A 2024 Guide to Mortgage Marketing
The real estate market is shaped by thriving or diving economic cycles, which will shape your mortgage company’s annual revenue. For instance, you will likely remember the 1996 Savings and Loan Crisis well or may want to forget the 2007 to 2008 mortgage meltdown.
The best mortgage marketing tactics in the world cannot protect lenders from fluctuations, but they can help them survive and thrive when the market takes a turn for the worst. If you are ready to overcome volatility and attract more clients and partners, check out this 2024 guide to mortgage marketing.
Chapters
Master Digital Mortgage Marketing
Most home buyers, from twentysomethings to 50-year-olds, expect a respected mortgage company to have a strong online presence. Establish trust in your brand by adopting various digital marketing and communication methods.
In addition to accepting and sending emails, you must introduce various strategies to connect with your target audience. For example, you must embrace social media marketing for many popular platforms, such as Instagram, LinkedIn, X, YouTube, and Facebook.
Also, the following strategies could generate significant leads:
- Pay-Per-Click (PPC) ads
- Content marketing
- Search engine optimization (SEO)
- Email marketing
- SMS marketing
- Webinars and virtual events
- Video marketing
- Listings on property websites
An experienced mortgage marketing agency could help your business execute an effective, engaging, and legally compliant campaign that attracts the attention of many more prospective customers and referral partners throughout the years.
Adopt Tried-and-Tested Traditional Marketing Techniques
Many mortgage companies dedicate much of their time and attention to digital marketing campaigns and overlook tried-and-tested traditional marketing techniques. While online campaigns can capture an audience’s attention in an instant, the likes of newspapers, billboards, and magazines are ideal for reaching a local, broader audience.
Solely focusing your marketing efforts on online users may cause you to miss out on customers who are less likely to use the internet, leading to a smaller customer database and revenue.
Grow your brand recognition and annual revenue by:
- Sponsoring local events
- Investing in newspaper, magazine, and billboard ads
- Sending printed materials to target demographics (e.g., flyers, direct mailers, etc.)
- Creating TV and radio commercials
- Door-to-door marketing
- Cold calling
Increase Word of Mouth with Referral Marketing
Modern consumers don’t automatically trust online and traditional marketing campaigns, especially if they are unfamiliar with a brand. What they do trust is word-of-mouth recommendations from friends, family members, colleagues, and industry professionals.
The more referral partners your mortgage company acquires, the more clients you can generate each year. For instance, you could combine your marketing efforts with realtors, real estate agents, financial advisors, contractors, and insurers. Once you have secured one or more referral partners, focus on creating cross-promotional content, co-hosting industry events, or word-of-mouth referrals.
Educate Financial Advisors
Most financial advisors are experts in helping everyday people save money, invest their income, and find the best insurance products for financial protection. Yet, many fail to educate their clients on their biggest financial investment: their mortgage.
Educating financial advisors on the benefits of your loans could help their clients make smarter decisions when applying for a mortgage. Rather than wasting their hard-earned income on mortgages with high interest rates, taxes, and PMI, they could refer a client to your business. It is a win-win for everyone.
Help People Improve Their Finances and Credit
Educating your target demographic is one of the smartest ways to increase referrals and secure many clients. Make it your mortgage company’s mission to provide insightful content, host educational events, and create engaging videos that boost people’s understanding of financial products, budgeting, tax obligations, debt, etc. Your knowledgeable, helpful content will not only help your target audience make more intelligent decisions, but it will improve your mortgage company’s credibility.
As credit issues are often a major obstacle for budding home buyers to overcome, focus on improving their credit education to help them take a step on the property ladder in the future. For example, you could deliver informative credit content via email, Instagram stories, Facebook Live, webinars, or cross-promotions with referral partners. Additionally, you might want to explore offering credit repair services to your client. Here is a guide that explains how credit repair software can help you initiate this process.
Publish Topical Content
The real estate market can feel complex, especially for first-time buyers. As a result, your target audience might be searching for answers to many questions. Your mortgage company’s goal should be to provide clarity on mortgage rates when house prices plummet, inflation increases, or the economy shifts.
Watching the news each day will provide your team with many talking points, which you can address on your site’s blog, social media pages, email newsletters, and more. As the mortgage market is shaped by many factors, from the stock market to unemployment rates, there will always be an interesting angle that your target audience will want to read.
Capture More Attention with Visual Content
Most mortgage marketing companies understand the importance of crafting visual content for younger audiences. Written content is more likely to stand the test of time in the SERPs, but videos are more compelling and more likely to generate leads.
An informative video could improve your company’s brand engagement, website performance, and customer acquisition. For instance, a reported 85% of people are more likely to purchase a product after watching a video.
As Gen Z and millennials are eager to take their first step on the property ladder, visual content is one of the best ways to capture their attention online. After all, they are more likely to use Instagram, YouTube TikTok, and X than baby boomers, meaning visuals could improve brand recognition and engagement among younger buyers.
Avoid the Hard-Sell
Constant calls, aggressive email strategies, and endless promotional social media posts will be off-putting to prospective customers. Rather than hard selling a loan, you must focus on providing your target audience with much value, such as your knowledge or top tips.
Place yourself in a homebuyer’s shoes in today’s real estate market to consider how they might feel, their biggest concerns, and why they would benefit from a loan. Once you have established yourself as a credible resource on mortgages and real estate, you can promote your offerings to a potential borrower.
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