The mortgage industry in Canada is seeing massive growth despite (and because of) the health crisis and economic recession. COVID-19 created the perfect storm for it to happen. Both bond yields and the overnight rate have been kept in a holding pattern over the last annum, and as a result we have seen some the lowest mortgage rates of all time. Home values have also remained in check as the market awaits the economic rebound. In response, opportunistic buyers and investors are chomping at the bit, and seeking the services of mortgage brokers to assist with the process. While this is great news for brokerages, the highly competitive nature of the business makes grabbing a profitable share of the buyer base a challenge. If you own a brokerage, here’s what you need to do.
Online Marketing Tips for Mortgage Brokers and Brokerages in 2021 and Beyond
I. Increase Your Digital Marketing Spend
From Millennial to Baby Boomer, consumers have increased their online activities. They are shopping online for both products and services in record numbers and businesses that don’t increase their digital marketing spend will be left behind. In fact, this point leads the list of ways companies must evolve their digital marketing strategies after COVID-19. Mortgage brokers are no different. Real estate buyers are predominantly online and no longer swayed by roadside billboards, bus stop signage, and newspaper spreads. Before you do anything else, start moving investment from old marketing methods to more effective digital channels including SEO, PPC, social media, and email.
II. Spotlight All of Your Services
Every individual and household has felt the economic recession differently. Not everyone is in the market to buy a new home, but most can benefit from low interest rates along with a variety of other services that mortgage brokers offer. In some cases, the public doesn’t even know that a broker offers certain services. Whether you are hoping to attract investors who want to capitalize on the market or households hoping to adapt and get by until things return to normal, you need to shine a spotlight on all of your services. That means creating dedicated landing pages on your website for each of the following (as applicable):
- Residential mortgages (single-detached, condominium, etc.)
- Commercial mortgages
- Mortgage pre-approvals
- Mortgage calculations
- Home equity lines of credit (HELOC)
- Credit improvement and debt consolidation
- Second home mortgages
- Mortgage renewals
- Mortgage refinancing
- Mortgage porting
All services must be integrated into your website’s architecture with each having a unique URL and be optimized to be found on Google search. Having landing pages for each of the services will provide your business with the following strategic advantages:
- Collectively the landing pages support your website’s overall ability to rank on Google search.
- Each landing page represents an opportunity to rank for the specific service and corresponding keyword targets.
- Each landing page provides a PPC AdWords resource to attract more qualified traffic.
- Each landing page can be used to provide fresh and more relevant content (to specific users) for social media posts.
- Landing pages can be used for highly targeted email campaigns, allowing you to message prospective clients with the information that is only relevant to them.
III. Answer the Most Important Question
There is one general question that is most commonly searched online when it comes to your service. It is posed in a variety of ways:
- Why use a mortgage broker?
- Why do I need a mortgage broker?
- What does a mortgage broker do?
- Who needs a mortgage broker?
See the theme? There are a large number of buyers and investors out there that don’t understand why they need a broker, versus approaching lenders directly. This is what makes marketing for mortgage brokerages so unique yet challenging. The public isn’t confused at all about why they need a dentist, mechanic, accountant, or even a real estate agent for that matter. But they are confused about why they need you. Tell them.
Your value proposition must be clearly stated on your website, social networks, and in all digital communications. As brokers, this value proposition is typically the fact that you can get buyers and investors access to preferred (and often unadvertised) mortgage rates due established relationships with banks, lenders, trust companies, investment groups, and other financial institutions. Let this fact be known. From there, you can piggyback into other value propositions, such as agent referrals, mortgage insurance discounts, and everything else that makes your service essential in the eyes of buyers. If you are the one brokerage in your region that finally answers the question and fills the knowledge gap, buyers will come knocking.
IV. Become a Mortgage News Resource
There is a lot of uncertainly in the mortgage and real estate market, especially during these uncertain times. Your value proposition (as per above) as a mortgage broker is to be there to support buyers through it all. Beyond communicating your service offering, your website’s blog and social networks should serve as a news and information resource about ever-changing rates. When the Bank of Canada (BoC) makes their scheduled announcements of the overnight rate, be the first broker in your city to write about it (via your blog) and let buyers know how it will impact their purchasing power. The same goes for when the BoC releases their quarterly Business Outlook Survey, along with municipal/provincial updates about home values and new construction in your area code. Not only will prospective buyers appreciate these regular updates, Google eats it up and deems those who serve it to be industry authorities, rewarding them with rank accordingly. The goods news, is that most of your competition is neglecting to be this information resource. Beat them to it.
As a mortgage broker or brokerage you have enough on your plate during this wild time in the real estate market. You probably don’t have the time to effectively manage all of the above. That’s what we’re here for. Contact Strategis Consulting Group for a FREE consultation.