Published on May 02, 2019
Written by The Servion Group
With all signs pointing to a highly competitive purchase market in many areas of the country this season, it's important for your institution to get the message out about your mortgage offerings. Take a look at these five common mortgage marketing mistakes and keep them in mind as you're ramping up for the season.
Part of being successful with mortgage is making it obvious that you offer the product, then making it easy for people to apply. Rather than burying mortgage inside your site where it takes multiple clicks to find, consider giving it prominent placement on your home page. Featuring mortgage and giving easy access to your application makes it more likely that a person will fill out the app. Even if they don't fully complete it, now you have a solid lead to call.
It may be surprising, but members of credit unions and customers of community banks don't always think of your institution as a resource for mortgage. Many people associate home loans with big banks, and believe they are the only real option. And those big banks are very good at cross selling, so if they get your client's mortgage, there's a good chance they'll get the whole relationship. So get the word out about your mortgage offerings and retain more of your clients.
Life happens. People get married, divorced, have kids, retire. As these events unfold, they often need another mortgage, or have a loved one who does. That makes your current client list a potentially great source of new mortgage business. Of course, you have to be mindful of equal housing requirements and avoid soliciting in any sort of discriminatory fashion.
Your front-line staff knows your clientele as well as anyone. They see and talk to your members and customers all the time. They know John is retiring and looking to downsize. They know someone's daughter is having a baby and needs a bigger place. Train your staff to weave mortgage into their conversations with these people whenever there's an opportunity. Just a simple mention of the fact that you offer mortgages can plant a seed in the potential borrower's mind.
Every area of your institution wants to see its products marketed, and it's important to make sure you cover all your bases. But as you're doing that, don't fall into the trap of just marketing your mortgages once a year on a rotation. Instead, be consistent in your messaging to make sure members and customers think of you next time they're looking to buy a home. Use channels like your website, social media, in-branch signage and print materials to make mortgage a constant presence in people's minds.
Marketing takes a lot of time and resources. That can make it tough to do well. That's why we give Servion partners access to our marketing library, where you can access fully customizable materials that we've design specifically for our partners to use.
Check it out, and subscribe today if you'd like. It's just $30 a year, and you get your first campaign for free. If you want to discuss the library and how you can get the most out of it, contact Chris Bell here at Servion: email@example.com.