Clear to Close: 4 Advertising Tips for Mortgage and Lending Services
Apr 1, 2021Cox Media
3 minute read
A strong 2021 housing market means promising business opportunities for mortgage and lending businesses. But with so many competitors vying for customers in this space, a favorable housing market forecast doesn’t mean revenue and growth are automatic achievements for your lending business.
An effective mortgage lead generation strategy is still your most reliable resource for connecting with new lending clients—especially first-time home buyers who lack established relationships with other mortgage lenders. From strategic referral channels to savvy digital advertising, your mortgage lending business will benefit from a multi-faceted advertising strategy that generates new mortgage leads from many different sources.
Read on for four promising tips to guide your mortgage lender advertising strategy:
1. Partner With Local Real Estate Agents
A local network of professional relationships can be a key source of referrals for your agency. When house-hunters start looking for a mortgage lender or broker, many will ask their real estate agent for a recommendation. Whether your lending business is new or established, these relationships can help funnel new leads into your pipeline, creating ongoing revenue opportunities throughout the year.
If you’ve struggled to develop these relationships with real estate agents in the past, target new real estate agents that may not already have strong working relationships with other mortgage lenders or brokers. Consider ways you can offer cross-promotion opportunities to benefit both sides, such as offering the agent a guest blogging spot on your website, hosting a live Q&A with the agent targeted to first-time home buyers, and/or inviting the agent to participate in a home-buying webinar. All of these strategies can create new visibility and leads for both parties.
2. Target Popular Neighborhoods Through Location-Based Targeting
In parts of your local market where housing turnover and/or sale prices are hitting record levels or outpacing the rest of the housing market, location-based targeting can help you concentrate your digital advertising within these areas, providing a lucrative source of lead generation for mortgage lenders and brokers.
Location-based targeting can leverage mobile ads, display advertising, paid search, social media, digital video and other digital channels to focus your ad efforts where you think you’re most likely to attract new clients. In addition, if your local market data points you to parts of the city where home-buyers are looking to upgrade—such as neighborhoods where first-time homeowners are now looking to move into a larger home as their families expand—you can target traditional and digital ads to prospective buyers in these areas.
You can learn more about how to advertise to specific ZIP codes and other geographic areas by developing these campaigns with a digital ad partner.
3. Host a Webinar for First-Time Home Buyers
First-time home buyers likely have a lot of questions and concerns about the home-buying experience. Many will want to do their homework before committing to a real estate agent or mortgage lender or broker—and some may simply be trying to figure out if their finances are in the right place to be buying at the present moment.
As these potential buyers gather information to make informed decisions regarding the home-buying process, your business can offer valuable insights and education through a webinar that speaks directly to buyers in your local market. This can be specific to the 2021 buying market, discussing current and projected interest rates, as well as market demand and competition. You can also educate them on what to ask potential lenders or brokers, and offer tips to make informed decisions that benefit their long-term finances.
These webinars can be featured on your website as gated content, and you can promote them through email lists, social media, blog posts, and other ad channels to generate leads through webinar sign-ups.
4. Highlight Virtual Signings and Other Contact-Free Services
Given the ongoing safety concerns created by the pandemic, some mortgage brokers and lenders are attracting clients by highlighting their efforts to prioritize safety through minimal in-person contact and the use of digital tools in the lending and closing processes.
From online applications and video consultations to secure online document signing, these services should be promoted in any mortgage broker and lender advertising strategy. You may even want to develop a campaign centered around this messaging, and target it to local clients who may be particularly incentivized by this safety focus.
When your brokerage or lending business is facing competition from both local businesses and online disruptors, complacency can put your company in a precarious position. Invest in an aggressive lead generation strategy that builds up your client base and grows your local market share in what figures to be a promising year for business.
Overwhelmed by the challenges of building a competitive, cost-effective ad strategy? We’re here to help. Contact us today to see how our services can set up your business for lead generation success in this year’s home selling season.