Mortgage marketing-ebook-rock-the-purchase

1. Mortgage Marketing Guide: By Charles Warnock | Western Bancorp Marketing | | 408.578.8700 2. California Loan Originator’s Guide: Get ready to…
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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 market The world of mortgage finance sometimes turns slowly, but it is turning surely from a refinance to a purchase market. In fact, the shift from refinance to purchase originations has accelerated in 2013, according to Ellie Mae's Origination Insight Report. Purchase loans made up 27 percent of total loans in January, 38 percent in March and 42 percent of April originations – the largest purchase market share since July 2012. The shift in the market also means a shift in marketing for LOs. The skills that so many LOs developed to thrive in the refi business are very different than those needed to win in the coming 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 Here’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 field Lenders know the purchase market is coming. Some are thinking about it. Few are proactively preparing by creating a roadmap to purchase market success. Be one of the few, the proud, and the prepared. Keep reading to fire up your productivity and rock the purchase market! Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc 1
  • 3. P – PROSPECTING is the first key to winning more purchase business How important is prospecting? It can be the difference between average performance and outstanding performance. The study Mortgage Loan Origination: Reaching Peak Performance During Challenging Times by industry researcher FirstUSA Data found a marked difference in the work habits of top originators versus 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 than average 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: • Block prospecting time on your daily calendar – whether you call it prospecting, rainmaking or business development, block it or it won’t get done. Divide your time between online prospecting and in-person activities. Three hours and 20 minute a day will give you time to do both. • Author John Jantsch created what he calls a Customer Touchpoint map that’s useful in prospecting. He says customers must Know, Like and Trust you before they Try, Buy and give you Repeat business and Referrals. Many LOs try to skip straight to the Buy stage, but prospecting consistently in the community and online can create more consistent – and profitable – repeat and referral business. • Conquer fear of prospecting calls – some sales coaches say there’s no substitute for picking up the phone and 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 and check in. • Know your pipeline – Many top-performing LOs use a customer relationship management (CRM) system to track prospect-to-sales conversion. Without a clear view of where your business is coming from and where it’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 sources Most LOs don't have large support teams so a good CRM can help keep marketing & sales activities aligned. Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc 2
  • 4. U – Build your Unique Value Proposition Are you down with UVP – the Unique Value Proposition? That’s the answer to this question: If I’m your ideal customer, why should I do business with 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 probably have a good idea who your ideal customers are and what they require, so don’t try to be all things to all people.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 message and 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, it quickly 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 on the 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 created from the company’s perspective, not the customer’s. Many people don’t like or trust salespeople, and will wait until the last possible moment before contacting one. People will talk about how you helped them or the value you 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 says your UVP: “Has to be what you DO and what you ARE. It can't be just what you SAY or WANT. All too often companies write value propositions and mission statements that attempt to cover up the cracks in their actual business... with words. That doesn't work. Your value proposition is not what you is what you are.” Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc 3
  • 5. R– Realtor partnerships Realtor® relationships may not be your highest priority in a refi market. But in a purchase market, these connections can mean the difference between success or failure. Because referrals are often the lowest cost, highest quality leads available, it’s surprising that many lenders don’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 network It’s easy to identify common issues…how do you fix them? It’s not about developing a better sales pitch to reach your goals. If both lenders and agents had this approach, there could be no mutually beneficial partnerships. Instead, put yourself in the agent’s shoes for a moment. Would you be glad to see a lender waiting in your lobby? What if that lender consistently shared useful information with you? Brought you leads? Introduced you to prospects and helpful contacts? Showed you tools and technology that help you build your online business? Provided quality educational marketing content for homebuyers? If you dread calling and asking for referrals, consider a mindset change suggested by Duct Tape Marketing Author John Jantsch: If you have built a business worth referring and truly believe in the value of your services, you are actually doing people a favor by asking them to refer you to their friends, family and professional network. If you’re an exceptional originator delivering the knowledge, service and professionalism people expect, you are actually raising not just your own profile, but the reputation of the person who referred you. Most people like 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’t jump-start your purchase business with the old model of calling all your friends, relatives and professional contacts 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 is no immediate payback. Provide value to your network every day and build a business and personal brand worth talking about. It won’t be long until you’re confidently asking for and receiving the referrals you need to rock the purchase market. Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc 4
  • 6. C– Coaching and mastermind groups You have probably heard the expression that it’s hard to read a label from inside the bottle. So why do so many 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, dance instructors, personal trainers, and more. But some of those same lenders feel uncomfortable with the idea 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 successful Why 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 Brigham Young University: • • • When a person commits to making a change and sets a deadline, the chance of successfully making that change is 40% When the same person commits to someone else that they are making a change, the success rate rises to 60% When the same person commits to a specific time to review progress with someone else, the success rate rises to 95% Other originators have had great success with a mastermind strategy. A mastermind group is simply two or more people dedicating to helping each other achieve a specific goal. Mortgage mastermind groups range from a few co-workers meeting over breakfast to a glitzy Las Vegas conference hosted by some of the industry’s leading coaches and executives. Mastermind advantages include: 1. 2. 3. 4. The advice and support of a group that’s focused on your success Ideas, feedback and new perspectives on your challenges Connections to people, programs and resources that can benefit your business Shared accountability and friendly competition to motivate you Motivated originators who surround themselves with like-minded people are sometimes able to grow their business 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 and Google + make it easy to share tools, systems and strategies for success with people in your office or around the world. Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc 5
  • 7. H – Habits that win From Amazon to Zappos, today’s most innovative and successful companies are built on systems and processes that are baked into the company culture and practiced each day. These companies have developed a culture of achievement that helps them deliver superior results in product development, sales, marketing, finance and customer care. These systems and processes put the organization’s values into action and enable them to consistently outperform competitors. How do you put your own values into action? Just as outstanding companies develop winning systems and processes, outstanding individuals develop winning habits. Intero Real Estate Services CEO Gino Blefari says developing the right habits is a key real estate and mortgage pros can use to create an unstoppable mindset 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 accomplishments and achievements take root To be successful, you must 1. Set appropriate and measurable goals with your conscious mind 2. 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 and repeat every day, almost automatically “When I began in real estate, I started by targeting a few specific habits – nothing to do with real estate and everything to do with creating the right mindset,” Blefari says. “I designed a series of behaviors to keep me calm, focused and fearless each day. I find that in business, these habits advantages can mean the difference between earning tens of thousands on a deal or not getting the deal and earning nothing. One of the best things 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 big Small wins - small successes in your personal and professional life - can lead to habits that create powerful change. Some researchers have found that small wins have a powerful influence beyond the accomplishments of the victories themselves. Getting in the habit of regularly achieving and recognizing small wins is a powerful way to create momentum for repeated success. Small wins add up to big changes by forming patterns that demonstrate that even larger wins are achievable. Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc 6
  • 8. A – Aligning activities “80 percent of what you do as a loan originator is not making you any money,” says Carl White of the Mortgage Marketing Animals. The question, White says, is what’s in your 20 percent – what are these important activities that produce so much of your income? What activities can you stop doing to make more room for these high value tasks that drive revenue? Driven by long periods of historically low rates, the refinance origination business has been booming for some time. Many homebuyers who weathered the housing market crises and a long recession were eager to take advantage of the silver lining offered by low rates. In these challenging times, many originators were happy to have refi applications flowing in…after all, originators have their own mortgages to pay. But some originators have unintentionally realigned their businesses to rely on refi market momentum, and stopped actively prospecting for new clients. As refinance originations begin to slow and purchase volume picks up, many originators will have to realign and relearn business building skills that may have become rusty in the refi years. Top purchase market performers focus on: • Helping clients understand their financing options and the origination process. Borrowers tend to regard great LOs more as a trusted advisor than a salesperson. • Trusting your support team to take care of tasks like gathering loan file documents, verifying employment and 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 value tasks that drive revenue. Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc 7
  • 9. S – Social selling In today’s Web, mobile and social world, people make purchase decisions differently. Are you still selling the same? “Social media consultants will tell you that if you’re not Tweeting, Facebooking and Linking In, you’re a dinosaur waiting for a meteorite.” 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 referral business. 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 mortgage business Some top social selling tips: Even if you've never tweeted, posted or plussed, social channels can be a powerful research tool to learn more about prospects and clients. There is no reason LOs should make an uninformed cold call when it’s so easy to listen to prospects who are active on social networks. LOs can check social networks like LinkedIn, Twitter and Facebook to learn a prospect's: Employment and location: Checking out a prospect's professional status can give you an idea of what type of financing they may require.You may find out about connections you may have in common to accelerate the know > 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 out what they post and share. In some cases, you may see trigger events related to purchasing or refinancing a home – new job, relocation, marriage, promotion, downsizing or retirement. It’s natural for people to ask their online friends to recommend a good lender. Check out the people your prospects interact with for potential referrals and opportunities to make connections. There's no reason to start a prospecting call from scratch when you can use the social net to jump start relationships and create more meaningful conversations with your prospects. Mortgage Marketing Guide Copyright ©2013 Western Bancorp, Inc 8
  • 10. E– Educating prospects In today’s crowded marketplace, it’s surprising how many LOs still lead with a sales pitch that’s all about themselves, their achievements and their company. Borrowers don’t care about any of that…they want to know what’s in it for them before they invest their valuable time and attention with you. “It doesn’t matter if you think it’s stupid, it’s free communication.” – Gary Vaynerchuk, on Twitter marketing To stand out from the pack, alway
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