Mortgage brokers and financial professionals have the world at their fingertips when it comes to the mortgage business. As rates remain incredibly low, it’s essential to find ways to improve your mortgage business in 2021.
Organization, communication, and efficiency are the key factors in making your mortgage business as successful as possible.So, how do you set your financial firm or mortgage company apart from the hundreds of other options your target audience has? Check out our top 10 ways.
1. Make your business efficient
The New Year is a great time to take a step back and look at your process. Is it outdated? Are you redundantly doing tasks that you could simplify using today’s technology? If you are too involved in the day-to-day business, have an outsider look at your process and recommend ways you can change your process to simplify things.
2. Prevent data breaches
When borrowers provide private financial information, they want to know beyond a reasonable doubt that you’ll protect their information. Data breaches are common with the onslaught of fintech and most companies turning to online data. Putting a system in place to protect your borrower’s data and reassure their security will help grow your mortgage business.
3. Prove you’re a leader in the industry
Today it’s easier than ever to prove your leadership and expertise in the industry. Jump on social media (all platforms) and earn a following. Offer free content, helpful advice, and tutorials that help demystify and uncomplicate the world of mortgages. Many borrowers don’t understand how a mortgage works so they avoid buying or refinancing their home because of the lack of understanding. Educating the community with free social media posts, downloads, and blog posts help bring in more clients just by showing your passion for the industry and educating the community.
4. Provide downloadable content
Consumers love free content. Compile an eBook or white paper that makes it easy for consumers to understand the mortgage process. Informed borrowers are powerful borrowers and are the people more likely to use your services. Offer your content in exchange for their email address or a follow on social media to be able to include them in your mortgage broker marketing plan.
5. Ask for testimonials
Don’t ask for good testimonials. But do ask your clients for a review of your business. Good reviews take you far, so include them on your website and in your social media posts. When other consumers see people using your services and are happy about it, they too may use it.
You could even ask your current borrowers to share the word on social media. Offer something in exchange for each share or tagging a friend in the comments. Even a small gift card to Starbucks will get people to share your information.
6. Get personal
Get to know your borrowers (especially the buyers) as well as you can. Make the process personal, not just like they are a number. Today with the onset of digitalization many mortgage companies don’t even have conversations with their borrowers – they do everything online.
Don’t make your borrowers feel like they are just a number. Write personal notes, call them personally, or ask how they would like to be contacted. Some people prefer email or text because they can read and respond on their time.
7. Do good in the community
It seems odd that doing good in the community would improve your mortgage business, but it will. Here’s why.
Consumers love to support companies who support the community. If you help the homeless, provide food for the needy, or help sick children, for example, it shows consumers that you care about the community and want to help.
The results are twofold – you’ll help people that need it the most and increase your bottom line because your efforts get your company name out there. Start small, but as you build your company, take a larger stance, and go all out.
8. Process loans fast
There’s nothing borrowers want more than a fast process. When loans take more than 30 days to get through the pipeline borrowers lose interest, especially borrowers refinancing. They may be doing it because rates are low but aren’t desperate for it. If the process takes longer and they lose interest, they may abandon the process.
9. Create a solid mortgage broker marketing plan
Assuming borrowers will come to you is a mistake. You need to get out there and find them. Creating a marketing plan is the only way to stay consistent otherwise you’ll succumb to the ebbs and flows of the mortgage industry.
Create a plan that includes social media, community service, direct mailers, and more. Do your research, figure out where your target audience is and what pain points they have to increase your bottom line.
10. Use technology
Technology is your best friend in this day and age. Anything you want to do such as collect data, streamline the data collection process, provide superior security, and keep track of collected documents can be done online with a system like File Request Pro. With a centralized place to collect and store data, a way to maximize security, and a simplified tool for loan communication every mortgage broker or financial professional can benefit.
The start of a new year is a great time to revamp your mortgage broker marketing plan. Figure out what you’re doing right and where you may want to fix things. It’s not as hard as it seems to improve your mortgage business, but you must put in the work.
Using a system like File Request Pro sets you up for success. It makes most of these steps that much easier so that you have time to create direct mailers, come up with a solid social media marketing plan, and talk to your target audience.