In our personal lives, the holidays can be a fun, exciting, and memorable time, but in our professional lives – especially within the mortgage industry – the holidays may cause a sense of dread as traffic dies down, and businesses cease to grow.
So, what strategies can you implement to grow your business during the holidays?
First, explore the effective strategies that work year round; then, tweak those strategies to accommodate the societal mindset that most individuals have between Thanksgiving and the New Year.
According to loanofficerhub, there are five strategies that professionals in the mortgage industry use throughout the year to consistently attract more business.
Strategy Number 1: Spread the Word. It’s so important within the mortgage industry to connect, and reach out to other people. A good place to start is by building your network with other industry professionals, and establishing relationships so that you can enhance your business. For example, you can connect with these types of professionals:
- CPA Firms
- Real Estate Agents
- Real Estate Attorneys
- Relocation Specialists
- Listing Agents
Strategy Number 2: Sell Yourself. Promoting your services on your own website is a great tool to sell yourself. By providing your contact information, showing testimonials from previous clients, and providing links to important resources which potential home buyers may find helpful, you’re demonstrating professionalism and capability. Your name is the first thing home buyers see as they search listings, so placing a digital ad on the websites of real estate agents is a beneficial tactic. You can also setup a television commercial, or a radio ad, as a way to promote your business as well.
In this day and age, social media is also an effective way to connect with others. Most homebuyers share their home-purchasing experiences with their friends and family on social media. So, when you connect with your clients on these platforms it provides extensive opportunities for you to enhance your business and network. Use the testimonials from previous clients on your website, and use them on your social media profile(s).
- Get involved in your community: Attending public events is a great way to meet with others, and have 1-on-1 conversations with those who are looking to purchase a home. Stress is minimized for first-time homebuyers, who are usually unfamiliar with the industry, when they have an expert available in a casual setting. Always be prepared with a business card, flyer, and/or brochure at the ready.
Strategy Number 3: Refer a friend. Word of mouth is one of the most efficient ways to expand your business. Word of mouth and recommendations are especially helpful to expand your audience from locals, and also to individuals who may be relocating to your area and need someone to help them purchase their new home.
Strategy Number 4: Learn about your customer. Ask your customers open-ended questions as it offers the best chance for better communication. Theloanofficerhub, states: “Instead of asking about the property type and loan amount, focus on asking if the customer would like to take cash out of the property, how long the customer intends to stay there, what future plans are etc. Asking questions allows you to provide superior service, and can help you uncover your customer’s true needs and motivation — especially if your customer doesn’t have a firm answer.” The site goes on to provide the following list of sample questions:
- Has anyone ever explained the loan process to you step-by-step?
- Do you know what your credit score is and what’s on your credit report?
- Have you seen any other rates you like?
- What kind of property are you buying? Tell me more about it.
- Have you considered rolling other debt into the mortgage in order to lower payments and save money on interest?
Strategy Number 5: Drive for results. The goal is the same: closed loans, and new homes. Customers know how the end of the process works, so the reason they work with you is because you make them feel understood. Communicating with your clients in a way that meets their needs is just as important as closing their loans. Follow up with your clients, do your research, market yourself, make connections to build your network, stay in contact, and – quite simply – just keep the conversation going.
Look at growing your business during the holidays not as an impossibility, but rather as an opportunity.