Other challenges have to do with
the timeline of this type of work. Smith
says that there’s always uncertainty
that the deal will go through and that
sometimes the closing of escrows
can take months. “Once the escrow
closes, we like to get the work done
as soon as possible, especially if the
clients are not living in the home. We
will try to get most of it done before
they move in,” Smith says. Oftentimes
this requires quick reaction time for
assembling a crew.
Positioning for success
Smith and andrews believe that these
challenges can be overcome with
a little effort and the right attitude.
“a year ago, we didn’t even know what
203(k) was,” andrews says. “a repeat
customer wanted to buy an uninhabit-
able property, and we learned about
the process along the way.”
Smith and andrews both opted for
additional training and education on
this niche market. although the U.S.
Department of Housing and Urban
Development (HUD) no longer ap-
proves or endorses builders or con-
tractors, there are several options for
contractors to increase their knowl-
edge of the 203(k) market.
Smith became certified as a 203(k)
contractor by 203kcontractors.com.
according to the site, the certifica-
tion process “involves education and
testing as well as verification of creden-
tials, references and work experience.”
He says that many of the mortgage
brokers contacting him have found his
name because of this certification.
View this article and more
should produce 10-for-1 in dollars. for
instance, if you spend $1,000, you
need to see a $10,000 return; otherwise, don’t continue with the campaign
in question. you have to know not only
how much you’re spending, but also
how much “bang” you get for your buck.
Unfortunately, this sort of careful analysis is alien to the process of
many mortgage professionals. Either
they work for large companies that do
advertising for them and don’t believe
that they have to undertake marketing
of their own, or they pursue their own
marketing yet don’t rigorously test the
results. Everything you do as a mortgage professional needs to be considered within the context of an overall
marketing strategy, one that’s tested
and analyzed with discipline.
broadly, there are two kinds of testing that originators should undertake:
internal and external. Internal testing
refers to the client’s experience from the
point-of-contact to the close; study any
financial losses that may have resulted
from holes in your business’ system.
External testing refers to marketing with
purpose; consider an individual campaign as being part of a larger overall
strategy and examine each part of that
strategy in order to determine the results and how they can be improved.
This seems simple enough, but it’s
not necessarily easy. It takes creativity to design marketing campaigns
« MARKE TING continued from page 40
that can be tracked. Tweeting about
rates can be a type of campaign in itself, but how many of those tweets
advance your conversations with current or potential clients? How many of
them result in visits to your website?
for that matter, has your website been
designed so that you can tell when clients arrive from different marketing
channels? How can you know if the
time you dedicate to Twitter is well-spent if you’re not measuring, testing
and refining your efforts?
This final question applies to every
piece of communication and marketing that you do as an originator. If
you’re rigorous about your metrics,
you may find that you get as much
as 80 percent of your business from
20 percent of your marketing. That
knowledge will allow you to re-task
your money and time into areas that
are more profitable and will produce
results superior to what you get now.
• • •
Marketing with purpose may sound
obvious, but there are many former
originators out there who didn’t do
the work of analysis or couldn’t live
with the results they got when they
did perform analysis. If your business
is going to survive in this economic
climate, you need to understand what
you’re doing with marketing and ex-
actly how it may give you an edge on
your competition. Only then will your
business truly be able to thrive. •
Bridgeview Bank Mortgage in Illinois Built for and by Top Producers
Erik J. McLaughlin
RVP of Sales
Call or e-mail us to learn more
on how you can join a sales-driven
mortgage company built for and by
Top Performing Originators.