Loan Officers, try these.
Below is a list of atypical marketing strategies that the LOs in my coaching program have been using to get more loans.
- On-brand one-to-many events. Anyone can host an event, class, or gathering… but, rarely are they on brand. My coaching clients who are gaining referral market share have been bringing their Realtor partners together to events that speak specifically to their personal brand. Here, you get the marketing benefit of a one-to-many AND you get the opportunity to showcase who you are. In a market where every LO is marketing themselves in the same ways, this is a great way to look different.
- Brand consistency across platforms. Loan Officers mess this one up often. The whole point of personal branding is to paint a picture in their mind that sums up who you are, what you’re good at, and what you’re passionate about. To do this, it must be consistent across all platforms (email, Facebook, IG, and in-person). If you go from first-time homebuyers to investors to short-term rentals to divorce then back to first-time buyers… You end up not looking like an expert. People start to think that you do things just because you want money. That’s a bad personal brand. Pick your area of expertise and stick to it.
- Throw Facebook some cash. I get it… Spending money seems scary right now. But, you’re going to lose far more if you sit around and do nothing. Facebook has the ability to place your content in front of Realtors in your area in exchange for money. Things are quiet out there right now in the housing industry. Now is a good time to dig your heels in and establish your personal brand before it gets noisy again. You don’t need to spend crazy amounts of money. Even $900 a month will put your face in front of them consistently (this is a great way to promote your one-to-many events).
- Value is dead. There’s too much free value on social media right now. It worked 5 years ago, but people have become numb to it. People don’t go onto social media to learn about mortgages. Rather than trying to educate others, use social media to help Realtors get to know you. In the end, agents will pick the person they like most… not the one posting tips and tricks. My clients gaining the most traction on social media right now are using it to solidify their personal brand… not talk about 2-1 buydowns.
- Control the story. Marketing yourself isn’t enough. The truth is that most marketing attempts are ignored. While the Loan Officer thinks that they created a meaningful touch… the other party most likely will carry on with their life and forget about the interaction entirely. Marketing is just a way to show off your personal brand. It’s your personal brand that makes you memorable. Loan Officers should have a DAILY marketing plan that places their personal brand in front of their Realtor partners. Most of my clients are using Nimble (a CRM) to organize their direct outreach. If you’re consistent, the social media algorithms will promote your content to your referral partners more often. And, if your personal brand accurately shows them who you are, you will be able to establish a virtual relationship with them in a matter of a few months. Relying on word of mouth is a bad plan… If you want to be successful control the story they tell about you and how it spreads.
- Stop wasting your best move. Coffee meetings, lunch meetings, dinner… these one-on-one meetings are your best move! They should be done last, NOT first. You may not get a chance to meet one-on-one again for years! So, rather than waste this opportunity early on, why don’t you brand yourself first? In a digital world, it’s incredible how much someone can get to know you before they’ve ever met you. Many of you know a lot about me and I have yet to meet most of you on my email list. Create your personal brand, place it in front of your referral partners, use direct outreach strategies to capture their attention regularly, THEN… ask for a coffee meeting. By this point, they will be interested in you and you will likely know more about them as well. This takes your coffee meetings from a cold awkward moment to a warm and connected interaction. With a solid follow-up plan, this relationship will make you a lot of money.
It’s impossible to stand out when you’re acting like a Loan Officer. The strategies that are working right now have nothing to do with mortgage. Be someone remarkable… or 2023 will continue to be a rough year.