Ask Yourself: Who Am I? :
Build business by marketing your personal connections and demographics
For many mortgage brokers, build- ing a solid business depends on expanding their market audience
or developing a deep connection in a
niche market. Instead of looking outward for that elusive untapped market,
brokers should first look inward and
identify their own circles of association.
Ask yourself which niches you belong to as a consumer. You often can
translate your personal demographics
to find business demographics. The
markets in which you live and work can
provide intercommunity and cross-mar-keting opportunities for your business.
If you are a female, veteran or minority business-owner, for example, you’re
building on and participating in a community to which you already belong.
The key is to identify what certifications
or associations are available and leverage them when marketing your business and services.
You often can certify and market your
business based on any niches or de-
mographics into which you fall. If you
own your mortgage business and are
seeking government or subcontracting
opportunities, for instance, it is impera-
tive to be certified as female-, minority-,
disability- or veteran-owned and to use
this certification as a marketing tool.
Desirée Patno is owner and founder of a
leading real estate owned brokerage, Desirée
Patno Enterprises Inc., and president and
founder of the National Association of Women
REO Brokerages. Patno incorporates 19 years’
service with major financial institutions,
managing high volumes of pre-foreclosures,
short sales and foreclosures. Her expertise
allows her to meet each client’s unique needs.
DPE and NAWRB donate a portion of proceeds
to heavily foreclosed communities. Contact
email@example.com or (949) 559-1300.
By Drew Kessler
Create Transparency, T e c ,
KMG Mortgage Consulting
Calm nervous would-be borrowers
by educating them at every step
Educating borrowers early and often can make the difference between closing and failing to
close a loan. Mortgage brokers who
help clients understand loan terms and
conditions, industry changes in the past
three years, and alterations yet to come
can create transparency and build trust
— which can lead to increased closing
rates and more referrals.
Many mortgage applicants are
about to make the biggest purchase
of their lives. They’re often nervous
about taking the leap, concerned
about finding the best deal and worried about having someone take advantage of them. At the same time,
many applicants will struggle to understand the numbers and loan offers
presented to them. Brokers should
dedicate themselves to helping in every way possible.
They also should realize that educating borrowers in today’s market often
involves working with those who have
access to a wealth of information. Many
mortgage prospects now visit brokers
only after gathering information online.
Internet searches can lead to details
about mortgage rates, programs and
more. These searches also can inform
prospects about new legislation, regulation changes and the rights of mortgage
Many prospects will find this information but fail to understand it. Brokers
should explain it and shed light on every
step of the loan process.
Providing transparency shouldn’t
be a hassle. Brokers should embrace
every opportunity to educate consum-
ers. They also should ensure their
employees take the same approach.
If necessary, brokers should ramp up
education internally and make sure ev-
eryone working for them obtains a well-
rounded industry understanding.
Drew Kessler is the managing director of KMG
Mortgage Consulting. He is president of his
local board of Realtors and is the first loan
officer in the board’s history to achieve that
honor and position. Kessler appears regularly
on Fox Business News for his expertise on the
housing industry, and he publishes a weekly
housing report at drewkessler.com. Reach him