Your success as a mortgage broker hinges on a number of factors, especially on the balance between established solid processes and procedures and consistent learning and innovating. Stability and the readiness to adjust in the face of major changes and challenges are a very strong draw for people looking to get the best mortgage rates for their home, whether it’s their first home or their third. Make sure you stand out to the client you want.
In particular, make sure these 5 elements are integral to your mortgage business growth strategy:
1. Compliance
Might as well list the toughest part of running a mortgage business first. It’s a multifaceted aspect of the job, and you have to nail the basics, which include compliance with states’ licensing requirements (e.g., mortgage surety bond agreement). Beyond the basics, you need to stay on top of any new federal rules, like those rolled out under the SAFE Act, as well as other industry requirements.
Brokers need to stay on top of compliance issues, which can often feel like a moving target. Become familiar with the regulations, and discuss common issues with compliance officers, if you have one in-house. Be sure and address common problems with your marketing partners as well.
2. Referral network
To get more business, you need to continuously build a solid referral network. Focus first on forging connections with lenders, loan officers, and originators; and once you’ve got that covered, you pretty much have free rein with the directions you can go to expand your network.
Those directions can include connections with financial institutions, real estate brokers, and even builders.
You can arrange with a bank, for example, to refer to you the loan applicants that they can’t cater to. You can also establish a healthy give-and-take with real estate brokers and builders wherein you offer substantial incentives in return for them sending business your way.
3. Marketing
Be competitive, every day. To thrive in this industry, you need a highly adaptive marketing strategy, and you need to be quick to recognize opportunities and act accordingly. Make your presence felt through social media, local ads, listings, SEO-empowered websites and email campaigns. Respond to the modern consumer’s demand for value by creating educational videos and blog posts.
Just as important as your online marketing is your availability for face-to-face interactions—because brokering is hugely also about personal interactions and building relationships. Do not expect online marketing to overcome your reluctance to meet new people.
So go offline and take part in community events, get to know people, make yourself accessible. You never know where you meet your next client.
4. Business discipline
Develop and establish sound, transparent standards for doing business to earn your prospective and existing clients’ trust. Given what’s at stake, trust is necessary for your success. It guarantees referrals, positive feedback, and customer loyalty.
The time-proven ways of building trust include:
- Overall discipline and organization
- Prompt response to calls and messages
- Patience and clarity when explaining the details of an offer instead of rushing your clients, who may start doubting whether you have their best interest in mind)
- Awareness and understanding of what clients really want and why they choose to work with you
- Automate important, but mundane tasks that help grow your business (ask us how
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5. Learning
Reinforce mandatory continuing education classes with workshops and courses. These will help keep you updated on what’s new in your industry (i.e., latest development, newest trends, and the strategies that are working, as well as compare notes on compliance standards and practices). Additionally, it’s a great way to strengthen and expand your network
Take advantage of the various educational opportunities offered by the National Association of Mortgage Brokers (NAMB) as well as any of the relevant certifications they issue. These will help you improve in your work and raise your legitimacy and trustworthiness as far as your clients and prospects are concerned.
Level up your mortgage business strategy. Work with a team who will have your back and ensure that you have the edge you need to take your business far.
Call LeadsRush for a chat about real estate marketing that’s designed to work for you.