Monday, August 4, 2008

Mortgage Broker Marketing: Face Your Fears and Anxiety Over Marketing Position

The best advice you can get in regards to marketing to real estate agents is to establish a unique position. You should work hard to develop a niche position as the foundation for your marketing efforts. This can be a scary prospect for some people because they fear that if they narrow their focus, or develop a niche position, they may lose opportunity for business. If you share the same fear, read on and some anxieties surrounding positioning will be addressed.

Establishing a single position means you will sacrifice other opportunities.

It may seem like a logical conclusion, if you focus on only one niche you are going to eliminate a great source of business. But actually, narrowing your focus creates additional opportunities.

Take the example of Countrywide Home Loans. When they first started out, Countrywide focused on a branch without salespeople concept and focused on offering FHA and VA loans exclusively.

Countrywide developed the retail branch concept, where clients could simply walk in and receive service much like a bank branch. How did this narrow focus affect their business? They earned significant market position, even when interest rates were at an all time high of 18%.

All mortgage services are alike

We can argue that just about any line of products or services are all the same, despite the competition. But even when products are the same, it is still possible to differentiate between companies that offer the same services or products.

As an example, consider the Morton Salt Company. This company has become a cultural icon based on its brand, the blue can with the little girl holding an umbrella and walking in the rain. There is more than one salt company selling essentially the same product, but Morton has found a way to make them stand out from the competition.

No two people are alike, even identical twins have subtle differences, and no products or services are identical. People will perceive those differences, and in fact, may actively work at finding differences.

An interested agent will look for differences in services with mortgage agents. They will notice that you have a passion to serve them, you have commitment that is unsurpassed among other loan officers, and you exhibit sincerity and caring. If you do not think these differences are obvious, you need to take a closer look, and perhaps work a little harder.

Taking a single position will limit appeal

Many sales people construct sales presentations around every service they could possible offer. Unfortunately, whether it is a sales presentation or your marketing materials, you are always competing for time with prospects that are virtually inundated with information.

People naturally try to narrow their focus to the simplest form. When you have a narrow focus, you are able to demonstrate your superiority within the focus. When you render great service, real estate agents will naturally associate your superior service with an ability to deliver great service on many different products.

Think about the luxury car Mercedes. Without even thinking about it you naturally associate the car with wealth, success, taste, and style. Even though you know nothing about the person driving the car, you still make the association.

Jeff Nelson helps loan officers increase loan originations by attracting quality relationships with real estate agents from the development of customized relationship-building strategies.

Click here to get a free copy of the Marketing Planning Guide, a 20-page workbook designed to help you outline a strategy to become an Agent Magnet.

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