Are you splitting costs with your mortgage and title companies?
Picture this: You brought in three new clients this week through three tremendous sales. These clients are now completing the next steps in their purchasing process and are researching potential mortgage offers. They’ve come to you for advice and you provide your unbiased opinion. You offer to make introductions to a select number of mortgage and title companies, resulting in all three clients working with the companies you’ve recommended.
Shouldn’t you receive some sort of benefit? After all, you brought the mortgage and title companies business, right?
If you’ve been in a similar situation, we’re certain this has crossed your mind.
Though the idea of sharing marketing strategy and costs with your mortgage and title companies might seem unconventional, we are certain it will result in an increase of resources while saving you money.
Sounds like a win/win, right?
Below are three ways you can work alongside your mortgage and title companies to reduce your individual marketing budget while resulting in an increase of qualified leads.
1. Targeted Marketing Campaigns
Depending on your location and niche, chances are that you, your title company and your mortgage company all have similar target clients and demographics. With this in mind, targeted marketing campaigns should be part of your overall strategy.
So why not develop customized campaigns that offer your services alongside one another? For example, you could launch a three-week campaign that attracts new clients to work with an all-in-one solution; realty, mortgage and title companies. With a targeted marketing campaign, you could then develop online advertisements that target your ideal demographic for this solution.
2. Referral Programs
We’ve talked about referral and affiliate programs in a previous post, and this approach certainly applies here.
We often don’t think twice about providing referrals for clients we work with closely, so why not include this as part of your marketing strategy?
Similarly, as a popular trend in marketing, affiliate programs provide incentives for referrals. Consider offering rewards, whether monetary or otherwise, for each client that your mortgage and title companies bring you – and vice versa. Affiliate programs can have a significant impact on client retention and management.
3. PPC Advertising Budget
If you don’t use PPC marketing now, it would be beneficial to explore this option. Marketing agencies can provide additional resources without bringing employees in-house. Additionally, a reputable agency will always keep up-to-date on the latest trends in digital and traditional marketing, ensuring your business isn’t left behind.
When exploring agency options, consider approaching your mortgage and title companies to work with you. Whether it is in the form of community management or marketing campaigns, a marketing agency can explore the idea of bringing you on as one unified client, thereby reducing agency costs and budget.
The next time you bring new clients to your preferred mortgage and title companies, ask yourself – how is this referral benefiting me?