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Go Back   Mortgage Forums for Mortgage Brokers > Mortgage Business > Mortgage Marketing and Training

View Poll Results: Do you market online?
Yes 9 56.25%
No 2 12.50%
No, but I want to 5 31.25%
Voters: 16. You may not vote on this poll

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  #1 (permalink)  
Old 06-22-2006, 03:16 PM
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Erik Erik is offline
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Online Marketing

I'm curious to find out how many here do online marketing, and how you feel about it. There are a lot of great ideas for offline marketing but the online part seems to be conspicuously absent.

I'm going to guess that there are those who don't market online for one of a couple reasons:
  • Too expensive (custom website costs + hosting)
  • Too inefective (not good ROI results)
  • Too scary (tech talk and computers are the enemy!)

There may be a couple others but I imagine those are the main reasons. So a month or so ago I decided to start an experiment - just to see if I could get a decent return from marketing online.

I'm going to write everything up and publish it as an article, so keep an eye out for that, but let me say that I am pleasantly surprised at the results so far. I haven't done any "pay-per-click" advertising in the search engines and really haven't spent much money on the project beyond buying a domain name and paying for web hosting.

Anyway, I'm getting off-track. Let's get an initial discussion going about online marketing. I think there's a huge opportunity for individuals to get a strong foothold in their niches online - especially when you consider that something like 70% of home buyers begin their home search online and around that same percentage do mortgage research online before applying.

That's a lot of potential business.
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Old 06-22-2006, 03:45 PM
Tamilyn718 Tamilyn718 is offline
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I'm real curious to know how you've been marketing online without pay-per-click or paying for sponsored listings.

I create websites and it can be very affordable, especially with all the "templates" out there. If you want hosting for cheap, go to www.godaddy.com and it's like 4 bucks a month or so. But you are right some may think it's expensive to get a website and maybe that's why they don't market online. Although I do have a website (that didn't cost me anything but $100 to have the online 1099 application ability), I don't know how to market it other than pay the pay-per-clicks and then if you are small company only licensed in one state, that poses another issue.

So hurry up and publish that article...marketing online is a wonderful opportunity that should be taken advantage of, if you can do it for little or no money!
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Old 06-26-2006, 06:07 AM
Average Joe LO Average Joe LO is offline
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Good ol' online marketing!

Yes, you are correct that many loan officers are still afraid of "tech talk." What this means, is that instead of taking the time to learn how to use this wonderful technology, many lo's simply avoid it alltogether.

This means that most loan officers are what would be referred to as "late adopters." They sit around talking about it, and reading about all these people who are making money from it, but by the time they jump in, so have most of their competitors. They jump in, and slap together a website, and cross theuir arms and wait for the leads to roll in.

Unfortunately it's no longer that simple... For early adopters it may have been, but not anymore. Fortunately, with a little education and strategy, you a good loan officer can generate enough leads online to enjoy a comfortable income, or to fund other marketing strategies that work hand in hand.

I'll post more later about some of my personal experience with online marketing. It is definately a great way to get business, especially if you are automating your processes.


Chad Weber
Average Joe L.O.
www.averagejoelo.com
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Old 06-26-2006, 06:13 AM
RaginBajin RaginBajin is offline
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I'd be interested in knowing how everyone does it with out Pay Per Click. Yes there is always Search Results, but I think that only goes so far. I'm not sure how to get your name out there safely and legally.
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Old 06-26-2006, 11:54 AM
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Tamilyn, I hope I haven't created more buzz than my future article is worthy of - because there really isn't that much that I did to get the results I have gotten. It's a pretty simple formula that can be copied by others.
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Old 06-30-2006, 04:13 PM
mamoore mamoore is offline
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I do market online but I would say this is my weakness. I cant seem to get it together and profit from it.....well at least the way I would like to. I am always looking for new ideas to try. I can say that a link exchange can be very beneifical. I would love some ideas on this. Please share!!
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Old 07-05-2006, 07:13 AM
Average Joe LO Average Joe LO is offline
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Wow,

Sorry I didn't get back to this sooner. First of all, I had a multi-pronged approach to my online activities. This means that I had 2 levels of marketing. Online and offline. Both levels complimented eachother well.

The biggest reason for failure I see with online marketing amongst loan officers, is that most lo's don't even know who they are targeting!!! "Anyone that needs a loan" is their response. Is this what you would consider a laser focused target?

I started out by deciding WHO I was most likely to get loans from. Instead of creating a 1 size fits all website, I created multiple, small sites that were targeted at specific groups.

I had:

1. 1 FSBO site
2. 1 Realtor specific site
3. 1 refi/purchase site (general)
4. 1 information/ credit/credit repair site

These sites can be created insanely cheap if you do some digging. These are what are considered lead capture sites. The idea is to have a strong call to action and motivation for the visitor to give up his/her intentions and information. You should have NO more goals than this. If you are not 100% focused on moving the customer to the next step, it will show on your site, and he/she will be confused.

After I had my sites set up, I had them optimized for Search Engine Optimization. This was an ongoing process (Most lo's stop after 1 month), and was responsible for over 100 visitors per day to my site within 45 days. The secret was to find the proper keywords and to localize my efforts.

I selected very strong names for each site. Your domain needs to be obvious, and focused on your area. Example: Stllouismortgageguy.com, fsbohelp.com , etc. DON'T use your name as your domain.

I then utilized an article publishing campaign to increase link popularity, and publicity. I published 15 articles within 60 days and sent these articles to every article hub I could find.

I also used a PPC campaign that paid off VERY well. By avoiding Google, and going straight for the second tier PPC companies, I was able to pay only .11 per click, and drive an additional 3-400 visitors per month to my site, for less than $50 per month.

Last but not least, I ran small ads in local real estate publications that were eye catching, and got the readers excited. In order to get the information though, they had to visit my site.

Remember, it's all about credibility and putting your visitor at ease enough to give up their contact info. This is permission based marketing. Once you have a decent site up and running, you can then begin linking with some of the stronger realtors in your marketplace. Do research (marketleap.com) to make sure these sites have enough traffic to be worth your time. Once you are listed as the primary trusted resource, you WILL get phone calls from buyers and sellers visiting their sites. Nothing like a little leverage huh?

Chad Weber
Average Joe L.O.
www.averagejoelo.com
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Old 07-05-2006, 11:16 AM
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Nice post, Chad. The combination of online & offline can be very powerful - this is great information.
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Old 07-10-2006, 11:29 AM
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Tamilyn, I posted the promised article over the weekend. It's on the home page right now. You'll see it's pretty simple what I've done so far - just basic Search Engine Optimization - but it's been effective.

If you'd like, I wouldn't mind reviewing your site and offering feedback.
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Old 07-10-2006, 12:47 PM
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Quote:
Originally Posted by mamoore
I do market online but I would say this is my weakness. I cant seem to get it together and profit from it.....well at least the way I would like to. I am always looking for new ideas to try. I can say that a link exchange can be very beneifical. I would love some ideas on this. Please share!!
I've done a lot of online marketing and thank goodness I've been very successful with it. It takes alot of patience but a little investment. Also, I try to focus my efforts on 1 or 2 networks. I market solely in AOL and if you actually type "Mortgage Leads" in their search engine, you will see GetLeads Network ranked No. 1. I've gotten alot of responses from MBL as well. I try to mark my territory and I make sure my presence is known. Lots of patience when it comes to marketing online. Choose an area and concentrate on it.

Thanks,
Carlo
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