Whether you're new to the mortgage business or an old experienced hand at it...one challenge that is always there is...how to inexpensively get the word out about your mortgage business and generate new prospects and customers.
Yes, the traditional forms of advertising such as the yellow pages, newspaper ads, radio or television spots, and your local Chamber of Commerce are often times just too expensive and usually budget busters. Everyone in the mortgage business faces this same dilemma.
But, there are plenty of other options available to you that can be termed low budget. You need to think "outside of the box" and be a little creative.
Here are a few ideas to get you started:
1. Business Cards - You probably have a huge box of them...why not use them! Where ever you go, who ever you talk to, what ever you mail, make sure you leave a trail with your business card.
2. Bulletin Boards - The last time I checked they were still free to use. Take advantage of this and get the word out about your Mortgage Business.
3. Car Signs - Your very own moving bulletin board promoting your Mortgage Business...the cost per exposure is super low...this is truly no-brainer!
4. Windshield Flyers - A low cost activity and a super producer of leads. What more can you ask of an inexpensive idea?
5. Door Hangers - Another low cost idea that gets results. You're the one doing the targeting with a message that you have picked.
6. School and Church Directories - There are lots of directories that offer low cost ad alternatives for your Mortgage Business. Don't pass them by...there are some gems there.
7. Say "Thank You" - Use your phone, note cards, postcards, or letters...continue to thank people that help or assist you in any way.
8. Open Houses - Visit both Realtor/Agent and FSBO open houses. Prepare a flier for the property and leave a few copies. Working a few Sundays will do wonders for your business.
9. Banks - Visit banks and promote your loan programs. Most banks don't offer the same programs that you do. You'll be surprised how many referrals you can get.
10. Bookmarks - Design and create a special bookmark using your logo, contact information, and mortgage specialty. Visit the "Real Estate" section and embed them into each real estate book you can find. You can target specific readers such as investors or debt consolidation prospects.
11. Teach - Contact your library or community college and offer to teach a free evening class. Your subject could be "Credit," "Mortgage 101," or "Identity Theft" (hot topic right now).
12. Realtors/Agents - If you're having a problem establishing relationships with these folks, offer a free service to them such as: writing a mortgage article for their newsletter; providing a second mortgage opinion for their customers; creating open house fliers for them (only if you're very good at it).
13. Speaker - Give free talks to community organizations. This one of the most overlooked and yet effective ways of marketing your Mortgage Business.
14. Discount - Offer an incentive via a discount on credit reports, appraisal, or lower closing costs using an attractive certificate. Don't miss an opportunity to hand out one of these coupons.
15. FSBOs - The FSBO market is a super niche market and a great lead generator. The really nice part is that it's very inexpensive to get it going and producing. Take a close look at this one.
As you market your business, closely monitor the performance of your advertising. Ask new customers how they found you and then use this information to really direct your marketing.
If you're looking for that one "magic bullet," you know...the one idea that gets your phone ringing off the hook, the applications rolling in, and fills your pipeline...I don't think it exists.
I do know that if one form of advertising is not bringing in customers for you, then you need to try something new immediately. Pick something fresh that recharges your batteries and motivates you. Find the right mix of advertising formats and ideas; add your personality and knowledge to the mix and you'll guarantee your success.