Can Social Media Drive Mortgage Production
The short answer is yes social media can help close more loans. But if you are looking for loans that you can directly attribute to your social media efforts, you will probably be disappointed. But why would that be so disappointing? Many Loan Officers frequently ask their marketing departments to spend marketing dollars in the name of “branding” or “awareness” just to “get the name out there.” A benefit is expected even if it cannot be directly measured.
Buying a home and obtaining a mortgage is a high-involvement decision, meaning the typical consumer will take more time to gather and evaluate information. They will be less likely to respond immediately to any one sales message, regardless of how that message is delivered. This reality affirms one of the significant benefits of social media: it is a low-cost way to maintain visibility and add value incrementally over time.
Have you ever experienced “remarketing?” You are being remarketed when you go on “Company A’s” website and then you see ads for “Company A” on many of the websites you visit over the next several days. It is a highly-effective tactic based on the understanding that influencing the consumer decision-making process is itself a process.
Social media is most effective when you understand that it is not a direct-response platform, at least not until you have a significant following, which can take years to build. Instead, your social media strategy should seek to add value over time by increasing your visibility, credibility, and authority in the market. It should also be integrated with email and, if you are allowed, a website and blog to not only enhance the value provided to new contacts, but also to increase loyalty among your referral partners and previous customers.
Ultimately, the key to success is to have a defined strategy with realistic expectations of what you want to accomplish and how you intend to get there. Just being “on social media” is not enough. Even if you are not ready to invest money in paid social advertising, it will require an investment of time to make social media work for you.