Use Your Mortgage Expertise to Gain a Competitive Advantage

by Crystal Minter

Successful mortgage officers use every tool at their disposal to grow their client base and secure more business. When you are attempting to grow your mortgage business, one of the most effective tools available to you is your knowledge of the loan process.

You can utilize your ability to provide mortgage advice to attract interest rate shoppers and position yourself as an expert in the field. Most borrowers assume that a low interest rate should be their highest priority. They are trained to shop based only on rates. By educating prospects with actionable advice, you can leverage your expertise to gain a competitive advantage in today’s marketplace.

Advice-Based Mortgage Relationships vs. Transactional Approach

Many mortgage professionals take a transactional approach to their client relationships. This approach focuses exclusively on three types of information about a potential loan:

  • Interest Rate
  • Monthly Payment Amount
  • Cash to Close

While these factors are important, an advice-based mortgage approach provides more information to clients and positions you as a Subject Matter Expert (SME). The advice-based approach focuses on educating your potential borrowers about the relevance of the following types of information:

  • Total Cost Over Time
  • Useful Financial Strategies to Save Your Client Money
  • Interest Rate
  • Monthly Payment Amount
  • Cash to Close

The advice-based mortgage relationship provides your borrowers with all the information necessary to make the best decision for them. Your clients should be aware of the total cost of the loan over several years, as well as financial strategies to help them pay off the mortgage faster. Using a mortgage growth platform, like BNTouch, gives you the necessary tools to effectively inform and advise your borrowers.

Positioning Yourself as a Subject Matter Expert

Displaying your knowledge about the loan process to clients and prospective borrowers is key to the advice-based approach. The BNTouch Mortgage CRM allows loan officers to educate borrowers and prospects in ways that position them as SME’s, while maintaining workflow efficiency.

  • Blogs – With BNTouch, you can easily incorporate a blog into your business’s website. Craft frequent articles to display your perspective and expertise. Use specific examples to discuss actionable advice for your client base and other potential homebuyers.
  • Develop Marketing Campaigns – Using the tools in your BNTouch CRM, you can automate email-blast marketing campaigns to drive traffic to your blog or landing page. This allows everyone in your contact list to see that you have knowledge of the loan process and that you provide helpful advice. Driving traffic to your blog can increase your conversion rate and secure more business.
  • Social Media – Social media posts are an effective tool for promoting your advice-based blog articles. Through the BNTouch Mortgage CRM, you can schedule social media marketing campaigns to correspond with blog post topics.

Emphasizing your expertise can position you as a SME, which will help to widen your client base and secure future conversions. When growing your mortgage company, using your expertise through an advice-based approach is effective and helps your clients to make the best decisions for them.

Gain a Competitive Advantage for Your Mortgage Business in 2021

 

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Crystal Minter
For over 20 years, Crystal Minter has been a noteworthy leader in the high-tech space. You may know her as the Marketing Program Manager at Artech LLC, working for the one of the world's largest chip makers in Hillsboro, Oregon. Crystal can also be credited with contributions to Minter Consulting Group, Jeppesen - A Boeing Company, and Willamette Dental. She holds a Bachelor of Arts in Communication and currently resides in Beaverton, Oregon.
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