New Loan Officer Tips – 8 Useful Marketing Strategies for Generating Revenue
According to the US Bureau of Labor Statistics, loan officers earn an average of $64,660 per year or approximately $31 per hour. But that's an average, not a cap as 10 percent of loan officers earn in excess of $135,000.
That might seem like a pipe dream, especially if you're a new loan officer, but it is reachable. Here are some loan officer marketing tips for loan officers that you can start on today.
New Loan Officer Tips
#1: Offer personalized service
At its core, excellent customer service means seeing your client as a person. You can tell customers that you care until you're blue in the face, everyone does that – to stand out, you have to practice what you preach.
Let go of what “borrowers” want and find out what the borrower sitting in front of you wants. Start by asking questions like:
- Has anyone ever sat down with you and explained the lending process?
- What do you know about your credit score?
- Do you have a timeline or deadline for this process?
Remember the answers to these questions and use them to inform your service.
Check in with the customer throughout the lending process. Ask the customer if they need anything else from you. And don't forget to follow up after the loan goes through to ask if you can do anything else for them.
#2: Manage your online reputation
Online reviews matter to today's customers. A 2017 survey revealed that 97 percent of customers look at online business reviews and 85 percent give them as much weight as an in-person recommendation.
The best way to get good reviews is to give good service, but it's not always enough. Negative reviews happen to everyone, but you can turn them around if you follow up and see how you can make it right.
Ask the customers who are happy with your service to post on popular sites like Google and Yelp. Check regularly to see who has posted and take a moment to post a reply. Something personal and specific like “You're welcome! Hope you're enjoying that big yard!” can go a long way.
#3: Get involved in your community
Future homebuyers are all around you. They're living in your neighborhood, raising kids, playing sports, and forming book clubs.
Join them! The people in your new softball league might not be applying for mortgages now, but in the near future, they and/or their friends might be. If they know you and trust you on a personal level, your name is likely to come up.
#4: Attend industry events
In order to provide expert-level service to your clients, you need to be up to date on what's going on in both the mortgage and real estate industries. Where are interest rates headed? What services are the top lenders offering?
You can only answer these questions for customers if you know them yourself, so join a professional association and go to their seminars, conferences, and lectures. As an additional benefit, you'll make more connections that could become part of your referral network.
#5: Stay active on social media
Many loan officers establish Facebook and/or LinkedIn profiles, but we've gone far beyond the point at which having a profile is enough. You have to post content on a regular basis, create content that educates your customer base, and introduce just enough of a personal touch to get their interest.
To up your social media game, try posting:
- educational videos about home buying or mortgage lending
- photos of borrowers with the home they just closed on
- articles that answer frequently asked questions
Remember, today's social media users don't want to be sold, they want to be informed.
Convert your Home Equity to Cash
#6: Get in on the content marketing trend
Of all the loan officer sales tips out there, this may be the trendiest. Customer surveys tell us that 84 percent of Internet users expect brands to provide entertaining, informative, and educational content, while 70 percent prefer this kind of content to traditional advertising.
As a loan officer, getting in on the content game can help you accomplish two key goals:
- stay in touch with your past customers, and
- get noticed by new mortgage shoppers.
Content about mortgage applications or lender searches can be helpful, but don't stop there. Stay relevant to your recent customers by writing about strategies for on-time repayments or options for refinancing.
#7: Get listed
In 2018, 92 percent of mortgage borrowers researched the process online before speaking to a lender directly. The sooner you can get your name and face in front of those shoppers, the better. Your social media presence is a great place to start, but it's best if you can also get on those sites that shoppers already know about.
- Place ads on websites that list available properties
- Pay to get on rate tables, like those provided by Bankrate or Quinstreet.
- Secure backlinks and cross-sales from agents, appraisers, and others in your professional circle
That circle is important for in-person referrals as well. Make a point of connecting regularly with the industry professionals that you know, so that they think of you when they have a customer who needs a loan.
#8: Sign up for EasyKnock's referral program
Not all borrowers qualify for a loan, and getting rejected can leave a customer feeling bad about the lending process and even the lender. You can't always prevent rejection, but you can prevent them from walking out the door dejected.
For customers who need a home loan but already own a property, EasyKnock offers a program known a Sell and Stay. It allows the customer to sell their home to EasyKnock and remain in place as a tenant. They can stay until they are ready to move or repurchase the home. This can be a glimmer of hope for your rejected customer, and it can make the memory of their experience with you that much brighter.
If the customer closes a deal with EasyKnock, you get a referral fee. And if the day does come that they're ready to re-purchase their home or buy another one, they'll remember that nice loan officer who made it possible.
Sound like a win-win? Contact EasyKnock today and find out how you can sign up for the program.
Cover All Your Bases!
A successful mortgage loan officer tips the scale in his or her favor by marketing in every way possible. Set up a content strategy for your LinkedIn page, but don't forget to go to that community spaghetti supper where growing families might be talking about applying for mortgages.
And remember to sign up for EasyKnock's referral program. As a developer of innovative programs for homebuyers, we know how important it is to stay ahead of the industry. Let us help you reach every potential customer, whether or not they're ready to buy today.
Tom BurchnellProduct Marketing Director
Tom Burchnell, Director of Digital Product Marketing for EasyKnock, holds an MBA & BBA in Marketing from University of Georgia and has 6 years of experience in real estate and finance. In his previous work, he spent time working with one of the largest direct lenders in the SouthEast.