Need to build or rebuild your mortgage loan pipeline over again? Try these scrappy lead generation moves…
Unfortunately, loan officers can often find they need to restart their business over again. It can happen for a variety of reasons, including the following.
If you’re determined to not just stay down, but to take control of your life and future, here are some of the affordable ways to can rebuild, starting today.
Guerrilla marketing can go as far as your creativity can take it but for loan officers there are five top tactics. Knock on doors, creative use of social media, interesting business cards/flyers, offline network and using old or unnurtured leads from other LO’s.
This is often the least favorite among loan officers who have been spoiled with sitting at a desk or home and just answering the phone. Yet, it can be a great way to stand out, rustle up some new business fast, and have fun doing it. You can knock on houses to go direct to the consumer, as well as calling on offices, real estate brokers and other potential referral partners.
At some point, once you have a real marketing budget again, you will need to invest in assistants, quality content and paid promotion in order to get the most out of social. However, for now you can turn up the heat on your favorite social network for free. You don’t have to master them all. Just focus on the one you already use a lot, and enjoy spending your time on. Bulk up your audience, start conversations, capture phone numbers and emails that you can add to your mortgage CRM and keep marketing to.
Business cards are going to be one of the least expensive marketing materials you can get your hands on. You may even be able to find some free deals out there to get started. Don’t let boxes of these lead generation tools collect dust in your trunk. Get out and use them. Make it a game. See how many business cards you can exchange each day. Find the most creative ways to leave them for someone else to find.
Facebook is great for reaching people at scale. In person networking is great for making real connections. Go where the people are who need mortgage loans. That can be Realtor events where their clients need funding. Or it could be home shows where visitors need HELOCs to fund home improvements or to buy new homes. Or, how about builder trade shows where attendees need big loans to fund new projects?
By now you should have a decent sized ‘rolodex’ of other loan officers. Even if you are newer to the industry, you’ve done the licensing courses, gone to the exam, and run into competitors and bankers out in the field and in everyday life. Many will have piles of aged leads they haven’t done a good job on following up with. Most loan officers give up on leads after just trying to contact them once. Maybe twice if they are aggressive. These leads can still be turned into gold. Ask for them. Offer to split the profits if you can close any of the deals they couldn’t.
Even if you are running a lean career or startup mortgage company, chances are you are going to end up buying some new clothes at some point anyway. You can choose to use those dollars to support someone else’s brand and retirement fund, or your own. For a few dollars you can get custom branded hats, polo shirts, tshirts, and more. Don’t just put your logo. Make a strong call to action and have your contact info on them. You can create custom t-shirts from websites like CustomInk.com.
When your mortgage business is flush with deals you won’t have time to answer marketing calls from other businesses. Some might consider these junk calls, but it’s all about what you do with them. Once you’ve registered yourself as a business, opened a bank account, obtained a business phone line or new website domain name you’ll probably be inundated with sales calls from all types of individuals and companies. Look at these as free incoming leads. Look for ways to sell them or collaborate with them on marketing for new business.
There are plenty of ways to scrape up new business and refill your mortgage CRM with new contacts. It’s just a matter of if you want it bad enough and have the hustle.