Two of the most important keys to a loan originator’s (LO) success are trust and relationships. And while that aspect of the business hasn’t changed, the strategy to build trusting relationships has evolved. The old “grow and nurture” method included in person meetings, cold calling, and advertising – and then nurturing those leads with emails, calls, or letters. Growing and nurturing your network is still important, but now in addition to using a call sheet or email list, you have social media platforms. It’s no longer just about a sales pitch, but staying in touch and adding value to your network in as many ways as possible.
This is especially crucial given the state of the housing market.. Two concerns that could derail an increase in loan originations are credit and home prices. According to an article on CNBC.com, getting approved for a home loan is still tougher than before the market crashed in 2007. “Borrowers need higher credit scores, less overall debt, and full documentation of finances.” What this means for LO’s is a smaller pool of loan-ready clients to choose from, and heavy competition for qualified applicants. Adding social media to your networking strategy showcases your professional abilities, and ensures that when the time comes for consumers to choose, it won’t be a matter of which LO to use, but which loan to select.
GREMLN has taken the mystery out of social media for loan originators with our white paper, “De-Mystifying Social Media for Mortgage Loan Originators.” In this paper, we’ll guide you through the most popular social networks for loan officers. We’ll provide tips for setting up your social accounts, and advice on how you can leverage them for prospecting, networking, and nurturing relationships to closed deals. Click to download the paper, and then leave a comment on Facebook!