[This 3-part series explores the 6 Steps to Creating a Successful Borrower Pipeline, Enact’s latest LO eBook. In today’s blog post, we’re detailing what you can do to determine and leverage your value prop using marketing tactics we’ve outlined below. Want the full eBook and to get a competitive edge in today’s market? Download the eBook today!]
To every puzzle, there’s a solution. Sometimes the solution is glaring. Sometimes it’s not. When interest rates rise and home prices become less affordable, finding quality borrower leads and maintaining a full pipeline of business becomes the puzzle to solve.
When faced with such a predicament, you have two choices. You can continue using tactics that worked in years past. Or you can learn how to solve the challenging market we’re facing today…
That’s why we want to share with you some steps you can take to replenish your pipeline with motivated buyers and turn the odds in your favor. After all, your skills and product expertise are what homebuyers need. And right now, they’ll need it more than ever.
You’ve gotten a sense of the first two steps from our last blog post, but what should you do next to boost your pipeline? Take the learnings from those steps and apply them to steps 3 and 4. These steps go into learning how to identify what makes you stand out from your competition (your value prop) and what marketing tactics you can use to go after your target audience.
Step 3: What’s Your Value Prop?
Let’s be honest, borrowers can get a mortgage from practically anyone. Your job is to find out why they should choose YOU. What do you bring to the table? In other words, what is your value proposition?
If you’ve never written down your value proposition before, there is no better time than the present.
Your value proposition should state what separates you from your competitors and how you help people achieve their goals, whether the goal is helping someone buy a home or helping a potential business partner increase their own sales.
Before you start writing, here are a few things to consider:
- Expertise: Are you an expert at a certain loan product or working with certain borrowers?
- Solutions: How do you help referral partners solve their problems and close more business?
- Authority: What can you teach borrowers and referral partners that they can’t learn elsewhere?
Your value proposition only needs to be a few sentences and no more than a paragraph long. When writing it, always keep your audience in mind. A good value prop is not just about what makes YOU great—it’s also about what others gain from working with you.
Which is a stronger statement?
- “I provide great customer service and great rates.”
- “I’m an expert at down payment assistance programs for those with little saved.”
Have you thoroughly identified your audience? Good. Now let’s put it to use.
Step 4: Choose Your Marketing Tactics
Most loan officers would rather be producing than marketing, but the two go hand in hand. To keep quality leads coming in, you’re going to need the right tools and tactics.
Obviously, there are lots of marketing tools available for generating business. A few of the most useful ones are below. While some cost money, most only require a little of your time.
Social media may seem like a no-brainer. In fact, an overwhelming majority of loan officers maintain a presence on Facebook or Instagram, and some are starting to use TikTok. Yet relatively few utilize social media consistently or effectively, which is critical if you truly want to build an audience and generate leads.
Not sure what to post? Here are a few ideas:
- Short answers to typical borrower questions
- New or popular loan products
- Market stats and your take on them
- Local charity events and fundraisers
- Inspirational quotes
There are many social marketing management platforms available—both free and paid—that can help you schedule posts.
Keep in mind the differences between social media platforms and who uses them. Facebook is popular with most age groups, while Instagram users tend to be younger and more diverse and TikTok users are even more so.
When using social media, limit your posts to one a day, as additional posts can keep the first post from showing up on your friends’ feeds. Also, be wary of following competitors—and keep your professional and personal accounts separate!
While working with clients, you’ll naturally run into other business people who can be potential referral sources. Developing strong relationships with these people will maximize referral opportunities.
Here’s our list of people you should focus on:
- Real estate agents
- Real estate attorneys
- Relocation specialists
- Builders/real estate developers
- General contractors
- Inspectors (home, sewer, chimney, you
- name it)
- Accountants and tax attorneys
- Divorce attorneys
- Local business owners
Try an Exercise!
Take your value proposition and work it into a 30-second “elevator pitch,” and rehearse it until you know it well. When someone asks what you do, use it!
Remember, networking is a two-way street. If you want people to support your business, they’ll expect your support as well.
Tip! Networking only works if you are genuinely interested in people. Find out about their lives, their families, and their dreams and fears. Remember, leads and customers are people first, so showing interest in their lives can only strengthen your efforts. This builds closer connections—and it helps you serve them better.
A leads group is a group of professionals who all work in different industries and meet up regularly to trade leads. It’s one of the best ways to build your Why Nots and Referral leads and expand your network.
Typically, you can find leads groups by asking around in your networks—or you could even assemble your own and connect with each other on social media, such as LinkedIn. If you decide to create your own leads group, we recommend making it informal and connecting on a biweekly basis.
Tip! Come prepared to your leads group meeting with business cards, a few pieces of marketing collateral, or tips on how to navigate the mortgage or refinancing process.
Volunteering at community events or joining a local service club like Rotary or Lions is a fantastic and often overlooked way to build your network. It also shows potential borrowers and colleagues that you care about your community, too.
Tip! Millennials and Gen Z particularly value philanthropy and companies that give back to the community. There are other benefits, too. However, your efforts must be genuine and ongoing.
A great way to meet people and be viewed as an expert is to participate in public speaking events. Try partnering with a local real estate agent and organize a Meetup group on buying a home or personal finance, where you can meet potential borrowers and expand your network.
Tip! Don’t feel comfortable speaking in public? Find out if there’s a Toastmasters club in your area, where you can learn public speaking and leadership skills in a friendly, supportive environment.
How to Choose
Obviously, there is a wide variety of marketing options, and you can use any combination you wish. But how do you decide? Here’s an idea: Take out another piece of paper or get on your computer, and for each tactic that interests you, write down the following:
- How will this tactic increase my lead pipeline?
- How will I measure my success?
- What is my measurable goal?
Download the full version of our LO eBook today – it’s a valuable resource to help you more effectively understand and work with your borrowers. Building your pipeline may not be as challenging as you might think if you choose to implement the steps we’ve outlined.
Want to learn more?
You can always access our blog for great content to help your prospective borrowers. Our dedication to helping borrowers achieve the dream of homeownership doesn’t stop here — we offer training resources to help you work with your customers to your max potential.
And, if you want to learn more about our LO eBook or need extra insight, you can always contact your Enact Sales Rep for more info too. They’ll be happy to help you meet your business needs, answer questions, and point you in the right direction.
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