In the conclusion of our interview we discuss adjusting to the October 2017 HECM reforms, keeping in front of referring partners, and how to strike up a constructive conversation with financial professionals.
There are niche marketing strategies that some originators are using to generate several applications each month. However, some originators have not seen results from the HECM for Purchase (H4P) or networking with financial professionals. Does that make these marketing approaches invalid?
Maybe it’s just me, or perhaps not. Have you noticed more come-on sales pitches and so-called ‘personal messages’ and connection requests in LinkedIn? It should come as no surprise. While being an excellent professional network is full of people looking to make a buck- not a bad thing in itself. Today we’ll talk about two things: 1- how to get fewer spammy LinkedIn messages and, 2- how to effectively prospect for sales on the platform…
Habits are there for a reason. They bring us comfort with their predictability and yet are often the root of our frustration. Ironic? Not so much. Chalk it up to human nature, and in many cases, it’s the usual way of doing business. There’s no denying that the established market for the HECM has been fundamentally transformed. A loan that once was best-suited to the needs-based borrower that is house-rich and cash-poor has become increasingly difficult for financially-challenged homeowners to qualify for. Today we examine the habitual approaches to marketing and communication with homeowners and how some have broken free from old habits to open new doors.
Those in the habit of focusing their efforts on the needs-based borrower are most vulnerable in a contracting HECM market. Yet some are finding creative and viable strategies to attract qualified reverse mortgage borrower…
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Let’s talk about social media and blogs. Smart Insights, an online publisher and learning platform that helps maximize their online marketing, shows us the importance of having a consistent social media presence. They found that 82% of baby boomers use Facebook, 60% spend time reading blogs, and more than half will visit your company website when seeing your social media post.
So what does this tell us? First, now is the time to ensure you have a steady stream of relevant and compliant content to post on your social media channels. Always check with your broker or lender first. Many can assist you in providing the content you need. Second- look at your company’s website. Does it list you as one of their current reverse mortgage specialists? Boomers visit company websites to see if the lender behind your post is established, reputable, and professional, Third- consider blogging. Well-written blog articles help establish your credibility and expertise. Your lender or broker may have a blog, and you can also create your own in our turn-key reverse mortgage website creator MyLoanOfficer. Marketing online doesn’t have to be rocket science, it just takes a little know-how and planning.
If I were to go back to originating reverse mortgages today I can tell you exactly what I’d do. First I would get myself a professional website- after all- who wants to do business with someone who cannot be found online? Very few would.
Next, I would hire an SEO expert to get my website ranked on the first page of Google knowing that the vast majority of those searching for services online rarely ever go to page two, or much less page three. Then I would be a joiner! Join my local
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A great product or service, industry expertise, and an excellent consumer awareness campaign. These are the keys to business success, right? Not exclusively.
Though it seems “personal branding” has always been an essential component of the small business landscape, Tom Peters (In Search of Excellence) only coined this phrase in 1997. With the explosion of the Internet and, more recently, social media, being branded is no longer the purview of cattle. In fact, if you don’t clearly define your brand, you might resemble another farm animal: sheep.
While demographics and customer profiles provide useful marketing data, social psychology plays a more pivotal role in buyer behavior than even social media — especially if clients are unaware of these subtle influences on their purchasing decisions.
Consider the following when developing your marketing strategy:
Marketing message: Start small to gain a foot in the door. An initial “yes” forms a bond with the prospect. Ask if you can share some information about what your reverse mortgage prospect expresses interest in, whether that’s safe senior travel tips, creative ideas for how to live large later in life, or alternative elder dwellings, such as senior cohousing. Once you’ve forged this connection, you’ll have a natural segue to talk about a reverse mortgage.
Marketing message: Show prospective clients how their peers have taken a similar action. This is where testimonials from satisfied HECM loan recipients can tip the balance in your favor.
Marketing message: Try to meet with reverse mortgage prospects in their home rather than your office. Being at home while considering their long-range financial needs can be a powerful motivator to move forward.
In addition to these social psychology tips, personal branding guru William Arruda suggests a number of trends that will brand you successful:
Finally, when you give a talk at a senior center, Rotary Club, or other professional setting, be sure to bring branded products as leave-behinds or for back-of-the-room sales. You can provide postcards, pens, fridge magnets, or whatever other logo products you deem appropriate for your target market as giveaways, and offer your book (if you have one), DVD, or other products for sale. Be sure every item contains your contact information, logo, and business card.
As the national debate on the morality or effectiveness of a wall on our southern border rages on, one barrier is being slowly removed. As the number of the federally-insured reverse mortgage loans has languished in recent years, more former reverse-only lenders are making their entry into traditional mortgage lending; in effect removing what was once a barrier of niche mortgage lending for some.
Considering such diversification, it’s natural to ask if loan officers can be just as effective in originating both traditional and reverse mortgage loans. That question brings to mind a statement made 10 years ago by a formerly forward-only originator. Seeing the upcoming spate of changes to the HECM he said, “watch, they are going to turn this into a traditional mortgage”. One could easily argue the enactment of the financial assessment and the verification of an applicant’s income and assets does indeed mirror much of what is common practice for traditional mortgages. Despite the similarities, there are two conflicting viewpoints on whether originators should remain specialized or offer both loans…
In one Internet minute we collectively download 47,000 apps, send 204 million emails, log more than two million Internet searches and buy $83,000 worth of Amazon products. How can this digital delirium benefit reverse mortgage professionals?
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In meeting several of you at the NRMLA Annual Meeting, I realized one thing- each of you have a powerful and unique brand. Your best brand is you...
