Summary
This article outlines key methods for mortgage lead generation, including digital marketing, partnerships, and client referrals. It emphasizes the importance of a multi-channel approach to consistently attract new leads. By leveraging these strategies, professionals can maintain a steady pipeline of potential clients
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Recognize and leverage these industry trends into mortgage lead generation opportunities…
There are a lot of changes happening on the real estate and mortgage landscape. Whether you love them on the surface or not, all can be incredible opportunities for generating more loan volume.
Non-Traditional Financing Surging in the Marketplace
The World Property Journal reports that “We’ve continued to see strong and growing demand through the Midwest and Southeast for lease options and other unconventional rental options that allow highly-qualified renters to move towards home ownership.” Renters are tired of soaring rental rates that are outpacing wage growth. Millions are enjoying rebounding credit according to the credit bureaus. Yet, many just don’t trust the banks right now, or fear they won’t be able to satisfy the intense and meticulous paperwork burden demanded by conventional underwriting.
Some bankers and mortgage loan officers may see this as competition that needs to be squashed. As a result, forward thinking originators will see a huge opportunity to load their pipelines. For a start, this may be the last chance these sellers have to refinance and lock in more cash flow or tap equity in a lump sum. That’s immediate loan business. These buyers are also typically going to need a loan to cash out the seller in the next few years. Work with them, nurture them, and polish them as great borrowers, and you’ll have a mountain of easy business from loyal customers.
Interest Rates
Interest rates are probably going to keep going up. Everyone has beat the “it’s your last chance to refinance,” drum for years. A lot of those opportunities have passed. Yet, new purchase loans don’t have to die off. Whether it is first time buyer millennials and Generation Z, or buy and hold rental property investors, most of today’s buyers are thinking long term. They are focused on payment. Sell the payment, not the rate. For those focused on rate, offer buy downs to stay at or below that magic 5% number.
Digital Mortgages
A lot of banks and mortgage brokers are struggling with the invasion of the ‘digital mortgage’ as seen on TV. Those who move quickly can jump on this trend, appeal to this new generation of borrowers and become a household name. Those who aren’t ready to go that digital yet, still have the opportunity to win all of the other business. The more data hacks, identity thefts and privacy scares there are, the more people are going want to deal with real professionals they can do business with over the phone and in-person. While the rest of the herd is rushing online, don’t be afraid to use your digital marketing to drive more personal interactions. Be unique and trusted in your market for your human service.
Social Media Marketing for Mortgages
Social media spend is expected to rise 194% this year to $15B. Yet, most real estate and mortgage companies still aren’t getting the results they hope for from it. It works. It is all about quality content, reading the data right, and strategy. There are great opportunities to dominate target and local markets with coordinated multimedia campaigns. To incorporate multiple social media platforms, email, text messages, SEM and SEO.
Using New Secondary Market Power Players as Deal Channels
2008 dumped millions of nonperforming loans and REOs into the market. Many of those have been snapped up by new note buyers and many have become hyper successful and flush new powerhouses. They may be new channels to sell loans to. They are also high volume referral partners and clients with vast pools of loans they have successfully worked out or have foreclosed on. Refinancing, equity release loans, and partnering to be preferred mortgage lenders for their buyers are all options here.
Funding Investors Moving into New Markets
Finally while rental rates may be falling in Chicago, Brooklyn and San Francisco. They are also rising just as fast in other more affordable markets like Atlanta and Cleveland. Well qualified rental property investors are trying to expand into these markets fast, while spreads are still good. ATTOM Data Solutions reveals that “The biggest increase in market share over the past year has come among investors owning 6 to 10 single family rentals. Followed by those owning between 11 and 100 rentals. These smaller to mid-tier investors are benefiting from newfound efficiencies in acquisition, financing and property management. They are able to buy outside their backyard in areas with higher potential returns, and to leverage their money to buy more properties.” This is a chance to serve them and be their lender of choice in their new markets. Markets which have often been less competitive for mortgage lenders.
Key Takeaways
- Utilize multiple channels for lead generation.
Combining digital marketing, referrals, and local networking ensures a steady stream of mortgage leads.
- Engage leads through follow-up strategies.
Implementing a robust follow-up process helps convert leads into clients by keeping them engaged throughout the decision-making process.
- Measure lead quality for better conversion.
Focusing on high-quality leads ensures better conversion rates and ultimately higher business growth.
Commonly Asked Questions
- What is lead generation in the mortgage industry?
Lead generation in the mortgage industry involves attracting and capturing potential clients who are interested in purchasing or refinancing a home. Mortgage professionals use various marketing strategies, including digital ads, content marketing, and networking, to generate leads that can be converted into clients.
- What strategies can mortgage professionals use to generate leads?
Mortgage professionals can generate leads through a combination of online marketing (such as SEO, PPC, and social media), referral partnerships with real estate agents, and hosting educational webinars. Providing value through informative content and fostering relationships with referral partners also plays a critical role in generating quality leads.
- How does SEO help in mortgage lead generation?
SEO helps mortgage professionals attract organic traffic from search engines. By optimizing their website for relevant keywords related to mortgages and home buying, they can increase their visibility and capture the attention of potential clients searching for mortgage solutions online.
- How can mortgage professionals nurture generated leads?
Mortgage professionals can nurture leads by staying in regular contact through email marketing, phone calls, and personalized follow-ups. Providing helpful resources, answering questions, and offering tailored solutions helps maintain engagement, building trust and moving leads through the sales funnel.
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