5 Common Mortgage Marketing Pitfalls To Watch Out For

Mortgage lending is higher the years after the 2008 financial crisis. But as a mortgage broker, you shouldn’t let the high number of potential borrowers deceive you into thinking you can succeed without marketing yourself properly.

Otherwise, it’s an assumption that’ll be your downfall because you first need to find clients to issue mortgage loans.

However, marketing yourself as a mortgage broker might prove to be a challenge because nobody taught you how to continually market yourself to bring in new clients.

Fortunately, this article has come to your aid.

Here’s a guide on the common marketing pitfalls you should avoid that could prevent you from landing your prospective leads:

A hand holiding a computer tablet and pressing a Mortgage Broker business concept.

Solely Concentrating On Facebook Ads

It’s no doubt that Facebooks ads are an excellent and effective way of marketing yourself online as a mortgage broker to potential clients.

This is a mistake many mortgage brokers usually make. As a result, they end up not achieving their target within the desired period. Hence, it’s best also to incorporate other tools into your marketing strategy as well. 

Facebook ads marketing doesn’t achieve your targeted marketing goals because it’s what’s referred to as interruption marketing.

This means that many people scrolling through their news feed on Facebook isn’t explicitly searching for a mortgage.

Instead, their main agenda is to look at pictures, be up-to-date with the local news, and catch up with friends.

Therefore, your ad popping up on their timelines only interferes with their main reason for being on Facebook.

Because of this, Facebook ads only get clicked by a handful of users, and the conversion rate is very low compared to other marketing strategies.

Knowing that many users haven’t logged into Facebook to search for your services primarily, it’s best to adopt a proven mortgage marketing system.

This way, you’ll be able to target and land users that require your services.

Not Including Mortgage On Your Site 

Your mortgage marketing success also depends on how easy you make your potential clients know that you’re a mortgage broker.

The best way to do this is by clearly highlighting the products you’ve got to offer on your website.

In addition, you should position the mortgage application somewhere your prospective clients can quickly locate it. 

The best way to do this is to add on your home page a noticeable placement. With the featuring mortgage easily accessible, you’ll have a solid lead to contact.

In addition, this increases the likelihood that the person will go ahead and fill in the application.

Lack Of Time Commitment 

Time is money, so you need to make the most of it if your mortgage marketing efforts yield any fruits.

The only way to achieve this is by focusing fully on mortgage marketing and not easily falling into distractions.

For instance, constantly checking your email or looking at pictures on different social media platforms could result in wasting a lot of valuable time each day.

You can only avoid such a pitfall by being fully committed to your mortgage marketing efforts.

As a result, you’ll realize an improvement in your overall productivity, which translates to converting more leads.

Not Having Clear Goals

If you don’t have a plan, you’ll most likely not succeed as a mortgage broker. This is why you need to have set goals for your ambitions as this will help you formulate a plan that can act as a guide.

The goals you set should revolve around the number of prospective clients you want to contact like making at least seven calls daily and monitoring the progress of the prospects.

Your objective can also be the number of deals you’re hoping to close in a month.

With this in mind, you need to set objectives as this will help you think of ways of turning your dreams into reality.

Depending Too Much On Referrals 

Although referrals are undoubtedly welcomed, you shouldn’t depend on them too much as the primary way of landing new clients.

This is a common mistake many mortgage brokers make by excessively relying too much on referrals from other professionals like real estate agents and previous clients.

You shouldn’t solely depend on referrals because of their unpredictability, with some weeks being hectic while others you don’t even get a single lead.

Such a cycle makes planning your business a great challenge because your cash flow and income vary from one month to another.

This uncertainty can also be stressful and can negatively impact your productivity.

Takeaway

The mortgage industry is highly competitive, with every mortgage broker thinking of creative marketing techniques to inform their target audience about their offerings.

Because of this, you need to take a close look at your mortgage marketing efforts if you’re going to succeed in this market.

The best place to start is by identifying the common mortgage marketing pitfalls to avoid.

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