Marketing Is Key

BY NICK BELENKY

Modern technology has opened a new world of opportunities for mortgage brokers. Now, marketing tools that were once only accessible to financial giants with Super Bowl budgets are accessible to lenders of all sizes, including brokers, the lone wolves of the industry.

Marketing is a critical component of brokers’ success. To stand out & stay ahead in a competitive industry, brokers must prioritize marketing strategy & the tools they use to execute it.

Brokers who invest meaningfully in marketing efforts are more likely to generate high-intent leads & close more deals. Successful brokers will differentiate themselves by highlighting the unique value they will bring to a mortgage transaction. Generic messaging will not cut it today.

Brokers can look to their loan origination systems (LOS) to determine the messaging needed to support the loan types & market areas they specialize in. For instance, a broker may generate a sales report & find that they are most successful at converting loans for first-time homebuyers.

With this insight, a broker can leverage a marketing engine to create a custom-branded website highlighting their expertise to inexperienced homebuyers. Brokers can embed an application portal on their site that automatically transfers incoming loan applicants into lead nurture marketing workflows based on each applicant’s financial situation & goals.

An LOS with built-in product & pricing capabilities can help brokers validate that their pricing is accurate. Adopting a broker origination platform with native pricing tools also helps eliminate the need to endure a lengthy third-party pricing engine implementation. Redirecting this time & money can help brokers deepen relationships with consumers & partners.

Text messages, social media & search engines allow brokers to engage borrowers where they most frequently begin the homebuying journey: their mobile devices. Featuring interactive, informative marketing tools on a broker’s website and in email & text message outreach gives prospective homebuyers a convenient, mobilefriendly way to calculate mortgage payments & estimate their affordability.

However, consumers are not the only ones who will derive value from this content. Through partner outreach, delivering loan comparison tools & other educational content helps real estate agents put prospects on the fast track to financing. A speedier sale & a greater chance of future business is right there for the broker considerate enough to offer those tools.

Above all, mortgage brokers looking to enhance marketing performance should look to plug-and-play solutions built especially for them. By implementing marketing best practices using insights from a comprehensive broker loan management & marketing toolset, brokers can better position themselves for long-term success in the competitive mortgage industry. NC

Nick Belenky is Managing Director of Originations Technology Performance Sales at Black Knight