BLOG VIEW: The mortgage market is predicted to experience turbulence in 2023 due to extended periods of high interest rates, stricter qualification criteria and challenges for borrowers seeking to renew their mortgages.
During such uncertainty, borrowers rely heavily on mortgage brokers to guide them and offer valuable insights. As a broker, it is essential to step up and meet the expectations of clients by delivering top-notch service. However, a recent research found that only 26% of brokers are confident when looking ahead in 2023, and 74% are worried about their business in the next year.
What can mortgage brokers do to ensure they are on the top of the list for borrowers as they decide to act, whether for a purchase, refinance or other mortgage product?
What follows are steps mortgage brokers could take to drive efforts and create more recall for their business and services.
Enhance Visibility the Right Way With Google My Business
To achieve business growth as a mortgage broker, simply relying on the current network is not enough. A viable strategy is to utilize Google My Business which can help organizations feature prominently on the first page of Google’s local search results, thereby expanding reach.
Failing to appear on the listings when a potential client searches for company names of mortgage brokers may create the impression that the business does not exist. Google’s business listings are critical for any online marketing campaign, as they help increase online visibility and manage reputation.
To ensure potential buyers and homeowners can find and trust a business, it is essential to have the Google My Business listing verified and optimized correctly.
Create a Robust Website to Boost Credibility
Every mortgage broker, regardless of client base or business volume, should have a fully functional and engaging website to establish themselves as a serious player in the industry.
Having a website allows brokers to describe their services, showcase client testimonials, be discovered by Google searches, and provide a simple way for potential clients to contact them. They can also provide useful resources on their website, which can help borrowers in their journey. Also, the website needs to be responsive across devices and especially across mobile platforms, as over 68% of the browsing and searches happen on the mobile platform.
While some may feel that creating a responsive website is expensive, it is a necessary investment for prospective clients and to gain online dominance. By providing key information about services through a website, it is possible to reduce the number of initial queries and save time. A website also helps expand client base beyond the local area by reaching a larger audience.
Build Strong Relationship with Borrowers with Powerful Email Marketing
Email marketing is an effective tool for building and maintaining relationships with clients. By regularly sending informative emails, borrowers can be engaged and informed about the latest mortgage trends and products, as well as updated about services.
Additionally, email marketing can generate leads by offering lead magnets, such as free mortgage consultations or helpful eBooks, in exchange for contact information. Promoting services to a wider audience is also possible with email marketing by sharing success stories, testimonials, and business updates, building trust and demonstrating expertise.
Compared to other forms of advertising, email marketing is a cost-effective method of reaching a large audience. Moreover, it provides valuable data and insights, allowing to monitor open rates, click-through rates, and other metrics, and adjusting strategy as needed to improve results over time.
Maintain Dynamic Social Media Presence
Maintaining a strong presence on social media is an effective way to convey a message to potential customers. A range of social media platforms, such as LinkedIn, Facebook, Instagram, and Twitter, can be used to communicate effectively. The key is to ensure that the messaging is consistent and effective.
Merely posting occasionally is insufficient. It’s important to produce compelling content on a regular basis to create engagement with the audience. Genuinely engaging with potential customers by identifying their pain points without always trying to sell the product is also critical.
Besides, social media presence should provide value to customers rather than being perceived as simple sales pitches.
Create Brand Recall with Top-Notch Collaterals
Having high-quality collateral such as business cards, brochures, and flyers is crucial for mortgage brokers to convey professionalism and establish credibility with potential clients. Consistency in branding across all collateral can help create a recognizable brand and increase brand awareness.
Eye-catching and unique collateral can differentiate brokers from their competitors, making them more memorable to potential clients. Educational materials like informative guides, white papers, and other resources can position brokers as knowledgeable and helpful resources in the industry, building trust and establishing them as thought leaders.
Additionally, referral cards can encourage current clients to refer friends and family to the broker, generating new leads and improving the overall success of the business.
Increase Reach with Solid Local Listing
Local directory listings can assist mortgage brokers in increasing their visibility to potential customers in their local area. As customers in the local area are a significant source of business for mortgage brokers, this is particularly important. Listing a mortgage broker’s business on local directories can enhance their search engine optimization (SEO) for local search terms.
This is because it increases the number of backlinks to their website, which can help them appear higher in local search results. Local directory listings also enable mortgage brokers to target their marketing efforts to customers in their local area.
Moreover, local directory listings are typically free or low-cost, making them a cost-effective way for mortgage brokers to promote their services to potential customers in their local area.
Rank for Commercial SEO Keywords for the Business
Establishing a strong online presence requires a crucial ingredient: SEO or Search Engine Optimization. As online search and consumer behavior trends continue to evolve, SEO has become an increasingly essential tool for business growth.
For mortgage brokers, implementing local SEO strategies and tracking campaign results can be particularly effective.
By developing a robust SEO strategy, brokers can target audience precisely when they are searching for services online. Utilizing the latest on-page and off-page techniques, they can maximize the results for their business.
Parting Thoughts
Similar to many other industries, the mortgage sector has undergone a significant digital transformation in recent times. To capture the interest of borrowers, it’s crucial for mortgage brokers to present how their products and services can enhance the mortgage process and improve efficiency. The key is to effectively communicate the credibility of business.
Atul Dhakappa is founder and CEO at Xenia Consulting, a digital marketing agency.
