle on one company, with a product, culture and comp plan I LOVED.

So for me, my “swordfish” was too many other distractions that kept me from being the best of the best at what I do. What are your goals? Where are you heading? What do you want to accomplish?

See it clearly in your mind. Write it down. Get emotional about it – then clear the swordfish from your mind and move into absolute unison with your “rabbit” chase it, catch it, and realize the success that is ultimately yours!