How to Market Yourself as a Specialist
Developing a niche is a way to grow business and gain a competitive advantage
By Daryl Spector, founder, Credit Power 911
Despite mortgage-industry
changes, people will continue to
buy and sell houses. Brokers who
remain positive and search tirelessly for
success will often be the ones who find
it. Developing a market specialty can be
the difference.
When it comes to being a specialist, it’s
as important to know your area of expertise as it is to share that knowledge with
clients and in your marketing materials.
Indeed, many loan professionals place
generic advertisements in generic publications to solicit generic purchase or refinance business. For some, that works.
As you think about doing this, however, consider the fact that generalists do
little to set themselves apart. Instead, they
put themselves in a position where rate
and closing costs define them. That’s not
a strong position in a world where people
often search for whoever is cheapest.
As a specialist, on the other hand, you
can establish yourself as an expert whose
insights alone are worth your fees. To do so,
you must educate yourself about every aspect of your specialty. Don’t call yourself an
expert if you’re not. Borrowers will see right
through that, and you’ll lose their business.
Upon gaining the necessary knowledge to move into a specialty, you should
work tirelessly to build strong relationships. Many real estate agents, insurance
agents and financial planners recently lost
previous mortgage partners to the market
downturn. These professionals still seek
solid mortgage insights but don’t know
where to turn. Send a query letter to all
of the professionals you know. Explain
your specialty and ways that a partnership
could be mutually beneficial. Follow up
with a phone call and work toward setting
an in-person meeting.
Developing a specialty in this fashion
also creates a competitive advantage that
other brokers often can’t match. For example, in today’s market, some brokers position
themselves as experts in helping clients improve their credit scores. This can be as easy
as developing a relationship with a credit-improvement company. After you help guide
clients closer to their homebuying goals, you
won’t find many leaving you for a lower rate.
Going through this process also will help
you reconnect with your database.
If you’ve been neglecting your database of partners and past clients, you’re
missing a huge opportunity. The odds of
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reconnecting with old contacts diminish
every month you fail to stay in touch. On
the other hand, by maintaining a good
database, you can find business. In building your client database, make sure to at
“Don’t call yourself an
expert if you’re not.”
least collect your prospects’ name and
contact information, including street
address, e-mail address and telephone
number. You should also keep a short
record of what you talk about, including
the small things that will show that you
were listening and care.
It’s wise to spread your marketing efforts
beyond your base, as well. A great and inexpensive way to do this is by writing informative articles in publications that your
prospective clients read. The more you do
this, the more people will associate your
specialty with you. If no one is writing a
mortgage column for your local paper, that’s
a huge gap that you could be filling.
The more you market yourself as the expert and back up the claim, the more your
name will become synonymous with your
niche. It’s also a good idea to include specifics in your marketing. For example, if you
decide to focus on U.S. Department of Agriculture loans, you should only market to
people who live or want to live in an area
that qualifies for such loans. Of course, as
the expert, you would know exactly who
those people were and how to reach them.
With today’s industry changes come
new opportunities. Mortgage brokers who
develop a specialty, share that knowledge,
build new relationships and stay in touch
with their database can help put themselves ahead of the pack.
Daryl Spector is a successful originator, founder
of Credit Power 911 and
developer of the Credit
Code Cracker, a system
that can improve credit
scores quickly using little-known, well-guarded se-
crets that credit bureaus try to hide and of which
most credit-repair companies have never heard.
Mortgage professionals throughout the U.S. use
Spector’s system. Reach him at (314) 720-
4289 or dspector@creditpower911.com.
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