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This question has been answered, and points have been awarded.
Loan Officer Marketing Ideas To Real Estate Agents
9/20/2013 at 12:37 PM ET
Hi- I'm a loan officer in CA and am trying to increase my purchase loan business. I'm looking for ways to market to real estate agents so I can be referred by them to their clients to procure a home loan for their real estate transaction. Because of our office policies I am unable to leave the office to visit realtors face to face, so I'm looking for ways to market to them (email, phone etc) from my desk. What suggestions are there please? Thank you.
9/20/2013 at 5:49 PM
Start with a phone call, to find out what it would "take" to get them to switch loan referrals (or add you to their list). If you haven't already, become a specialist in a type of loan that's less common (and therefore, you'd stand a better chance at "standing out").
9/20/2013 at 7:00 PM
The new Facebook algorithm allows you to target by district, vehicle ownership, level of occupation; you can also target them through the display network (partner to Google's Adwords algorithm).
Both media channels are inexpensive in terms of lead generation. Coupled with Google's Analytics algorithm means that they are both trackable through your entire sales process and out the other side again (including telephone calls).
You can set up these campaigns from your smartphone on the way to work, at work or during your coffee break (if you're that keen).
That way you can determine what your best customers like, why they like it and how to get more of them. With a well developed lead generation process you can easily adjust the number of calls you get from prospects - too many, you cut it back; too few, you can take in more that aren't quite so well qualified but might be worth the time given that you have it to spare.
Once this is running nicely, you can extend it to other media channels - magazines for example. Only now having advertised on their online publications, you'll know what works where and be able to put that in the print editions to maximum effect.
I could go on. Does this help any? If you have any questions about it, let me know.
9/20/2013 at 7:24 PM
Here are some other ideas.
1. I agree - the first thing you need to do is figure out why an agent should work with you as opposed to other lenders. Come up with an effective Unique Selling Proposition (USP).
2. Get referrals that illustrate your USP. For example, say you can close loans faster than anyone in town. Ask an existing client this type of question: What did you think about how fast we were able to close this loan? How did that speed help you and your buyer? Then, either ask them to write it down or write it for them and ask permission to use those comments as a testimonial.
3. Hang out where they do. ActiveRain.com is a very popular online destination, for example.
4. The most effective approach ever is this: help the agent/broker in their business. There's nothing like a bit of gratitude to get someone to refer you.
Do you have a website where you could put links to agent websites? That would be a great idea. If you want to be on their preferred list, they should be on yours.
Do you have a blog? You could write posts about different real estate transactions and thank the agent for their part in the successful conclusion. Could you publish guest posts from agents to give them another avenue for exposure in the market?
What information do you have about rates, etc. that might be a pain for agents to stay up to the minute on? Publish a newsletter.
What things do agents often compliment you on or thank you for doing? Figure out how to package that thing and promote it to others.
Help them build their business and they'll often help you build yours.
9/21/2013 at 1:05 AM
Talking about the right fit product / niche product, you must have figured it out. Since it s about collaboration, with my experience, it is always better to build a relationship with all your partners (real estate agents / companies). Best way to start is phone call followed by the personal meet. You have to gain the confidence of these partners so that they can refer your services to their customers. Also, they would be the best source of primary information for customers need.
Hope this will help you.
9/23/2013 at 5:18 PM
Just out of curiosity, why do you suppose there is a policy that keeps you from leaving the office to find new business? Who makes these policies? Would it be worth having that discussion with your boss, or your boss's boss? From a distance -- and with no real understanding of the situation -- it sounds like a short-sighted (and perhaps foolish) policy.
10/3/2013 at 8:22 AM
I am closing this question since there hasn't been any activity in 10 days.
Thanks for participating!
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