There is a lot of talk about how the mortgage market has changed. It is certainly obvious that home owners and new home buyers are in a different state of mind. Is your marketing spend and advertising budget reflecting this change?
The best mortgage lead providers are changing their messages to reflect a different market. Seth Godin discusses the right marketing behavior in his marketing in a recession post.
What does that mean for mortgage brokers, bankers, and loan officers?
In the hey-day of the mortgage refinance boom borrowers were generally in a high rate mortgage and were looking for opportunities to lower their payment. Consequently, marketing targeted at payment produced a well matched lead and a borrower conversation that was focused on their wants. The concepts were simple–lower my payment–and need little research or explanation.
Fast-forward to late 2007 and early 2008. Borrowers are concerned with the economy wondering if they are in a mortgage that will weather the storm without any payment surprises. New home buyers have heard all of the mortgage horror and wonder if they can even get a mortgage to buy a home. And everyone is in a heavy research mode trying to find simple explanations to all these foreign concepts–FHA, Fannie Mae, Freddie Mac, conforming loan limits, economic stimulus, and many other to come.
Do your own research and make sure your marketing or your lead provider campaigns are helping your sales. Has the story changed?
Ensure they are helping to clear some of the confusion and fog with their marketing messages and are positioned correctly to capture those curious home buyers and potential refinance customer.
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