If you're a mortgage broker and you're feeling stuck in your current position, you are probably looking at ways that you could grow your business. There are tons of ways that you can do that, but you need to consider multiple things first. Look at how much money you are willing to spend and if you're willing to work with someone else. You also need to consider your objectives and see whether they're attainable. Let's take a look at how you can grow your mortgage broker business.
Co-Selling with a Real Estate Firm
One of the things you could do would be to partner up with a real estate firm and co-sell with them. Both of you share clients and you could benefit from their large sales resources. So look at small and big real estate firms in your area and see if they would be willing to become co-selling partners.
If you’re a bit intimidated by co-selling partnerships, we suggest you check out https://www.workspan.com/guide-to-drive-co-sell-partnerships/. You'll learn how to coordinate your efforts better, how to monitor them to know how much each partner is contributing, and how to evaluate the value of a co-selling partner.
Boost Your Lead Generation Efforts
Another thing you have to do is look at your current lead generation efforts and see how you’re performing. If all you’re doing is collecting leads from your website, then you will have to do much more than that.
First of all, if your website is mainly about what you do as a business, you will need to work on becoming a resource for people who are looking to buy a house instead.
Beef up your blog section and fill it with relevant content. A good blog will get you much more leads than a generic company page, so work on creating content specifically for home buyers. You can have a few articles about mortgages but try to be as broad as possible. This is what will allow you to gather leads from different directions, demographics, and types of buyers.
You also have the option of buying leads, but this can get tricky. First of all, you always have to know how the people who are selling the leads to you get their leads. You then need to know how and if they even qualify their leads.
This is something that you can verify by going through the same funnel as the leads would. The more information that is asked from you before submitting your form, the more qualified and high quality that lead will be, so keep a close eye on that.
Use Social Media
Social media can be a great tool for a mortgage business, and also a place where you can do some co-selling. You could advertise hot properties in your area, for instance, and let people know about your service. Social media advertising, especially on Facebook, can also be very powerful, so consider placing ads.
These are all ways that you can grow your mortgage broker business. Some of these techniques will take more time than others and others will require more resources, but they could all help you expand your brand and sales, so give them a close look.