Economy & Finance

Mortgage marketing eBook - How to rock the purchase market

Whether you're a newer LO entering your first purchase market or a seasoned pro, take advantage of this free eBook on how to prepare and win in the coming market. Get tips and strategies from some of today’s top lenders and real estate pros and map your own path – and get ready to rock the purchase market today! The path to purchase success: Prospecting Unique value proposition Realtor partnerships Coaching Habits that win Aligning activities Social selling Educating Prospects and clients
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  • 1. Mortgage Marketing Guide:By Charles Warnock | Western Bancorp Marketing | | 408.578.8700
  • 2. California Loan Originator’s Guide:Get ready to rock the purchase marketThe world of mortgagefinance sometimes turnsslowly, but it is turningsurely from a refinanceto a purchase market.In fact, the shift fromrefinance to purchaseoriginations has accel-erated in 2013, accordingto Ellie Maes OriginationInsight Report. Purchaseloans made up 27 percentof total loans in January,38 percent in March and42 percent of Apriloriginations – the largestpurchase market sharesince July 2012.The shift in the market also means a shift inmarketing for LOs.The skills that so many LOsdeveloped to thrive in the refi business are verydifferent than those needed to win in the comingpurchase market.Whether youre a newer LO entering yourfirst purchase market or a seasoned pro, takeadvantage of this free eBook on how to prepareand win in the coming market. Get tips andstrategies from some of today’s top lenders andreal estate pros and map your own path – andget ready to rock the purchase markettoday!The path to purchase success:ProspectingUnique value propositionRealtor partnershipsCoachingHabits that winAligning activitiesSocial sellingEducating Prospects and clientsHere’s what you’ll learn:• The secrets of powerful prospecting• Standing out with unique value• Starting mutually profitable partnerships• Smarter selling with social media• Creating unstoppable habits• Show up as the trusted authority in your fieldLenders know the purchase market is coming. Someare thinking about it. Few are proactively preparingby creating a roadmap to purchase market success.Be one of the few, the proud, and the prepared. Keepreading to fire up your productivity and rock the purchasemarket!1Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc
  • 3. P – PROSPECTING is the first key towinning more purchase businessHow important is prospecting? It can be the difference between average performance and outstandingperformance. The study Mortgage Loan Origination: Reaching Peak Performance During ChallengingTimesby industry researcher FirstUSA Data found a marked difference in the work habits of top originatorsversus average performers.Top originators dedicate about a third of their time to building relationships with prospects and clients,while average originators only spend about a fourth of their time on these activities.Outstanding originators consistently dedicate larger portions of their workday to prospecting thanaverage originators. So, will you dedicate 3 hours and 20 minutes of your workday to prospecting?Top producers do. Some top-producer prospecting tips for LOs:• Conquer fear of prospecting calls – some sales coaches say there’s no substitute for picking up the phoneand knocking on doors. Others like to say that cold-calling is dead in this age of technology and social selling.In truth, you need to be where your prospects are, and equally skilled at old and new-school approaches.Sharing news, congratulations, helpful resources or just introducing yourself are good reasons to call andcheck in.• Know your pipeline – Many top-performing LOs use a customer relationship management (CRM) systemto track prospect-to-sales conversion.Without a clear view of where your business is coming from and whereit’s going, it’s tough to succeed in a purchase market.A good CRM helps originators:• Track leads and automate lead follow-up• View status by prospects, pipeline and closed business• Project revenue• Determine value of various marketing activities and lead sourcesMost LOs dont have large support teams so a good CRM can help keep marketing & sales activities aligned.• Block prospecting time on your daily calendar –whether you call it prospecting, rainmaking or businessdevelopment, block it or it won’t get done. Divide yourtime between online prospecting and in-person activities.Three hours and 20 minute a day will give you time to doboth.• Author John Jantsch created what he calls a CustomerTouchpoint map that’s useful in prospecting. He sayscustomers must Know, Like and Trust you before they Try,Buy and give you Repeat business and Referrals. Many LOstry to skip straight to the Buy stage, but prospectingconsistently in the community and online can create moreconsistent – and profitable – repeat and referral business.2Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc
  • 4. U – Build your Unique Value PropositionAre you down with UVP – the UniqueValue Proposition? That’s the answer to this question:If I’m your ideal customer, why should I do businesswith you rather than thousands of competing lenders?An important step that’s often missed is to make sure your UVP targets your ideal customers.You probablyhave a good idea who your ideal customers are and what they require, so don’t try to be all things to allpeople.You will avoid creating a fuzzy, nonspecific UVP that resonates with no one.What makes a good UVP? What can a UVP do for you? Here’s a great example – why do people choose Geico?“15 minutes can save you 15% or more on car insurance. ”Why is this so awesome?• It’s short, memorable and easy to understand. Many people can even repeat it.• It may be true of other car insurance companies, but Geico is the only one that created this great messageand promoted it consistently to millions of drivers.That’s unique.• This UVP message does not waste time talking about what a great insurance company Geico is. Instead, itquickly and clearly explains potential benefits to prospects – savings of 15% or more.• The value exchange is clearly stated up front. Prospects know they are expected to spend 15 minutes onthe phone, providing information to a Geico rep to receive the potential savings.Equally important is what a UVP isn’t. It’s definitely not a USP – Unique Selling Proposition. USPs are createdfrom the company’s perspective, not the customer’s. Many people don’t like or trust salespeople, and will waituntil the last possible moment before contacting one. People will talk about how you helped them or the valueyou provided, but they won’t talk about how your selling skills put them in their dream home.So, what do you and your business offer prospects and clients that they can’t get anywhere else?• What’s unique about you, your services and your organization?• Does your UVP clearly state how you help (not sell) your clients?• Can you confidently state your UVP in one or two sentences?• Does your UVP appear frequently in your marketing messaging, like Geico’s?• Is your UVP written down?Finally, your UVP should be authentic, not just an advertising slogan. Research firm Marketing Experiments saysyour UVP:“Has to be what you DO and what you ARE. It cant be just what you SAY or WANT. All toooften companies write value propositions and mission statements that attempt to cover upthe cracks in their actual business... with words. That doesnt work. Your value propositionis not what you is what you are.”3Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc
  • 5. R– Realtor partnershipsRealtor® relationships may not be your highest priority in a refi market. But in a purchase market, theseconnections can mean the difference between success or failure.Because referrals are often the lowest cost, highest quality leads available, it’s surprising that many lendersdon’t pay a lot of attention to them.There are many reasons people don’t ask for referrals.They may not:• Want to be seen as “begging for business”• Be confident enough in the products and services they offer• Have built up mutually beneficial relationships or goodwill• Have a network of peers who share the same prospects• Maintain regular contact with their professional networkIt’s easy to identify common issues…how do you fix them? It’s not about developing a better sales pitch toreach your goals. If both lenders and agents had this approach, there could be no mutually beneficialpartnerships.Instead, put yourself in the agent’s shoes for a moment.Would you be glad to see a lender waiting in yourlobby?What if that lender consistently shared useful information with you? Brought you leads? Introducedyou to prospects and helpful contacts? Showed you tools and technology that help you build your onlinebusiness? Provided quality educational marketing content for homebuyers?If you dread calling and asking for referrals, consider a mindset change suggested by Duct Tape MarketingAuthor John Jantsch: If you have built a business worth referring and truly believe in the value of yourservices, you are actually doing people a favor by asking them to refer you to their friends, family andprofessional network.If you’re an exceptional originator delivering the knowledge, service and professionalism people expect, youare actually raising not just your own profile, but the reputation of the person who referred you. Most peoplelike to be seen as knowledgeable and connected insiders, and they actually enjoy giving and receiving referrals.Reciprocity is a powerful concept and foundational to profitable agent / lender partnerships. But you can’tjump-start your purchase business with the old model of calling all your friends, relatives and professionalcontacts and asking them to refer business to you.Instead, focus on how you can help Realtors and other partners get more of what they want – even if there isno immediate payback. Provide value to your network every day and build a business and personal brand worthtalking about. It won’t be long until you’re confidently asking for and receiving the referrals you need to rock thepurchase market.4Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc
  • 6. C– Coaching and mastermind groupsYou have probably heard the expression that it’s hard to read a label from inside the bottle. So why do somany lenders try to self-diagnose and fix problems that limit their productivity and potential?Many lenders have had mentors and coaches their entire lives – teachers, tennis coaches, danceinstructors, personal trainers, and more. But some of those same lenders feel uncomfortable with theidea of a business coach, or the value in hiring one. Is that you? If so, consider that a coach can help you:• Develop the key skills needed for purchase market success• Identify and overcome personal and professional roadblocks• Improve prospecting and client acquisition• Set appropriate goals and stay on track to reach them• Identify highly productive activities and Improve delegation skills• Improve accountability• Create a Rockin’ Purchase Market business strategy• Achieve greater work / life balance as you become more successfulOther originators have had great success with a mastermind strategy. A mastermind group is simply two ormore people dedicating to helping each other achieve a specific goal. Mortgage mastermind groups range froma few co-workers meeting over breakfast to a glitzy LasVegas conference hosted by some of the industry’sleading coaches and executives. Mastermind advantages include:1. The advice and support of a group that’s focused on your success2. Ideas, feedback and new perspectives on your challenges3. Connections to people, programs and resources that can benefit your business4. Shared accountability and friendly competition to motivate youMotivated originators who surround themselves with like-minded people are sometimes able to grow theirbusiness and reach goals they were unable to reach on their own. Pressed for time? Consider finding(or forming your own) mastermind group online. Collaboration tools like Skype, GoToMeeting andGoogle + make it easy to share tools, systems and strategies for success with people in your office oraround the world.5Mortgage Marketing Guide Copyright ©2013 Western Bancorp, IncWhy a coach or mastermind partner? In Bob Proctor’s book “It’s Not About The Money,”he shares some research from a 1993 study conducted at BrighamYoung University:• When a person commits to making a change and sets a deadline, the chance of successfullymaking that change is 40%• When the same person commits to someone else that they are making a change, the successrate rises to 60%• When the same person commits to a specific time to review progress with someone else, thesuccess rate rises to 95%
  • 7. H – Habits that winFrom Amazon to Zappos, today’s most innovative and successful companies are built on systems and processesthat are baked into the company culture and practiced each day.These companies have developed a culture ofachievement that helps them deliver superior results in product development, sales, marketing, finance andcustomer care.These systems and processes put the organization’s values into action and enable them toconsistently outperform competitors.How do you put your own values into action? Just as outstanding companies develop winning systems andprocesses, outstanding individuals develop winning habits. Intero Real Estate Services CEO Gino Blefarisays developing the right habits is a key real estate and mortgage pros can use to create an unstoppablemindset and massive success:• To become successful, become fearless.To become fearless, understand how your brain works• Your conscious mind is what you use to create and set goals• But your conscious mind is limited and can’t follow through with the many actions necessary to achieve goals• The power center of the brain is subconscious; it is where your habits reside and where your accomplishmentsand achievements take root• To be successful, you must1. Set appropriate and measurable goals with your conscious mind2.Turn them over to your subconscious mind to accomplish• Do that by putting all the actions you need to accomplish your goals into habits that you internalize andrepeat every day, almost automatically“When I began in real estate, I started by targeting a few specific habits – nothing to do with real estate andeverything to do with creating the right mindset,” Blefari says.“I designed a series of behaviors to keep mecalm, focused and fearless each day. I find that in business, these habits advantages can mean the differencebetween earning tens of thousands on a deal or not getting the deal and earning nothing. One of the bestthings real estate and mortgage pros can do to be more successful is to develop winning habits and routines,and build upon them for greater and greater success.”Starting small and winning bigSmall wins - small successes in your personal andprofessional life - can lead to habits that createpowerful change. Some researchers have found thatsmall wins have a powerful influence beyond theaccomplishments of the victories themselves.Getting in the habit of regularly achieving andrecognizing small wins is a powerful way to createmomentum for repeated success. Small wins addup to big changes by forming patterns thatdemonstrate that even larger wins are achievable.6Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc
  • 8. A – Aligning activities“80 percent of what you do as a loan originator is not making you any money,” says Carl White of theMortgage Marketing Animals.The question,White says, is what’s in your 20 percent – what are theseimportant activities that produce so much of your income? What activities can you stop doing to makemore room for these high value tasks that drive revenue?Driven by long periods of historically low rates, the refinance origination business has been booming forsome time. Many homebuyers who weathered the housing market crises and a long recession were eagerto take advantage of the silver lining offered by low rates. In these challenging times, many originators werehappy to have refi applications flowing in…after all, originators have their own mortgages to pay.7Mortgage Marketing Guide Copyright ©2013 Western Bancorp, IncBut some originators have unintentionally realigned their businesses to rely on refi market momentum, andstopped actively prospecting for new clients. As refinance originations begin to slow and purchase volumepicks up, many originators will have to realign and relearn business building skills that may have become rustyin the refi years. Top purchase market performers focus on:• Helping clients understand their financing options and the origination process. Borrowers tend to regardgreat LOs more as a trusted advisor than a salesperson.• Trusting your support team to take care of tasks like gathering loan file documents, verifying employmentand running credit checks.• Identifying activities that are valuable in refi origination, but not as important in purchase market –basically a “delegate or stop doing” list for lower-value tasks – that makes room for the higher valuetasks that drive revenue.
  • 9. S – Social sellingIn today’s Web, mobile and social world, people make purchase decisions differently.Are you still selling the same?Businesses who don’t get results from social media will tell you it’s a waste of time. In truth,many LOs have found ways to use social media to accelerate their sales and increase repeat and referralbusiness. Should you focus on social selling?• If your clients and prospects are active in social media, you should be active• Social media tools provide an unprecedented source of sales intelligence• Social networks are a great way build credibility and showcase expertise• Reputation management has become increasingly important in the mortgagebusinessSome top social selling tips:Even if youve never tweeted, posted or plussed, social channels can be a powerful research tool to learn moreabout prospects and clients.There is no reason LOs should make an uninformed cold call when it’s so easy tolisten to prospects who are active on social networks. LOs can check social networks like LinkedIn,Twitter andFacebook to learn a prospects:Employment and location: Checking out a prospects professional status can give you an idea of what type offinancing they may require.You may find out about connections you may have in common to accelerate theknow > like > trust process.Education: You may have attended the same school or have a similar educational background as a prospect.You may learn that you already know someone who attended the same school.Updates, shares and comments: You can see what interests your potential prospects have by checking outwhat they post and share. In some cases, you may see trigger events related to purchasing or refinancing ahome – new job, relocation, marriage, promotion, downsizing or retirement. It’s natural for people to ask theironline friends to recommend a good lender. Check out the people your prospects interact with for potentialreferrals and opportunities to make connections.Theres no reason to start a prospecting call from scratch when you can use the social net to jump startrelationships and create more meaningful conversations with your prospects.8Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc“Social media consultants will tell you that if you’re not Tweeting, Facebookingand Linking In, you’re a dinosaur waiting for a meteorite.”
  • 10. E– Educating prospectsIn today’s crowded marketplace, it’s surprising howmany LOs still lead with a sales pitch that’s all aboutthemselves, their achievements and their company.Borrowers don’t care about any of that…they wantto know what’s in it for them before they invest theirvaluable time and attention with you.To stand out from the pack, always deliver value and utility before delivering a sales pitch. Many homebuyerprospects will be checking out your reputation online, so you should be sharing helpful content, answeringquestions, and contributing to online discussions.Introduce people in your network to other helpful people and resources. During your time online, stay tunedin to what your prospects are doing by following them (in a non-creepy way), signing up for updates andcommenting when appropriate.All these
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