- Grow your Mortgage Business with Less Cashfamily home graph bills image by patrimonio designs from Fotolia.com
As a mortgage broker you need to create, maintain and nurture solid relationships between lending institutions, realtors and consumers. Competition in the real estate industry can be tough and profits slim, so finding new customers and keeping up with old ones is absolutely essential to the success of your business. Unfortunately, marketing and advertising can seem like an huge and often unjustifiable expense when the budget is tight.
Luckily, the expansion of social media networks has opened up free marketing opportunities for businesses like never before, and the real estate business is no exception. Lending Tree, Bank of America and even the Federal Housing Administration have active Twitter accounts. National real estate broker Coldwell Banker's YouTube channel has recorded over 1.2 million views of their real estate listings. But small businesses, like Urbane Apartments in Royal Oak Michigan, benefit from social media activities as well. Urbane owner Eric Brown told Entrepreneur.com that he credits MySpace with helping him develop strong relationships with current and future tenants, "There's no way we could have the reach we have without hooking into the customer base."
Facebook Fan Page
- Friends can become great customers.handschlag puzzel image by Yvonne Bogdanski from Fotolia.com
Start building a free community profile for your mortgage business by building a Facebook Fan Page. Advertise your business for free by inviting your friends and neighbors to become fans of your company. Become a community and industry resource by posting the daily mortgage rate on your page and highlighting new homes for sale in your area. Link your page to important articles from the National Association of Mortgage Brokers, the National Association of Realtors, and other relevant and independent news sources.
Soon your fans, and the friends of your fans, will look to you as an expert, and will feel more comfortable working with your company to finance the most important investment of their lives.
- Be an expert.business colleagues preparing for business meeting image by Vladimir Melnik from Fotolia.com
Podcasting gives you another opportunity for free marketing. Create a weekly recorded show or "podcast" and post them to your website, blog, Facebook fan page and Apple's iTunes website.
In your show, discuss current financing rates, the state of the national real estate industry, and the local economy and housing market. If a new corporation moves to your town, interview the CEO of that company and show the impact that such a move will have on your local economy. Talk to politicians and local real estate experts and convince them to share exclusive information on your program.
Website listeners will subscribe to your future podcasts and share your program with their friends. You not only increase your business exposure, but you will be seen as an expert in your community and in your industry.
- Realtors are your best friends.House for sale image by fejas from Fotolia.com
Open a Twitter account in your name and start doing searches for real estate agents in your area. Once you find agents in your area, follow their tweets. You may be surprised to find that Twitter is more than just a strange way to share what you had for breakfast with your friends and followers. Rather, it is a high-speed, around-the-world-in-15-minutes networking tool that can energize your business.
Learn about which houses in your area are selling and which are not, as well as which neighborhoods are hot and which are not. Find out which agents are more successful than others. Engage with those agents by commenting on their tweets. Keep the conversations going by sharing your personal experiences, insider information and special resources in your own tweets.