The housing market is rapidly changing, and mortgage marketing will never be the same.

Though most real estate and mortgage pros would agree with that statement, there is less agreement on what to actually do about it.

Today’s dynamic real estate market, driven by tech advances and the soaring expectations of connected consumers, is anything but traditional. For this reason, top real estate and mortgage professionals are looking for ways to leverage their partnerships to achieve new levels of success that would be impossible without teamwork. After all, both loan officers (LOs) and real estate agents must:

  • Understand and leverage emerging technologies to provide personalized, human communications through digital channels
  • Relentlessly build relationships and gather data to personalize borrower experiences
  • Work together more closely than ever to serve today’s always-on, multi-device borrowers

One resource for mortgage pros to learn more about the intersection of marketing and technology is The California Mortgage Bankers Association monthly webinars on mortgage marketing and technology. The April webinar topic was How to Build Agent Partnerships and Leverage Technology for Massive Growth.

Host John Seroka interviewed two of the industry’s leading marketers presented, Dave Savage, speaker, founder of Mortgage Coach and 27-year industry veteran and Sue Woodard, chief customer officer at the fast-growing mortgage tech company Total Expert.

Here are 10 actionable mortgage marketing success strategies from that webinar:

  • One place LOs can add value early in the process is by offering a total Cost of Ownership (TCO) analysis instead of a rate quote to help borrowers be more confident and make better decisions. Using a TCO gives LOs a chance to gather more information to make better recommendations.
  • Make it clear from the outset that you’re going to help borrowers manage their mortgage over time. Set the expectation for annual reviews to see if anything has changed that might affect the mortgage. Integrating the annual interview with your initial presentations helps LO / agent teams lay the foundation for a “client for life” opportunity.
  • A good question to ask is, “How old do you want to be when you pay off your mortgage?” By listening carefully, you can learn a lot, and then offer value with strategies to help borrowers achieve their specific goals. At the same time, you’re setting the expectation that you’re a lender for life, not just selling a loan.

Will technology replace agents and LOs? Technology will not replace LOs – but LOs who leverage technology to add real value to clients and partners will replace the one who is not. – Sue Woodard

Making the most of mortgage marketing technology:

  • As in comedy and love, the timing of technology use is important in mortgage marketing. There are times when LOs don’t need technology. For example, don’t start in-person conversations with a device, put your phone in a drawer and start a person-to-person dialog. The best LOs are the ones who use tech to complement personal service, not replace it.
  • Since mortgage applications are becoming more streamlined, 50% of borrowers “multi-app” or apply with more than one lender. Be prepared for an extra layer of competition after the loan application submission.
  • As the the focus has turned from refi to a purchase market, deals remain in pipeline longer and LOs need to be prepared to actively stay in touch and nurture leads longer. This means providing regular touchpoints and outreaches with valuable content.
  • With 98% of people switching between devices within the same day, the customer journey is definitely multi-channel and multi-device. LOs who are equipped to communicate with customers through their preferred channels will win.
  • Customer journey Tina Schweiger
    • Quick response from both agents and LOs is critical because 73% of time, the first responder is able to close the lead. It’s essential for LOs to have the technology to receive alerts and act quickly.
    • Fact: 89% buyers surveyed say they will work with their agent again, but it’s not happening today as agents and LOs don’t keep in touch. Agent and LO teams can work together to automate ongoing communications. Frequency = familiarity = trust, and trust is heavily lacking in the world we’re operating in now.

    ​​​​​​​Mortgage marketing and co-marketing

    • A great way for agents and LOs to help each other by doing do a website audit for each other to spot strengths and weaknesses. The same idea can be applied to technology and brand experience. It’s a also a good idea to have a millennial check out your brand experience online because that’s where the market is heading.

    Agents and LOs who understand technology and how to create productive partnerships can move away from a transaction role to a more holistic, consultative approach. Using technology to streamline and enhance key steps in the mortgage lifecycle can help agents and LOs turn the “customers for life” concept a reality.