Social Media Marketing for Mortgage Brokers
When it comes to marketing your mortgage business online, social media marketing is bound to be one of your topics. A few years ago, many mortgage brokers believed that investing in social media was an unnecessary marketing spend. Now, with many people doing their tasks and shopping online (especially due to the COVID-19 pandemic), many mortgage lenders realize that social media is also a powerful tool in building their brand and directing more clients to their business.
But with so many social media platforms available, any licensed mortgage lender in the US is bound to be confused. Which platform should you use? What type of content should you put on your social media accounts? Also, how can you automate the process of posting?
Sure, there are many questions associated with social media marketing. But these shouldn’t keep you from taking advantage of this online marketing tool.
If you need help, here are some steps to make social media marketing work for your mortgage lending business.
Choosing the Right Social Media Platforms
Every beginner in social media marketing needs to first determine the platform to use. Many businesses make the mistake of trying to be on all social media sites: Facebook, Twitter, Instagram, Pinterest, LinkedIn and YouTube.
Trying to be the master of all social platforms may work against you. Every social media site has a different platform framework. For example, Pinterest focuses on people that post photos and links on their boards. Twitter is for microbloggers; it also allows users to comment on particular topics and link out articles for other followers to read. Instagram is ideal for photographs.
With all of these different content requirements, you can easily get sucked into trying to make different content for different platforms.
Instead of trying to be everywhere on social media, invest in the social media sites frequented by your potential clients. For example, if your mortgage businesses funds loans for real estate investors that buy vacant residential properties, repairing them and flipping them, set up social media profiles on Pinterest, Facebook and Instagram.
If you want a more business-oriented platform, choose LinkedIn. This social media site offers a more targeted area where you can post articles on real estate investment.
Are There Rules for Posting on Social Media?
Compliance is a must on social media. If your posts don’t meet the website’s requirements, they wouldn’t work.
Also, know that people on social media can make non-compliant statements on your posts. If you’re not ready for “trolls,” it’s best to turn off the comments section and have interested clients message you instead. If you choose to leave the comments open, monitor all the posts on your page and delete the spam or any misleading comments. To avoid offending your followers, let them know that you will hide comments that are either spam or misleading.
Keep in mind that advertising on social media platforms is a different game for mortgage businesses. For instance, Facebook requires mortgage businesses to create ads with “Special Ad Audience,” which is based on the online behavior of their target audience.
If you need help with compliance, use CRM software specifically designed for the mortgage industry. This software will create and schedule social media posts compliant with your chosen platform’s standards.
How Can You Drive Leads Via Social Media?
If you want your social media followers to stop scrolling and notice your posts, you’ll need to stand out in their busy news feed.
Here are some guidelines to remember when selecting or creating content for your mortgage business.
- Mind your tone. Despite the formal nature of mortgage businesses, your persona on social media should be casual. The same applies to your writing. You still need to be professional but keep your posts relatable and easy to understand.
- Address your audience. Who is following you? Determine your followers to find out how you can tailor your posts according to their preferences. However, avoid restricting certain topics to a single platform. If people want to talk about their house hunting checklist on Facebook AND Twitter, join the conversation.
- Stay relevant. Your social media accounts should focus on relevant industry-related topics, as well as your target audience. One of the best ways to get personal without over-sharing is to talk about your community involvement. Share your projects with the local neighborhood. These topics help you get more personal with your readers, as well as showcase your support for the community – which is always a plus for potential clients.
One other way to drive leads is to partner with the right influencers. An influencer could improve exposure for your mortgage business.
Social media is an important tool for any mortgage lender who wishes to make it big online. Don’t forget to go social to attract more clients to your business!