Some loan officers build their business based on social media, others develop relationships, and still others advertise using such tools as: direct mail and email marketing. Whatever approach or combination of approaches are used to generate leads, successful loan officers create and follow a plan on how they will generate their business. As with anything in life, what works for you today may not work tomorrow, so your business and the way you generate activity should be constantly changing and adapting to the market. With every new improvement, enhancement, and/or technological advancement your lead generation plan has to be able to grow and develop. The mortgage business or any sales field in general will take time and effort to build. If you stay focused, you will be able to create a system that consistently produces leads and future income. The following is a list of lead generation ideas that can be used by loan officers to increase the amount of leads and business they receive.
• Relationship Building – The number one source of leads in the mortgage business is from licensed real estate agents. Other relationship sources include, but are not limited to: accountants, insurance agents, and attorneys. Creating a system where you contact and grow your relationships with individuals in these occupations is a foundation to long-term success.
• Past Customers – Great customer service is the first step in earning repeat business. Although, constant contact through phone calls, emails, mailings, and other sources of communication will increase the likelihood of your past customers using you again for their next mortgage as well as referring their family and friends.
• Social Media – In today’s environment, social media is the least expensive and easiest way to stay in contact with your sphere of influence, as well as new customers that may be looking for information before they purchase a house.
• Find Your Niche – Many successful mortgage originators specialize in and become proficient in a particular loan type. Whether, it is jumbo loans, FHA rehabilitation, USDA, or other mortgage types, it is to your advantage to find a niche that you are deemed as the expert.
• Create a Team – Co-market with real estate agents, title companies, nonprofits, or other entities that help individuals purchase homes. The more you help others become successful, the more successful you will become yourself. The bigger the team, the more people you will have advertising on your behalf.
Remember, your lead generation plan should continually change and adapt to the current environment. Watch your competition and see how they generate business. You don’t need to reinvent the wheel, just use what works. Often the best way to increase and improve your business is to adopt successful proven techniques that prosperous loan officers are already using. Also, the best way to keep track of your marketing successes and failures is to have a daily, weekly, and monthly plan that keeps you focused on results. Use your marketing plan to track the number of leads and loans you receive from each activity.