Mortgage Marketing for Brokers & Lenders

Mortgage Marketing: Know your Niche

Specializing in one aspect of the mortgage industry will make your marketing efforts more targeted and more efficient. Review the top three mortgage niches and understand what role you play in the industry.

Identifying and targeting customers are the nuts and bolts of any marketing plan. An enterprise without this knowledge would be as disastrous as framing out a building with thumbtacks and paperclips. Create a solid foundation for your mortgage business by knowing your niche.

Commercial mortgage marketing

As a commercial mortgage specialist, you cater to commercial property owners and, maybe more importantly, those who want to be commercial property owners. You can find existing owners of commercial properties by looking through county tax records. If you already have a residential mortgage business, you can also approach your current customers about your new commercial capabilities. Ideal targets would be the self-employed, home-based customers who are looking to expand. Another option is to pursue strategic relationships with business counselors and accountants who could refer their customers to you. (Read full article...)

Reverse mortgage marketing

Retirees who are concerned about their finances are the most likely candidates for reverse mortgages. You can find them by purchasing a list, by advertising in senior and community publications, or by speaking at senior group meetings. With this niche in particular, it's important to be sensitive about their hopes, dreams, and fears. You can build trust by offering free seminars or unbiased individual counseling on estate planning and related subjects. (Read full article...)

Subprime mortgage marketing

This niche targets the homeowner or home seeker who has credit issues. The conventional means of finding these prospects is through a purchased lead list from a broker. The list provides you with names and contact information, but it's up to you to reach out with a relevant offer. Try marketing debt consolidation mortgages that really work, or offering insight on budgeting and debt management. It's also wise to create visibility for yourself and develop your professional reputation. Ideas in this regard include contributing articles to local publications and sponsoring community events. (Read full article...)

Remember, the best marketing materials and tools are given structure and strength when you know your customer well. This includes where to find him, how to catch his attention, and most of all, how to give him what he really wants.

Also see Direct mortgage marketing (Read full article...)