Maybe you have a new mortgage business that’s primed to take off in the near future.
Or perhaps you have an established business that you want to take to the next level.
Regardless of your company’s stage, you should have a business and marketing plan in place to help it grow.
While there’s no right or wrong way to grow a mortgage business, there are some tips that anyone in this space can use to their advantage.
Today, we’re looking at five methods to try to grow your mortgage business.
1. Social Media Advertising
Even if you don’t currently use social media to reach your audience, there’s a good chance you’re familiar with platforms such as Twitter, Facebook, and Instagram. All of these provide the ability to advertise to a highly targeted audience.
The primary benefit of social media advertising is the potential for immediate results. Once your ad is approved, your audience will see it. And at that point, they’re able to click through to your landing page for more information.
The biggest disadvantage is that you have to pay for social media advertising. So, if you’re heading down this path, carefully track your performance to ensure that you’re achieving a positive return on investment (ROI).
2. Add Content to Your Blog
There’s no shortage of reasons to add content to your blog.
To start, it helps you gain traction in search engines.
Get this: Blogs can result in a 434% increase in indexed pages and a 97% increase in indexed links.
Also, blog content helps to engage your audience. They read a post, take notes, and hopefully contact you for more information or guidance.
And don’t forget about the many ways you can repurpose blog content. Splice it up to share on social media. Turn it into a video. Create a guide to share with prospects.
Yes, it’s challenging to produce high-quality content on a regular basis. If you’re struggling in this department, hire an outside contractor or find help internally. It doesn’t matter where you source your content, as long as it’s valuable to your audience.
3. Buy Mortgage Leads
One of the quickest ways to grow your mortgage business is to buy leads.
With instant delivery, you’ll find yourself on the phone within a matter of minutes.
Other benefits include:
- Affordable pricing, especially if you buy aged leads.
- Access to multiple types of leads, such as mortgage refinancing.
- Pause your activity when you have enough prospects in the pipeline.
- Opportunity for a great return on investment.
- Save time when compared to other forms of lead generation.
For many mortgage professionals, the most challenging part of buying mortgage leads is the first step. Don’t let this stop you in your tracks.
Purchase a small batch of leads, call on them, and track your results. As you become more comfortable, you can slowly increase your order count to fill your entire schedule.
4. Ask for Referrals
You may feel awkward the first time you ask for a referral, but there’s no reason for it. There’s nothing wrong with reaching out to satisfied customers and asking if they can refer you to people in their personal and professional networks.
Here’s a sample email you can use:
Hey Sarah, thanks again for relying on me for all your mortgage refinancing needs. I wanted to ask you for a quick favor: Do you mind sharing my name with people in your network who may also be interested in refinancing their homes?
I’m trying to grow my business in your area and this would be a great help. Thanks again, and as always let me know if there’s anything you personally need.
It’s short, friendly, and to the point. There’s no gray area as to what you’re asking for.
Some people will respond positively, while others may ignore your message. That’s okay. The more of these notes you send, the better chance you have of drumming up new business.
5. Give Direct Mail a Chance
It’s easy to believe that direct mail is a thing of the past, especially when you consider all you can accomplish with social media, blogging, and other online marketing activities.
However, if you’re ignoring direct mail you’re missing out on a big opportunity. Here’s a statistic from PostGrid that should have you rethinking your thoughts about direct mail:
Direct mail has a 29% median ROI compared to 23% for Paid Search and 16% for online display.
And that’s just one example of why you should give direct mail a chance. Other benefits include:
- Highly targeted: You can choose your mailing list or purchase one. Either way, you have the ability to send your mailers to a highly targeted list, which can improve your response and conversion rates.
- Wide variety of formats: Sales letters, postcards, and flyers are among the most commonly used formats.
- Cost-effective: It’s a myth that direct mail is expensive. It can be just as affordable — if not more affordable — than many forms of online advertising.
- Track record of success: Direct mail has a long track record of success. It’s been used by companies in every industry imaginable for nearly 200 years.
- Easy to get started: You can do everything in-house or outsource the entire process. Either way works. Either way allows you to get started immediately.
This doesn’t mean you should dive into a huge direct mail campaign without giving it a second thought. But it does mean you should keep an open mind.
Can you grow your mortgage business with the help of these tips?
Even if you only implement one of these, you’ll soon find yourself in a better place.
When the time comes to purchase mortgage leads, we hope you take the time to learn more about our service at Aged Lead Store.
Our leads are high quality, affordable, and ready to be delivered on the spot. It’s our goal to help you take your mortgage business to the next level, just as we have done for thousands of professionals before you. Reach out to grow your mortgage business today!