Sometimes you need to differentiate your Mortgage Marketing to stand out from the crowd.
The rise in interest rates after the November 2016 Presidential Election has had a HUGE impact on the mortgage industry. This affected both purchase originations and refinance originations. According to Black Knight Financial Services, first lien mortgages originated during the first quarter of 2017 were at the lowest rate since the fourth quarter of 2014.
That doesn’t mean this isn’t the time to market. What it does mean is it’s time to take a different approach in your marketing message. Now is the time to educate!
Let’s take a look at purchase originations…
Purchase originations in the under 700 credit score bucket showed the sharpest decline. It was the only segment with a year-over-year decline, down 9.0 percent. Instead of sending a mailer with information only on FHA Loans or 30 Year Fixed Mortgages, consider educating these potential buyers on the investment of buying a house or financial steps that should be taken before buying a home.
Differentiate your mortgage marketing
Remember Direct Mail is the most trustworthy tool in your marketing mix. And, trust is one of the biggest factors in picking a mortgage lender. With direct mail, you can build trust by providing sound advice at no cost. This way you are elevating your mission by educating potential buyers.
This doesn’t mean you shouldn’t try to sell yourself. But, consider taking a different approach and differentiate your mortgage marketing. Start crafting your message to work with the current financial times. When rates decline (and they will) then you can change your message once again.
Remember to segment your list – make your message match your target. And
That’s why we talk about taking a different approach in mortgage marketing. You have to find your competitive edge!
NOTE about taking a different approach in mortgage marketing – make sure you read some of our more current mortgage posts
- How mortgage companies are generating new leads with direct mail
- Leading with a Purpose, Not a Product
- Our Current Mortgage Marketing Update