In the good old days, before the housing bubble burst, being a mortgage broker or credit officer was like having a license to print money. After all, interest rates were low, home prices were rising, and nearly every homeowner could be persuaded to refinance their home.
In addition, banks and lenders were very casual in their business practices and practically anyone could get a loan. Of course everyone knows how it all ended. Today, home sales are slow at best, and even qualified buyers with good credit can struggle to get a loan.
So how should a mortgage broker do business in this bleak 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 customers and networking is the best way to get your business noticed. It sounds old-fashioned, but there is no alternative to the internet to get your business card in the hands of as many people as possible.
Try to attend as many professional groups, networking parties and seminars as possible. Don't be shy, these events are specially designed for making professional contacts and doing business.
Another fundamental aspect of mortgage marketing is direct mail and direct email. While direct mail pieces don't always bring in new customers, they do help keep your name in front of the customers you've already done business with and build your brand. Past customers are one of your best sources of word of mouth.
Direct email marketing is still in its infancy, it is one of the most cost effective marketing tools out there. While email is cheap and effective, there are a few mistakes to avoid. Use your email marketing wisely. Your customers will quickly ignore your message if you email them too often.
And be sure to offer an "unsubscribe" option, keep track for customers who don't want to hear from you by email.
Having a visible presence on the internet is a great way to compliment any marketing effort. A mortgage website that, in addition to good general information about new loans and refinancing, also provides specific information about your company is an indispensable marketing tool.
There is business to be had, but finding it will take a lot more effort than it used to.
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