In today’s challenging market, loan officers face rising interest rates, limited inventory, and the constant stream of fear, uncertainty, and doubt (FUD) from news agencies. However, while some may struggle, others continue to thrive. To succeed, it’s crucial to understand the current market conditions.
According to the National Association of Realtors (NAR), the forecast for total homes sold in the US in 2023 is 5.1 million, which is 900,000 fewer homes compared to pre-pandemic levels in 2019. Furthermore, the average home price has significantly increased by $109,700, or 33%, since 2019. Despite these changes, there is still ample opportunity for loan officers to excel by implementing the top three marketing strategies for 2023.
According to the St Louis Federal Reserve, the average price of a home in the US in 2019 was $327,100.Today in 2023 that average is $436,800. That’s an increase of $109,700! 33%! So if you are making an average commission of 2.5% In 2019 you were making $8,177 per deal. Today you are making $10,920 per deal. You can do roughly 20% less business and still make the same amount of money! Here’s the amazing news, there is still lots of business out there for you to get
Here are three incredible ways for you to generate the highest quality leads that you can control in 2023.
a) Referrals and building a pipeline of sellers from your database.
b) Referrals from your referral partners. (Sill high volume Realtors but also focusing on where the deals that HAVE to be done are. Divorce attorneys, Financial planners, Investors, Insurance advisors, etc.
c) Inbound calls from the highest quality leads that are using the internet to find local lenders.
Now, here’s the incredible thing we have discovered a way that turns these 3 Loan Officer Marketing Strategies for 2023 into an even more powerful strategy. We have discovered how to use A.I. to rank on the map placement on the front page of Google as they transition to being an A.I.-powered search engine
Here’s an example of how We combined these 3 strategies and ranked a new business with a new website in the 1st position on Google Map Placement
Our good friend Carl White reports that 17% of the inbound calls from this map placement turn into closed deals! Think about this for a second. Every single day deals are closing in your market.
Where are most of those people doing their research? Google.
A combination of past clients and a network of referral partners and still that’s only a small fraction of the people using Google to research which mortgage lenders are great to work with.
Referrals and Database Pipeline:
One of the most effective loan officer ideas to generate high-quality leads is through referrals and building a strong pipeline of sellers from your existing database. While realtors remain a reliable source of referrals, it’s essential to expand your network to include other professionals such as divorce attorneys, financial planners, investors, and insurance advisors.
By nurturing relationships with these referral partners, you can tap into a wider pool of potential clients who are more likely to require your services. This ensures you are building a better database pipeline by maintaining regular contact and providing value to your past clients will not only foster repeat business but also encourage them to refer others to you.
Turning Applications into Referral Relationships:
Every application you receive from new calls generated through your online presence represents an opportunity to establish referral partnerships. In today’s market, you can’t expect to generate a ton of referrals from your past clients but what you can do is build a relationship, build the foundation for repeat business in the future, and get the referrals that are available.
By introducing these new clients to your network of realtors, financial planners, insurance advisors, attorneys, and other professionals, you can create mutually beneficial relationships. Referral partners are particularly interested in pre-approved buyers, making your qualified clients highly valuable to them. This approach allows you to leverage the deals generated from your online marketing efforts and expand your referral network.
Inbound Calls From Internet Leads:
Another vital strategy is to capture inbound calls from high-quality leads who are searching for local lenders on the Internet. Implementing effective marketing techniques to attract these leads is crucial. To achieve this, you need to optimize your online presence and utilize AI-powered search engines, such as Google.
By ranking on the front page of Google’s search results, particularly on the map placement, you can significantly increase the number of inbound calls. Research shows that 52.75% of all leads contact the top three businesses listed on the map. By combining your database of past clients with an enhanced online presence, you can generate more leads and create a positive reputation through 5-star reviews.
Utilizing these three strategies, you can maximize your results even further. For instance, using AI techniques can help you rank higher on Google’s map placement, leading to more inbound calls. Simultaneously, reaching out to your past clients and generating 5-star reviews enhances your reputation, increasing the quality of the leads you receive from Google. Moreover, by converting new applications into referral relationships, you create a continuous cycle of mutually beneficial connections that can drive your business forward.
Our team specializes in helping loan officers rank on the front page of Google and generate 5-star reviews. We have a proven Database Activator process that will reach out to your past clients and will provide great value by delivering inbound phone calls within six months, and if we don’t achieve the desired results, we’ll continue working for you for free until we do. However, please note that this offer is limited to two professionals per market, and acceptance into the program is required.
Chris Johnstone is the owner of Connection Inc. His team at Connection Inc. will fill your calendar with qualified sales appointments.
We do this using our 4 proprietary marketing systems that we have developed over the last 15 years.
1 We communicate with your past client to immediately, and over time bring in more repeat business, referrals and 5-star reviews on your businesses Google profile.
2 We help you build a targeted list of qualified referral partners, craft an offer that converts them and then make the calls and run the CRM systems that fill your calendar for you.
3 We generate the highest quality inbound leads by using A.I. to rank your business on the map placement on the front page of Google and running the systems that make you the best rated. You get inbound calls that close.
4 We help you install systems that turn every new application and customer that we generate for you into a referral opportunity that doubles your business by turning every opportunity into at least one more deal through referrals.
Click Here To Learn How We Can Help You Grow Your Business.
About us and this blog
We are a digital marketing company with a focus on helping our customers achieve great results across several key areas.