How to Increase Mortgage Sales
So you’ve started a FinTech mortgage company, keen to make your mark in this multi-trillion dollar industry. You filed the proper paperwork to establish the corporation, set up the staff and printed up the business cards. Sadly, business isn’t booming. Are you wondering why this is, considering the hot market FinTech happens to be right now? Well, ask yourself: Did you make these marketing mistakes?
- Blending Into the Background
In a packed marketplace, the companies that stand out and get attention/business are the ones that distinguish themselves from the pack. If you are playing it safe and just offering the same bare minimum as your competitors, you will never get noticed. Make sure you are offering a service that sets you apart (or at least find a way to make it seem like this is the situation) or offer a mortgage buying experience that differs from the conventional.
- Not Following a Plan
You need to have a solid grasp of how you are going to reach your intended market. As a FinTech mortgage company, you are operating in a new and relatively unknown section of the market while competing against the old-school heavyweights. If you do not do your research and set up a solid marketing plan to get your company and product in front of the right potential customers, you will lose business and your startup will never move up the success ladder.
- Neglecting the Follow-Up Calls
Very few sales are made on the first connection. Yes, you have made people aware of your services, but if you don’t do follow-up your product will likely be forgotten as new promotions take prominence. Make follow-up calls and inquire about any questions they might have (i.e. “With so many providers and choices, how do I know which mortgage?” “What do I need to qualify for the mortgage?”). This will help them feel more comfortable with the process and you, which will work in your favor when it comes time for them to choose their mortgage advisor. And if you feel like this is wasted effort, note that 81% of sales are made after the fifth contact has been made—so don’t feel like you are being a nag. All that effort will be worth it when you close a deal, making both you and the future home buyers happy.
If you avoid these common mistakes and successfully execute a marketing process, you will find yourself with a customer base that will grow as word of mouth (from happy clients) spreads.