The housing market is competitive, but that doesn't mean that advertising should take a back seat. You need consistent marketing tactics to reach new prospective homebuyers and network with realtors, whether the market is up or down. There is power in advertising year-round, regardless of how business is doing.
According to the local news at ABC15, "Zillow expects Phoenix home values to rise about 20% in 2022 — still an incredible pace, but a steep drop from the hottest-ever conditions of last year." It's not too late to start growing your business through the current house-buying craze. Incorporate these marketing tips into your current strategies to generate more leads, convert local homebuyers into clients, and build stronger partnerships with local real estate agents.
Marketing Tips for Mortgage Lenders
Follow these four tips to find your ideal buyer's market, start growing your pool of contacts, and build a referral network of local agents and brokers.
1. Settle Into Your Niche
What type of leads are you interested in marketing to? Some mortgage lenders focus on broad residential audiences, while other organizations may focus specifically on first-time home buyers, property investors, or different sub-groups. Identifying your niche (or general business area) can help you refine your marketing strategies, so you don't spend time or money chasing the wrong leads.
Establishing a specific niche does more than make your marketing and conversion processes more efficient. It can also help your brand become more recognizable. You'll gain a competitive edge if your messaging resonates with a buyer's needs, and you'll also be able to showcase your expertise by focusing on the precise needs of your core market.
You can determine your niche based on core factors like:
- Demographic Details
- Type of Property
- Geographic Location
- Philanthropic Services
- Different types of Loans, such as Short-Term Loans and Rehabilitation Loans
- Affordable Housing Markets
2. Amp Up Lead Generation With Referrals
While direct advertising campaigns are essential, there's nothing better than word-of-mouth marketing and referrals.
Some easy ways to get more referrals and grow your contact base include:
- Reaching out at regular intervals to past clients, such as for birthdays, holidays, and anniversaries of their home purchase
- Sending a small gift to past clients and requesting feedback
- Asking for feedback, reviews, and testimonials
- Checking in on past clients, contacts, and business partners to ask if anyone needs lending services
Referrals gain more traction. When someone refers your business to someone in the family, friend group, or professional network, that person is much more likely to consider your business and convert to a paying client. According to ReferralRock and Talk Triggers, "83% of Americans say that word-of-mouth recommendations from friends or family members make them more likely to purchase that product or service." So make regular client interactions and contact touchpoints a key part of your advertising strategy.
3. Get Creative With Email Marketing
Email marketing may be one of the oldest digital marketing channels, but it's still one of the most effective. If you take the time to personalize and segment your email marketing messages, you can see even more success, with Campaign Monitoring saying, " Emails with personalized subject lines are 26% more likely to be opened and marketers have found a 760% increase in email revenue from segmented campaigns."
Creating ongoing streams of communication helps you stay in contact with past clients, new referrals, and potential business partners. When you create personalized email campaigns, you can build out emails that give your audience information that provides value and shows your expertise in the market. Today's email marketing tools make it easier than ever to create engaging, individualized, and relevant emails — and send them at the best times for reaching your audience.
For an extra boost in engagement, consider adding video to your emails. Video gets attention, communicates your message in a unique way that your competitors might not be fully utilizing, and make your brand more recognizable.
4. Market to Real Estate Agents
Go straight to the source of new leads and serious homebuyers by marketing to local real estate agents. Realtors are always receptive to mortgage lenders who can offer fast, reliable services or have niche expertise for their own clients.
Building relationships with realtors can keep your office top-of-mind when a buyer is ready to put an offer in on a property or when a buyer is just starting to seriously shop around for a new home. You can find real estate agents by visiting open houses, networking on social media, and adding realtors to your email marketing lists.
Reach More Arizona Homeowners and Home Buyers With Your Mortgage Lending Services
When business is picking up speed, it's easy to let marketing fall by the wayside. But keeping up regular contact with past clients, nurturing connections in your pipeline, and staying top of networking is too valuable to neglect. Contact your favorite local marketing partner like Arizona's Family Marketing today to develop marketing strategies for your business and start generating more business.