Does anyone have any good ideas for marketing a local newspaper ad for a mortgage loan officer?

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I am a mortgage Loan officer and its my 1st time putting up an ad in a small local paper. I need any ideas that work with getting customers. I was told not to put the words “bad credit” because people with crappy credit will then come to me. although we do 540+ credit scores. Anyways, any ideas or sugesstions that you guys might have to help me out on this one? Just trying to pick up some more clients than i already have.

I’ve just gotten into the mortgage business in Texas. I’m looking for any tips to help me to deal with the marketing side of the business and any success stories of particular types of advertising. Thanks!

6 Comments
  1. Reply
    BRODI
    January 22, 2011 at 7:17 am

    just make sure it says something like “we will work with you one on one to find the best option to fit your needs” or something along those lines. something to help the customer feel like they will a priority, not just another commision.

  2. Reply
    brian-the-brain
    January 22, 2011 at 8:17 am

    The best way to advertise is to copy what someone else is doing that is successful. There are so many variables that it is impossible to tell what will work best. So what you do is get a copy of the paper several weeks apart and look for any ads that are the same. These ads are working or they would have changed it in the time between.

    Now try and make an ad that uses the same phrases but keep it your, don’t just blatently copy it unless it is a classified ad where its just a few lines. Then make one change at a time if you want to test what works better. Keep in mind you must test over a period that will take other tings into account.

    The key to advertising is to make sure you can track the results. You need to ask people if they saw your ad when they call, or which one they saw, or how they found out about you. Then you can keep a tally of initial contacts and customers. Then you will be able to figure out how much these are worth to you to pay more for bigger ads. You will be able to easily see what ads and advertising methods work for you. Try a bad credit one once and see. What you may find is that you get a lot more calls but fewer of them become paying customers. That would be my guess.

  3. Reply
    bmwdlr
    January 22, 2011 at 9:04 am

    Here’s a good resource to find other mortgage reps who are willing to share tips and strategies for finding prospective clients: http://www.homefindinginfo.com/realestateforum/default.asp

  4. Reply
    Skip
    January 22, 2011 at 9:37 am

    There are several marketing techniques that are in use today.

    #1 You can purchase leads from a lead provider normal cost is approximately $ 25.00-$ 35.00 per lead and there is a minimum purchase amount like about 100 per purchase. Some of these are retreads, so you are really guessing which are real or is this someone that just like talking on the phone.

    There are cheaper ones but they have been around the block a few times. So you are really guessing on these leads.

    #2 There is telemarketing, but then there is the “Do not call list” So you have to be careful there and not make a mistake or you will be sued.

    #3 Advertise in the local newspaper that you are now in the business of doing loans

    #4 You can direct mail to individuals that you are in the business of doing loans.

    I suggest you secure your own leads by leaving the office and spending time in a area that you want to work and get to know the people that could be your future clients.

    Find an area in your city that you want to work approximately 5,000-10,000 houses. Make you enough flyers to cover your area. If you have children this will be a good weekend activity for them as well as yourself. While walking the area passing out your flyers, if you see someone out doing the lawn or just out introduce yourself, give them one of your cards. See if they are willing to give you their name and email address so you can email them, on a monthly basis, things about the mortgage industry as well as your monthly newsletter. Place any information you collect in a data base that you should start.

    Your flyer should tell them a little about you a few of the loan programs that you will be offering and introducing. This is an introductory flyer that you can make on your computer. You can get them ran off at Staples or Office Depot.

    You should pass these type flyers out at least 3 months in a row. This will let them know that you are sincere and look as if you will be there for them.

    You should also visit the local commercial places in the same area. Find out if they will allow you to place a flyer holder in their business, give them one of your business cards, find out their
    name, write it down you never want to forget it because they will become one of your partners. buy something even if you are gonna give it away and don’t need it. Do this to as many commercial businesses in the area as will allow you to place a flyer holder in their place of business. You will find the flyer holders at Staples or Office Depot..

    Call the post office and inquire about their bulk mailing stamp. Get one and learn the system of bulk mailing.

    Also call your title company and get them to provide you with the names of the people in your area that you have been passing out your flyer.

    Remember your data base you were starting and now should have over a thousand names that you alone should have been able to get if you have been walking the area.

    Once you have passed out the flyers for at least 3-4 months start you a newsletter covering topics on the mortgage business. Get articles from your local newspaper as well as off the internet. Just remember to give credit to the author of the article. You might have a doctor, lawyer or some other professional to help you on your articles. Charge them for the articles, about 50% of the cost of the newsletter.

    Now remember the businesses that you had your flyers in and you now know their names because you have been there to change your flyers about 2 times per month. Place your news letter in these businesses also.

    The best thing about these businesses is now you want to see if they will advertise in your business newsletter being sent to the local area in which their business is located. You should be able to charge them about $ 45.00 to $ 50.00 per business size card advertisement. Try and get them to place a coupon in the flyer offering some type of discount if the customer bring the coupon in to their store.

    Now you will need a professional team to assist you in your business. You will need an attorney, a notary, a title rep, an insurance agent that sell homeowners insurance policies and a real estate agent. You should pass out their cards to your clients that need their services and they should pass out your business cards to their clients that need your services. This should give you a steady supply of referrals. This should not be a one way street, they should be helping you as much as they are in the habit of helping you. So you might have to change your professional team to get what need to be accomplished.

    Now that you have your bulk stamp, your newsletter and your data base that you have now added from your title rep to the names you had already. You are now ready to mail or email your newsletter each month.

    Don’t forget to offer your clients a FSBO package, where you will qualify their possible buyers if they are not pre-approved already. You will want to assist them in setting up an open house where you will be there to assist potential buyers and most importantly pre-approve all those that come to look at the house that aren’t. This will give you a steady source of leads also. This should always be in your monthly newsletter that you will assist all those that want to sell their own property. You can charge them $ 500.00 for providing escrow service, title services, appraisals and other services they will need to close the transaction. With the $ 500.00 you should be able to place an ad in the local paper of all open houses you will be conducting on the 2nd and 4th weekend of each month or whatever weekend you chose to have open houses.

    What ever you do, don’t try to talk them out of selling their own home, you are there to assist and get to the clients that need pre-approval for loans to purchase homes. They would not be at an open house unless they were considering buying. Always have an ample supply of 1003’s on hand.

    I hope this has been of some help to you, good luck.

    “FIGHT ON”

  5. Reply
    bianca
    January 22, 2011 at 10:01 am

    for me so far the best working form of generating business is advertise in local radio station, but i am there talking live with the people once a month about mortgages, credit ,car loan and you can imagine what else. my income bust 100%. this cost me less then buying the lids and make cold calls, because people call me!

  6. Reply
    novansa7
    January 22, 2011 at 10:09 am

    Writing articles for creditwood.com

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