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Loan Originators Receive a Redefined Role in 2019

According to Freddie Mac, due to a housing supply shift, more homeowners are beginning to age in their existing home rather than upgrade into a new home. Unfortunately, this shift makes it increasingly difficult for millennials to purchase inexpensive starter homes like previous generations.

Because of this change in supply and demand, loan originators must find a new approach to sell their products and services. This revises the scope of work and role a loan originator must play in the advertising and prospecting domain. While traditional marketing and selling roles are being replaced, an adaptation to digital technology and online platforms must occur.

Unfortunately, it is no longer sufficient for a loan originator to contact a customer once they show up as a lead in their mortgage pipeline. Loan originators must start reaching out to their prospects earlier in the purchasing process, way before their customer even realizes that they even want/have the means to purchase a home.

So, how is this possible?

This is done by keeping your brand top-of-mind to your buyer and marketing continual services digitally to expand your sales funnel—something we call staying relevant.

In order to survive in an automated mortgage environment, it is becoming clear that a loan originator must also perform the role of the digital marketing specialist and the sales professional in order to optimize sales potential.

How to prospect in a digital landscape:

  • Create Brand Awareness
    Brand awareness is when someone knows about your business/service before they actually require it. It is knowing that your company’s brand is synonymous with a certain message, service, image and commitment that an individual can’t find anywhere else. Brand awareness is accomplished when content marketing across all social channels, email campaigns, paid online advertising, press releases and community outreach is developed into a measurable strategy.
  • Be Social
    Use Instagram and Facebook to cater to your select audience. Make sure customers are replied to immediately and reach out to other industry professionals and financial influencers to join the ongoing mortgage conversation daily. Since Instagram and Facebook run on a mathematic algorithm, in order to stay relevant, gain followers and maintain an online reputation, expert content must be created and posted regularly.
  • Use Technology
    Aside from social platforms, be sure to adopt each piece of marketing technology that your current company provides. Whether it is pre-crafted email campaigns, personalized video email memberships or online reputation surveys, incorporate each of these tools into your daily prospecting and brand awareness strategy.
  • Know Your Customer
    The way we communicate with our customers is ever-changing and each individual has a preferred way to be contacted. Some customers may like to communicate through text message, email or even live video chat, make sure you know each customer’s preference in order to gain trust, enhance the customer experience and separate yourself from the competition.