Advertising Ideas for Local Home Financing Businesses
How to Win Real Estate Financing Clients in Your Local Market
With new home sales projected to rise by 8.4% this year, the real estate market is sizzling.1 But as more realtors incorporate lending into their companies, and technology empowers home buyers to apply for mortgage financing online, the real estate financing industry has become increasingly competitive. For mortgage brokers, realtors, real estate brokers and other real estate financing professionals like yourself, attracting new clients can be almost as tough as finding an affordable starter home in Manhattan.
How can you promote your services to local home buyers in need of mortgage financing and homeowners seeking refinancing or reverse mortgages? Try aiming at prospective clients by advertising where they spend most of their time: on screens. Whether watching TV shows like “House Hunters,” surfing the internet for homes in their desired neighborhoods, or using mortgage calculators to test out interest rates and down payments, home mortgage shoppers are apt to be looking at a screen—or two or three.
If you want your business to be found and remembered when your target clients are ready to finance a new home, refinance a current mortgage or seek a reverse mortgage, read on.
For most home buyers, especially first-time home buyers, finding out how much home they can afford and getting pre-qualified by a lender is essential. And just as they expect to shop for properties online, consumers expect to shop for financing too: Some 69% go online to find a lender, 67% comparison-shop for lower interest rates online, and 62% use online mortgage calculators.2
Homeowners may also be shopping online to refinance: 4 out of 10 homeowners have refinanced their home at least once, usually to take advantage of lower interest rates or lower their monthly payment.3 Reverse mortgages are expected to continually increase, too, as the U.S. population rapidly ages. (It’s estimated that, every day through 2030, 10,000 people will retire!4)
All of these groups searching for good rates online makes online advertising the ideal foundation for your marketing plan.
Online ads let you target real estate financing prospects based on factors such as location, search history and online browsing behaviors. For instance, if a prospect has searched for keywords like “mortgage broker,” “realtor” or “mortgage interest rates,” or shown interest by clicking on a competitor’s site, your ads can be served before almost any video they watch as they continue to surf the web. Cox Media can help you professionally plan, shoot and edit a video that can be used in several ways: online video ads, a TV commercial, shorter clips for social media, and videos—such as testimonials—for your website.
If you want to reach home buyers within a certain geographic area, consider mobile advertising—it can help you target and engage consumers with amazing precision. After all, more than 55% of all home buyers5 and 80% of Millennial home buyers6 use mobile apps or mobile search when looking for a home.
You can use “geo-fencing” to limit ads geographically so they only display to consumers in a defined area, like a ZIP code or a radius around a certain location (like a new, hot neighborhood for Millennials or a popular senior condo complex). You can then “geo-target” to narrow down your target audience even further by combining location and demographics, like gender, age range, income and what the viewer has previously searched for. For example, imagine a young home buyer visiting open houses on a Sunday afternoon after brunch with friends and she receives ads on her phone for your affordable mortgages.
Mobile advertising can even help you capture your competition’s customers. With geo-conquesting technology, you can display mobile ads to prospects whenever they get near or are in a competitor’s business like real estate offices or local banks that offer mortgages and refinancing. Or, you could advertise to target prospects in a complementary business, like a home improvement store.
The average U.S. adult watches TV for 4.5 hours a day,7 and prospective home buyers spend many of those hours glued to HGTV, DIY Network or other home-related programming. Combined with the fact that the average consumer spends 10 weeks looking for a home,8 seeing your ads repeatedly during that time builds awareness of your company and services. Chances are, they’ll be more inclined to search for your business when they’re ready to take the next step, rather than your competitors.
Based on demographics, location and other factors, the experts at Cox Media can help you find the channels and programs your target clients watch. They can help you get in front of first-time and Millennial home buyers with ads on “My First Home” or “House Hunters”; Gen X home buyers moving up to bigger homes with ads on “Buying and Selling”; or Latino home buyers with ads on Spanish-language channels. The 55 million-strong Hispanic market9 is especially important: 63% of Millennial Hispanic home buyers planning to get a mortgage don’t know how much they need.10 It’s a great opportunity for your business to educate them.
Some 72% of renters plan to buy a home someday—but they may not realize that with the right mortgage, “someday” can be sooner than they think. Run ads on low-budget makeover programs like “Design on a Dime” and “Fixer Upper” explaining how your mortgage solutions can help their dream come true. And you don’t have to bust your own budget to do so—in fact, 30 seconds of airtime may cost less than a new coat of living room paint.
Some 87% of consumers "second screen," or use another device while watching television.11 When you create TV ads, include a limited-time offer (“Lock in this interest rate today!”) to urge viewers to grab their phone, laptop or tablet to immediately visit your website and provide their contact information.
SOCIAL MEDIA ADVERTISING
The number of home buyers who researched their mortgage lenders through social media doubled between 2014 and 2016.12 Are you making the most of your social media presence?
Social media marketing lets you engage with prospects in a personal, friendly environment. It’s also a smart way to repurpose short video clips from your TV or online ads. You can even encourage clients to share testimonials on social channels. Then, ensure that more people see your message by running ads on Facebook and YouTube. Cox Media is an advertising partner that can help you take your social media presence to the next level.
SHOW 'EM THE MONEY
The right mix of online, mobile, social and television advertising can help your local home financing business open the door to new clients. Let an integrated marketing strategy be the key to boosting your sales and finding success.
Contact Cox Media to 1-855-755-2961 to speak with one of our real estate financing advertising specialists or click here to learn even more about your potential audience—including why mobile marketing is a must if you want to attract Millennial clients.
1National Association of Realtors, press release: “NAR Midyear Forecast: Existing-Home Sales Poised to Climb 3.5% in 2017,” May 18, 2017.
2 Zillow, The Zillow Group Report on Consumer Housing Trends, October 18, 2016.
4 Pew Research Center, “Baby Boomers Approach 65 — Glumly,” December 20, 2010.
5Properties Online, Real Estate Tech Trends, 2016.
6Zillow, The Zillow Group Report on Consumer Housing Trends, October 18, 2016.
7Nielsen, The Total Audience Report: Q1 2016, June 27, 2016.
8Properties Online, Real Estate Tech Trends, 2016.
9U.S. Census Bureau, press release: “FFF: Hispanic Heritage Month 2015,” September 14, 2015.
10Media Post, “America Needs Millennials to Become Homeowners,” December 2, 2016.
11Accenture, Digital Video and the Connected Consumer, 2015.
12TD Bank, press release: “TD Bank Mortgage Service Index Finds Home Buying Sentiment Continues to Rise, but Barriers Remain,” April 25, 2016.