First off, if you haven’t yet read Part 1 of this series, you should go read it now (for this to make sense in full context). 

<<You can go back to Part 1 here


Why Your Facebook and Google Ads Don’t Work

Most loan officers and mortgage brokers “burn a hole in their pockets” when trying to generate online mortgage leads themselves…

...whether that be from Facebook ads, Google Adwords, or Youtube. 

Usually it goes like this:

(trust me, I’ve been there myself...I also have my Loan Originator’s license):

1. The Loan Officer buys a Facebook Ads course, or pays a marketing company to generate mortgage leads for them.

2. The Ad, run from a Third Party Site e.g. “Ohio Mortgage Programs”, usually tricks them into giving out their phone/email--with a “See if you qualify for Program XYZ” type of angle.

3.  The Loan Officer will either follow up with them once, or bug them for weeks, wondering why the leads won’t respond.

4. The Loan Officer is convinced that online leads are a scam.


As previously discussed, the reason it doesn't work is because of one word:

Trust.

 (or a lack thereof)


The truth is:

 Consumer “Mistrust” is at an all-time high, and it’s  growing everyday.

Just look at all the online scams and identity hacks happening everyday.


What does this have to do with you, as a Loan Officer?

When you “got the lead”, the person had ZERO idea who you are, and they have ZERO reasons to trust you.


Why It Works For Quicken, Rocket Mortgage, Zillow, and Lending Tree

Have you ever heard the principle that it takes 7 touch points to get somebody to do business with you.

Well, many estimate that “online” it takes as many as 25 touch points.

Quicken, Rocket Mortgage, Zillow, and Lending Tree all have massive brand awareness, and a certain level of implicit trust, because they are massive companies.

When someone sees Rocket Mortgage do a Super Bowl commercial, they intuitively trust they won't get scammed.


Trust is the #1 Reason People Buy

“I’ve got a guy for that”.

Trust is why referrals are so effective. When someone refers a consumer to someone, the consumer also implicitly trusts the referral. 

This is common knowledge, but hardly anyone is applying this to social media marketing and online marketing.

At the end of the day, you need to know how to build relationships with people using social media in the right way. 


The Mortgage Landscape Is Already a Red Ocean

A red ocean is a market that is mature, there are big players, and the only way to grow is to steal from competitors. 

Here’s what I see in the mortgage industry:

  • Hyper-competition
  • Huge players with MASSIVE ad budgets and lots of brand awareness
  • Local loan officers with undifferentiated positioning
  • Over-reliance on Realtor Referrals


Digital Disruption Is Happening

Some local loan officers are more aware than others; some continue to put their head in the sand. But if you look at what happened in the last five years...the next five years of change are going to be even more rapid and disruptive.

What I see so far:

  • Even more BIG players entering the mortgage space: Zillow, ReMax, and Amazon soon?
  • Blockchain technology: changing from 42 avg days to close, down to 5 day,. potentially limiting the value a loan officer brings to the table in managing the process.
  • Voice Search is coming (Alexa, Google Home): when this happens, the only thing that matters will be YOUR BRAND recognition. It’s the difference between saying “Get me the best mortgage loan officer in Tampa” OR “Get me Scott Wilson, Loan Officer”.
  • Consumer habits changing: social media evolving rapidly, millennials will do everything online, and over SMS, without speaking on the phone.
  • TV becoming irrelevant;YouTube and Social Video growing. 


How To Win In The Social Media Age Using Trust Based Marketing 

We have completely re-invented the blueprint we use for loan officer marketing. I believe what we have now is a strategy that will be evergreen (forever)…

...because it’s based on human behavior and trust-based elements, that will forever remain true. 

If you’d like to get access to our blueprint for free, please let us know where to send it with the form below.

the 3 trade secrets local mortgage brokers need to use to have a winning marketing strategy