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Mortgage brokers and originators are currently enjoying a refinance boom and a strong home sales market. However, changing expectations of consumers and limited prospective borrower knowledge about the housing market and the mortgage process mean mortgage marketers must effectively nurture prospective borrowers consistently from initial interest through the final closing steps. A robust engagement campaign that takes into account varying borrower profiles and the digital innovations younger home buyers prefer may be more likely to lead to higher conversion rates.
Mortgage Marketers Must Understand The Needs Of Different Borrowers, Including Those Who Aren’t Ready To Buy Yet
Buying a home is one of the most significant purchases most people make in their lives. Getting the home selection and the mortgage right is important, but not every home buyer feels the same emotions throughout the home buying process. By understanding mortgage consumer profiles, mortgage originators and brokers can offer more targeted, more informative engagement.
Uncommitted home buyers may be browsing and not ready to buy yet, but now is the time to build your reputation as a resource and reputable mortgage professional. Unsure home buyers need reassurance and education about the home buying process in order to make their decisions. If mortgage marketers can offer personalized, useful content over time, unsure prospects may come to rely on these relationships and look toward their mortgage originators and brokers as trusted allies in a complicated process.
First-time home buyers are likely to have done their research. Nowadays, most first-time home buyers are Millennials, and statistics show that Millennials are buying homes later in life than previous generations. Millennials may be new to home buying, but as a demographic, they lean heavily into online research before making any purchases, and home buying is no different. 81% of Millennials find homes they’re interested in through mobile apps, like Zillow. Nurturing new home buyer leads requires personalized, tech savvy approaches that assume baseline knowledge, with messaging that isn’t patronizing.
Repeat home buyers may need refreshers on the home-buying process and changes the housing industry has undergone since they last bought homes. According to FreddieMac, 53% of today’s home buyers are repeat buyers. For borrowers loyal to their mortgage banks, repeat home buyers may be prior clients, which offers the opportunity for loan originators to leverage first-party data and prior preferences to offer products uniquely suited to the home buyers’ situations. By continuing to keep prior clients in the loop with newsletters and other soft outreach, the likelihood of repeat business increases. But a nurturing strategy should not encourage you to neglect the world of repeat home buyers who are comparing rates or looking for better service. Actively connecting with repeat home buyers via lead generation or other marketing strategies is essential to keep a flow of high-intent borrowers coming your way.
Mortgage Marketers Should Deploy Multichannel Strategies Including Video, Social Media And Email
Although many mortgage originators and brokers rely heavily on direct mail and email as their primary sources of contact with clients, most mortgage industry experts believe today’s borrowers demand multichannel, primarily digital outreach. Optimized landing pages, social media and video tutorials on the buying process can engage clients, build relationships and encourage movement along the home buying path.
Digital Media Offers A Lot Of Opportunities, But Personal Connection Is Integral To Result In Conversions
In many ways, the ubiquity of digital media has made it easier for mortgage marketers to reach and engage with their audiences. But that ease has also led to an influx of brands connecting with the same future borrowers. Personal, regular and differentiated communication with prospective borrowers is essential for mortgage marketers who want to see brand perception enhancements and consumer engagements that result in closed loans and long-term, repeat business.
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