uwm-23-marketing-musts

23 MARKETING MUSTS
FOR THE 2016 PURCHASE MARKET
www.uwm.com | 800-981-8898

23 MARKETING MUSTS
FOR THE 2016 PURCHASE MARKET
INTRODUCTION
It’s often said that one of the largest investments
a person will make in their lifetime is purchasing
a home. Oftentimes, “The American Dream” is
satisfied by the purchase of a first home. And without
purchases, there would be no refinances. Purchases
should be considered the backbone of
the mortgage business.
This guide will give you 23 marketing musts on how
to earn purchases to grow your business within a
competitive market.
PARTNERING WITH
REAL ESTATE AGENTS
Establishing a strong relationship with a real
estate agent is key to obtaining purchase referrals.
According to Inside Mortgage Finance, an average of
55% of homebuyers are recommended to a specific
mortgage provider by a real estate agent.*
Sounds simple right? If it were simple, every loan
officer would have a thriving referral business. The
reality is that many real estate agents get approached
by loan officers that say the same thing over and
over again. You must find a way to stand out. Put
yourself in their shoes and ask the question, “What
is important to a real estate agent”? If you are able
to break down the needs of the agent and offer
solutions rather than just asking for leads you are
more likely to remain memorable.
DID YOU KNOW...
55% of home buyers
are recommended to a
specifi c mortgage provider
by a real estate agent*
55%
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23 MARKETING MUSTS
FOR THE 2016 PURCHASE MARKET
TIP #1: LOCATE AGENTS
Do your research online to fi nd real estate
agents in your area.
• Realtor.com
• Zillow.com
• RealEstate.com
• Trulia.com
TIP #2: RESEARCH AGENTS
Once you have found an agent you are interested in,
research them not only on a business level, but also
on a personal level. Dig deep and find a commonality
that you can use to open them up to a conversation.
TIP #3: DEVELOP A PLAN
First impression is everything. It’s important to be
prepared before you make any type of contact.
Know what you want to find out to be able to offer
them value. If you are able to offer value that the
agent is currently not receiving, you might be more
likely to get your foot in the door. Remember that
relationships are built over time. Expect to get a “no”,
a few times. Be prepared to reach out and reiterate
your benefits. Persistence beats resistance!
Start by writing a list of what you are trying to
accomplish and create a strategy to achieve your
goal. Below are some sample questions to start
your list:
• Look at their website. Do they have a bio?
What about recommendations?
• Look at their Facebook or LinkedIn page.
What are their hobbies or interests?
• What do you have in common that would be
a good ice breaker?
• What type of buyer do they look for?
• What is their average turn time?
• Is their current referral partner delivering on their
commitments?
• Do they work with a bank or a broker?
• What do they like/dislike about who they work with?
• Is communication important to them?
“Remember that relationships are built over
time. Expect to get a “no”, a few times. Be
prepared to reach out and reiterate your
benefits. Persistence beats resistance!”
*Inside Mortgage Finance: http://www.insidemortgagefinance.com/issues/
imfpubs_imf/2015_10/news/Real-Estate-Agents-a-Factor-in-Homebuyers-Choice-of-Lender--1000031165-1.html
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23 MARKETING MUSTS
FOR THE 2016 PURCHASE MARKET
TIP #5: POUND THE PAVEMENT
Set aside time to drop in on some offices and
introduce yourself. It’s counterintuitive, but
stopping by offices during a refi boom is a great
time to meet real estate agents. Other mortgage
professionals are so busy refinancing borrowers
that they often forget about real estate agents.
Show them you are dedicated to partnerships
and you want to earn their business. Once you’ve
established a friendly relationship you can:
TIP #4: REFER A FRIEND
If you have a client that is interested in purchasing a
home, refer them to a new real estate agent that you
have your sights on. Let the real estate agent know
that you have done some research on him/her and
mention that your preferred agent is busy with your
other clients. Inform them that you are looking to
establish a new business relationship. This will show
the agent that referrals work both ways and they will
appreciate the time you spent researching.
• Buy lunch for an upcoming sales meeting
• Host a happy hour to get to know them better
TIP #6: IMPLANT YOURSELF IN
THEIR OFFICE
Look for opportunities to rent space within a real
estate office. By setting up your own office within
their walls, you have the opportunity to get to know
the agents on a personal level and may become the
resident on-site expert for all their mortgage needs.
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23 MARKETING MUSTS
FOR THE 2016 PURCHASE MARKET
NETWORKING
Before social media took off, face-to-face
networking was one of the most effective ways to
meet new people. Networking is a great way to
build genuine connections with people. If you
regularly attend an event and see the same people,
you have developed a commonality.
TIP #7: LISTEN
It’s easy to get to know someone just by listening. It’s
important to listen to people just as much as you talk.
The ability to learn something about a connection
and retain that information for a future encounter will
show that you cared about your conversation and
that you are truly in it to build a relationship. People
do business with others that listen and show a
sincere interest in the conversation.
TIP #8: TAKE NOTES AFTERWARDS
Keep a small note pad in your pocket or on your mobile
phone and jot down some key notes once you have
finished your discussion. Use this to your advantage
and review it prior to attending the next event.
TIP #9: ATTEND EVENTS
There are many companies and groups that
host networking events and tradeshows. Some
of these include Chambers of Commerce, Real
Estate Agents, The Jaycees Foundation, Alumni
Associations and local city/county organizations,
just to name a few. Attending a networking event
is a great way to meet new people and get your
name out there. Do a simple google search for
networking events in your area and see what there
is to offer.
DID YOU KNOW...
Business Network International
(BNI) is the largest business
networking organization in the
world. In 2014, BNI generated
6.6 million referrals resulting in
$8.6 billion dollars’ worth of
business for its members*
$8.6B
TIP #10: LEVERAGE YOUR DAILY
ROUTINE
Don’t limit yourself. Think outside the box.
There are many other sources available to obtain
business leads. Make a list of places that you
visit every week. Do you attend Church? Do you
go to the same grocery store every week? Are
your children in sports and extra-curriculars? Do
you stop at the same gas station to fill up? Are
you attending your subdivision’s HOA meetings?
Take time to view your surroundings. Don’t just go
through the motions every day, look around and
see what constants are present day-in, day-out.
Once you have established constant variables, use
them to your advantage. For example, introduce
yourself to other parents at the soccer games.
Make sure they know what you do for a living and
you are happy to help them purchase a new home
or refinance. Here are additional suggestions:
• Attorneys
• CPAs
• Financial Advisors
• Police and Fire Departments
• Dry Cleaners
• Insurance Agents
• Relocation Companies
• Builders
*Business Network International: www.bni.com
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23 MARKETING MUSTS
FOR THE 2016 PURCHASE MARKET
SOCIAL MEDIA STRATEGY
In a study conducted by the California Association
of Realtors, 77% of home buyers are taking to
social media during the home buying process.
They are looking for homes, seeking tips and
recommendations and checking out real estate
agents and mortgage brokers. Simply put - your
business should be on there.
The good news? You don’t need to pay a social
media agency or hire an expert to build your
presence. Follow these simple steps to take
advantage of the social media craze.
Build likes
• Start with your employees and get them to spread the
word
• Connect with real estate agents and referral sources to
prove you are the expert
• Encourage closed clients to follow you – treat these
like gold, as they build credibility with future buyers
• Add the link to your page to your email signature and
marketing materials
Post regularly
• Content is king – the more helpful information you
provide, the more interaction you will get from your
followers
DID YOU KNOW...
77% of home buyers use social
media during the process*
77%
• Be human – mortgages will not be the most exciting
topic on their newsfeed, have some fun with it to keep
it interesting – don’t be surprised if these get the most
interactions
• Remain consistent – If someone lands on your page
and you haven’t posted in 2 months, they will wonder
if you are still open!
TIP #11: FACEBOOK
The best place to begin is Facebook. It’s quick
to set up, people can easily find you and almost
everyone uses it.
Create a page
• If you’re not on Facebook yet, you’ll need to
create a personal page
• From there you can create a fan page for your
company
• Add content; logos, pictures, descriptions – the
more you add the better
• Make sure to include the equal housing lender
logo, your NMLS # and any required disclaimers
Stick to it
• It takes time to build a following, but if you stay with it,
you’ll get results
TIP #12: LINKEDIN
Think of LinkedIn as a Facebook for professionals. You
can repurpose most of your Facebook posts, but stick
to the business topics.
The newsfeed moves slower, so you don’t need to post
as frequently. You should connect personally with all of
your referral and business partners.
TIP #13: YOUTUBE
People love videos. If you have the ability to put together
videos, it will give your efforts a boost. Videos not only
provide great content for sharing on social media, they
are also great for Search Engine Optimization.
*California Association of Realtors - http://www.car.org/marketdata/surveys/buyer
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23 MARKETING MUSTS
FOR THE 2016 PURCHASE MARKET
ONLINE REPUTATION TIPS
Social media is a great start to building your online
presence, but another important aspect to be
monitoring is your online reputation. If prospective
buyers are looking for a broker, statistics show they
are researching reviews online. Even if they were
referred to you by someone they trust, they are
going to seek reviews.
DID YOU KNOW...
53% of homebuyers
compare lenders 1 53%
TIP #16: RESPOND TO POSITIVE
REVIEWS
Don’t forget to thank the people who left positive
reviews as well. They took the time to say good
things about your company, make sure they know
you appreciate it.
TIP #17: IMPROVING YOUR RATINGS
Keep a log of the different sites you have reviews on,
what your rating is and how recent the last negative
review was. After a closing, ask your clients if they are
willing to share their experience online, and direct them
to the sites that need more reviews. Your goal should be
to push negative reviews down, and off the first page of
any review site.
Here is the foundation for managing your online
reputation:
TIP #14: GETTING STARTED
Start by finding out everything that has already
been said about you. The easiest way to do this is
with a google search of your “company name” or
“company name reviews”.
TIP #15: RESPOND TO NEGATIVE
REVIEWS
Responding to negative reviews in a positive
manner shows people that you care about the
client experience. It’s best not to argue back, rather
suggesting that you will reach out offline to address
their concerns. Responding using your name and
not as the company adds a personal touch that
makes the response more genuine.
DID YOU KNOW...
90% of home buyers
searched online during their
home-buying process 2 90%
Monitoring your reputation is becoming increasingly
important in today’s online world. By developing a
process that best fits your company, you can leverage a
great online reputation to drive more purchase clients in
the door.
IMPORTANT SITES TO MONITOR
Every company will be different, but here are
some key sites to monitor:
Zillow/Trulia – Building your reputation on
here is important, because this is what buyers
are using during the early stages of the
home-buying cycle
Yelp – What started out as a site to get reviews
on restaurants, now ranks high in search
results for most businesses
Google Plus – When people want to find out
about something, they “google it.” And Google
takes full advantage by ranking your listing on
their site the highest
Facebook – If you are investing the time in
building your social presence, you’ll want to
make sure it’s a positive one
BBB – Maintain an A+ rating, especially if you
are not paying to be accredited, by working
with them to resolve any complaints
1-Consumer Financial Protection Bureau –
http://www.consumerfinance.gov/blog/nearly-half-of-mortgage-borrowers-dont-shop-around-when-they-buy-a-home/
2-National Association of Realtors – http://www.realtor.org/sites/default/files/reports/2013/Study-Digital-House-Hunt-2013-01.pdf
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23 MARKETING MUSTS
FOR THE 2016 PURCHASE MARKET
BUYING STRATEGIES INTERNET TO OBTAIN LEADS PURCHASE BUSINESS
Another strategy to consider to obtain purchase
business is to buy internet leads. There are many
vendors available to buy leads from such as
Lending Tree, Lower My Bills and many more.
Internet leads are not good for all companies but
here are a few things to consider when determining
if internet leads are right for you.
TIP #18: SPEED TO CONTACT IS
CRITICAL
Big retail lenders are constantly refining their
dialing technology and are calling within seconds
of someone becoming a lead. If you are the third,
fourth, fifth, even sixth person to call them, you are
likely to get a voicemail box. If you don’t have the
technology to compete, try buying exclusive leads
to remove the competition, but remain conscious
of your ROI as they can be pricey.
TIP #19: FOLLOW UP
Many lenders only call a couple of times, so keep
calling them! Space out your calls so you aren’t calling
at the same time every day if they aren’t answering.
TIP #20: STAGE IN THE BUYING CYCLE
Buying purchase leads can be challenging,
because you never know where someone may be
in the buying cycle. With a refinance lead you can
take the application right away, but with a purchase
there is the aspect of finding the house and signing
a purchase agreement.
• If they just thought about buying a house and
applied online, establish a follow up process so
you don’t lose them to another lender when they
get more serious
• If they have a real estate agent and are still
looking for a home, pre-approve them and then
follow up with their agent to see if you can
partner with them on future clients
• If they have a real estate agent and a purchase
agreement, find out if they had been preapproved
before and if something went wrong
with their original lender that caused them to
search out a new one. This is another chance to
connect with their agent on future clients
• Some lead providers offer leads that already have
a purchase agreement, but again be mindful of
your ROI
DID YOU KNOW...
According to a Velocify study, calling
up to 6 times prior to making contact
is the best way to optimize
your conversion rates.*
6X
TIP #21: MEASURE YOUR ROI
Keep track of the number of leads you are
buying, the cost per lead and how many you are
converting into closed loans. Then use this formula
to calculate your cost per closed loan: (Leads x
Cost Per Lead) / Closed Loans. If that number fits
into your company’s ideal range, then you found a
viable lead source.
*Velocify – http://pages.velocify.com/rs/leads360/images/Ultimate-Contact-Strategy.pdf
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23 MARKETING MUSTS
FOR THE 2016 PURCHASE MARKET
CLIENT RETENTION
DID YOU KNOW...
Raising customer retention
rates by 5% increases
sales by 25-85% 5%
TIP #22: CLIENT RETENTION
Client retention is more than just refinancing
previous clients. It’s staying in touch with them
to ensure that you are their specialist for all of
their lending needs. Situations often change -
families grow, people change jobs, others retire,
whatever the case, home needs change over time.
Regardless of the situation you want to ensure that
you are the first person that comes to mind.
Here are some simple ways to stay in touch with
your clients:
• Birthday/holiday emails or cards
• Quarterly e-newsletters
• Targeted direct mail
• Drip emails
• Personalized emails
• Phone calls to do a personal review of their
current loan situation
FORTUNE IS IN THE
FOLLOW-UP
TIP #23: FINISH STRONG
You’ve earned the business and worked hard to
follow it through to the end. The most important
thing to remember is that you must remain present
with referral partners and clients in order to achieve
long-term success. Don’t just assume that because
you closed the deal, you will get more loans. The
key is to have continuous follow up and maintain
the relationship.
Here is a helpful timeline to assist
in your future success with referral
partners and clients:
24-48 Hours
• Send a hand-written thank you note
to all parties, including the referral
source
• Make post-closing call to answer
any additional questions
7-30 Days
• Make a relationship call
• Ask for referrals
• Email a survey
30-90 Days
• Make a retention call every 3
months
• Opportunity monitoring
• Send an anniversary email for home
purchase date
12 Months and Every Year Thereafter
• Personal analysis call
*https://etisales.com/b2b-solution/client-retention-growth/
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23 MARKETING MUSTS
FOR THE 2016 PURCHASE MARKET
About United Wholesale Mortgage
Headquartered in Troy, Michigan, United Wholesale Mortgage (UWM) is consistently ranked as
one of the top wholesale lenders in the nation. UWM provides unparalleled service with its deep
understanding of the mortgage process using its talented team of Inside Account Executives,
Underwriters, Closers and Funders, who have years of experience with intricate knowledge in
wholesale. UWM makes lending easy with its dedication to exceptional client service resulting in
continued success and growth that has spawned tremendous expansion.
For more information,
visit www.uwm.com or call 800-981-8898