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W. Edwards Deming said "Marketing and innovation are the only source of value in business, everything else is a cost". And he was right.
The only thing that adds to your bottom line is demand for your product. Demand is created by offering people products they want (innovation) and effectively communicating the benefits they will enjoy once they own your product (marketing).
As a mortgage broker you have very limited control over the innovation part of your business because the loan products available are offered by your lenders without your input. So that leaves marketing as the only way for your to add value to your business.
Once you understand this, it becomes a simple matter to organize your business into a marketing driven brokerage. Start by carefully evaluating your marketing and sales skills. Identify your strengths and weaknesses. Take your time with this exercise. Write notes. You will need this information later.
Next, identify your target market. Start small and narrow. Specialize and you will be able to offer better service and expertise than other brokers that will do any loan that comes to them.
The easiest way to do this is to find a specific type of loan program that you think will be profitable. Learn everything you can about this market segment. Identify every loan provider in this market. Search for the best deal for your clients and you will have powerful ammunition when it comes time to market your product.
Now use your strengths and your target market profile to select three marketing strategies from the following list.
Friends and Family - Direct Mail - Flyers - Telemarketing - Press Releases - Broadcast Advertising - Print Advertising - Articles - Networking - Premiums - Seminars - Surveys - Ethnic Communities - First-Time Home Buyers - For Sale By Owner - Internet Marketing
These three strategies should form the basis of your marketing efforts.
Develop a marketing project for each strategy. Carefully write you advertisements, define where you will run them and set your goals. Then develop a process for keeping track of your expenditures and your results.
Once you have a clear definition of each marketing project you should pick the most promising one and put it into action. Once it's up and running move on to your next marketing project.
Once you get your three strategies up you should change your mindset into one of gathering market data. Always evaluate the performance of every ad. Make small changes and compare results. The goal is a process that delivers constant, incremental improvement of your advertisements.
Over time you will develop very effective ads and thereby reduce you cost per prospect. Marketing is a slow and tedious process when done correctly. You must have the patience and perseverance to keep meticulous records.
But when you do, you slowly develop a huge repository of customer behavior data. There is no more accurate predictor of how a customer will act tomorrow than looking at what they did yesterday.
David A. Wells is a former mortgage broker turned internet marketer. If you'd like more information about mortgage industry careers, jobs, training, websites and licenses then visit http://www.mortgage-millions.com. You'll find an array of valuable information to help you become successful as a mortgage broker.
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First-time House Buyers: to Buy or Not to Buy; that is the Question
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Advantages and Disadvantages Of A Reverse Mortgage
Betty and John, are in their mid-seventies and are currently weighing the advantages and disadvantages of a reverse mortgage as a way of freeing up some cash. The couple purchased their home 45 years ago for about $14,000 since then home values have skyrocketed and recent single family homes in their neighborhood have been selling for a minimum of $160,000.
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Refinancing your home or property is a big decision that could drastically affect your financial future, for the good or the bad, depending on how smart you go about the process. Take the time to explore all of the different refinancing options you have available to you.
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Finding the Best Mortgage Lender Online
Finding the best mortgage lender online is simply a matter of doing some smart shopping. Begin by gathering your financial information, and then request quotes from several lenders.
Advantages Of Mortgage Pre-Approval
There are several advantages to getting mortgage pre-approval before looking for a home.Being pre-approved for a loan lets you know how much you can borrow towards a home, your agent can help you find a home within the loan amount you're pre-approved for, and a seller of a home is more likely to accept your offer than someone who has not been pre-approved for a loan yet.
Home Equity Lines of Credit Vs. Other Conventional Loans
When it comes to getting money, you have two basic options. If you are a homeowner you can choose to take out a home equity line or credit (HELOC), or you can take out a conventional loan.
Reasons To Get A Home Equity Loan
Using a home equity loan really depends on what your needs, wants and desires are that prompt you to take the home equity loan in the first place.The most common reason people obtain the loan is for debt consolidation however other uses include home improvements, educational expenses, unexpected family emergencies, medical expenses and in some cases for big ticket purchases.
Avoiding Foreclosure Scams
If your mortgage company is threatening foreclosure, there are things you can do to avoid it (see my article titled "How to Avoid Foreclosure"). However, you should be aware of scams.
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Are you excited about purchasing your first home? Or maybe this isn't the first, but you should be excited anyway! It's a big step and a big decision. Finding the right mortgage loan is key.
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A Mortgage Loan For Homes
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Adverse Credit Mortgage Loan - Persistence is the Key to Getting Approved
People with bad credit that are looking to get a home mortgage loan or to refinance their existing home mortgage loan, know how difficult of a job it can be to try and get approved. Adverse credit history can mean a little more legwork to get an approval for a mortgage loan, and especially to get a decent interest rate.
Bad Credit Home Loans
There was a time that seems like decades ago when people with less than pristine credit were not able to get home loans. At that time people with bad credit were all but assured that their dreams of homeownership would never come to fruition.
Refinancing Your Home Mortgage Loan With Bad Credit
There are numerous reasons a person has bad credit. Late or partial payments, missing payments, and too many outstanding debts could all be factors that have left you with a poor credit rating.
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