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W. Edwards Deming said "Marketing and innovation are the only source of value in business, everything else is a cost". And he was right.
The only thing that adds to your bottom line is demand for your product. Demand is created by offering people products they want (innovation) and effectively communicating the benefits they will enjoy once they own your product (marketing).
As a mortgage broker you have very limited control over the innovation part of your business because the loan products available are offered by your lenders without your input. So that leaves marketing as the only way for your to add value to your business.
Once you understand this, it becomes a simple matter to organize your business into a marketing driven brokerage. Start by carefully evaluating your marketing and sales skills. Identify your strengths and weaknesses. Take your time with this exercise. Write notes. You will need this information later.
Next, identify your target market. Start small and narrow. Specialize and you will be able to offer better service and expertise than other brokers that will do any loan that comes to them.
The easiest way to do this is to find a specific type of loan program that you think will be profitable. Learn everything you can about this market segment. Identify every loan provider in this market. Search for the best deal for your clients and you will have powerful ammunition when it comes time to market your product.
Now use your strengths and your target market profile to select three marketing strategies from the following list.
Friends and Family - Direct Mail - Flyers - Telemarketing - Press Releases - Broadcast Advertising - Print Advertising - Articles - Networking - Premiums - Seminars - Surveys - Ethnic Communities - First-Time Home Buyers - For Sale By Owner - Internet Marketing
These three strategies should form the basis of your marketing efforts.
Develop a marketing project for each strategy. Carefully write you advertisements, define where you will run them and set your goals. Then develop a process for keeping track of your expenditures and your results.
Once you have a clear definition of each marketing project you should pick the most promising one and put it into action. Once it's up and running move on to your next marketing project.
Once you get your three strategies up you should change your mindset into one of gathering market data. Always evaluate the performance of every ad. Make small changes and compare results. The goal is a process that delivers constant, incremental improvement of your advertisements.
Over time you will develop very effective ads and thereby reduce you cost per prospect. Marketing is a slow and tedious process when done correctly. You must have the patience and perseverance to keep meticulous records.
But when you do, you slowly develop a huge repository of customer behavior data. There is no more accurate predictor of how a customer will act tomorrow than looking at what they did yesterday.
David A. Wells is a former mortgage broker turned internet marketer. If you'd like more information about mortgage industry careers, jobs, training, websites and licenses then visit http://www.mortgage-millions.com. You'll find an array of valuable information to help you become successful as a mortgage broker.
MORE RESOURCES updated Sat. August / 08 / 2020
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
How often can you refinance your house? It depends on your finances Business Insider
How much does it cost to refinance? Bankrate.com
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
What is the cheapest way to borrow money? Fox Business
Is It Already Time To Refinance Again? Mortgage News Daily
Current Refinance Rates, July 15, 2020 | Rates slide Bankrate.com
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
How to Refinance a Jumbo Loan Credible News
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
What Is A No-Closing-Cost Mortgage? Bankrate.com
Your Money: The 30-year gorilla in the room TwinCities.com-Pioneer Press
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
2 On Your Side: Interest Rates Are At Historic Lows, But Can People Whose Home Loans Have Been Put In Forbearance Refinance? - CBS Los Angeles
2 On Your Side: Interest Rates Are At Historic Lows, But Can People Whose Home Loans Have Been Put In Forbearance Refinance? CBS Los Angeles
The Tax Breaks for Homes That Help You Now The Wall Street Journal
Wells Fargo expands nonconforming jumbo refi loan criteria American Banker
SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans - Massachusetts Newswire
SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans Massachusetts Newswire
Compare mortgage, refinance, insurance, CD rates Bankrate.com
Mortgage refinance: Everything you need to know Fox Business
How to refinance your mortgage Fox Business
How to get the best mortgage refinance rates Fox Business
Is now the best time to refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
SimpleNexus' New eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans - eNewsChannels
SimpleNexus' New eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans eNewsChannels
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
How does mortgage refinancing work? Bankrate.com
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
The impact of the coronavirus on mortgage refinancings Brookings Institution
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
The basics of no-closing cost mortgage refinancing Fox Business
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC