When you place brochures from every mortgage company side by side, you can't help but notice the similarities. Each piece mentions that they have every possible loan program available, proven & experienced professionals, fast & friendly service, a list of documents needed to process the loan, a promise of individualized attention and a commitment to professionally serve the client.
This is fine and dandy for consumers, but what about your brochure for real estate agents? If you're giving to agents the same brochure you give to clients, does it help you stand out? Probably not - and even if you do have a separate brochure for agents, does it avoid the 3 most common mistakes?
This is the colossal mistake with most brochures. Here's a quick list of features often mentioned in mortgage brochures; loan rates, APR, quality service, mortgage insurance, points, refinance, payments, purchase, full service, originate, retail, interest-only, option-only, ARMS, free quote, to name a few.
Features don't tell the reader anything. Sometimes it only confuses them more about your service. When an agent reads your brochure, they're reading it for one reason. They want to know, "What's in it for them." If you've been in sales for a length of time and have been a good student of it, you know that people are interested in hearing benefits, not features. But wait, there's a twist.
If you sell widgets, your brochure follows an old school formula. It describes what the widget is (feature) and than tells the customer what the widget will do for them (benefits). Pretty simple, isn't it?
But you're in the mortgage business. Or better said, you're in the service business. Wherein lies the caveat, when you sell a service, it's invisible. You can't touch, smell or see it. Even though describing the benefits an agent receives from using your services is helpful, it's not enough.
If you want your brochure to make a difference, the kind of difference that gets noticed by agents, than describe the problems they have that you can solve for them.
It's a strange phenomenon, but dreadfully true. Agents are more interested in reading about their problems than reading about the benefits of your services, or features for that matter.
Loan Officer Marketing: Brochure Mistake #2 - Use of Jargon
Jargon is like, "Swahili," a confused, unintelligible language. It's words that you understand, but leaves an agent clueless. Jargon comes across as obscure and pretentious. Instead, keep things in simpleton terms. Your brochure should focus on expression, not impression. Using buzzwords, stylish words or phrases can come off as pompous.
Jargon slows down or stops the reading process. Avoid it by writing your brochure in a casual voice, as if you're having a conversation with the reader. In English class you were taught to write very formal, remember, your brochure isn't a term paper, it's an opportunity to persuade and shape one's perception.
Make use of pictures to communicate, they're only worth a thousand words. Agents understand with their eyes. Graphs, charts, photos, and pull quotes are examples of conveying or supporting key points.
Everyone's brochure mentions good customer service. As an alternative, use a flow chart to demonstrate your service, and than support it with satisfied client testimonials.
Don't take offense - most of us have this disease. You see what might be working for someone, so you copy it for yourself. It's easy to grab the leading competitor's brochure and copy some or all of it. Years ago for instance, rate sheets were a hot marketable brochure. You could distribute a few hundred and get a respectable response. Well, when you have hundreds of loan officers copying it, guess what happens? It wears out, but we keep using it.
Me-tooism isn't worthwhile. Look at how much mail you're still getting from other mortgage companies trying to get you to refinance. And they use the same formatted letter as everyone else. The letter specifically states, in bold print, how much you could be saving, and includes an advertised low rate. Sometimes it's printed in the form of a fictitious check ready to be cashed.
Don't be afraid to be different. It's easy to use what others have and challenging to come up with originality. But it's originality that can earn the biggest reward.
The Power of a Well-Crafted Brochure
Like a good movie plot, a well-crafted brochure sets the storyline in motion. It shapes an agent's perception before you sit down with them - curtailing rejection and lessening resistance. It provokes thought in their mind, making you more memorable. And it helps you stand out and be noticed among a huge crowd.
As loan officers, we tend to get the same advice from our managers, we read the same books and listen to the same audio programs.
We want to find new business, but we are all being told to find new business from the same sources (so the effectiveness of any marketing that we do is diminished to some respect).
I love watching salespeople take bold actions when it comes to marketing and prospecting for new business.
I knew of one loan officer who ordered 100 pumpkins a few weeks before Halloween. He had made an arrangement with a local supermarket to use a portion of their parking lot to give out the pumpkins.
He placed an ad in the paper, put a few flyers in nearby grocery stores, diners and laudromats, and was lucky enough to have the local newspaper cover the story the morning he gave out the pumpkins.
It was a huge success!
The turn out was overwhelming. He ran out of pumpkins with two hours of starting, but he met 100 people and couples that day, and he walked away with 8 good leads for immediate business.
Was it hard work? Sure it was, but it all paid off many times over. And the reason why it paid off was because the average loan officer just wouldn't have done it.
Another young and ambitious loan officer really pushed the envelope.
He had just started out and was looking for a way to break the ice when meeting new real estate agents. So this is what he did:
He went to the local discount shoe store, and purchased 5 pairs of plain black shoes (they were about $5 a pair).
He printed small labels to put on the shoelaces that read:
Hi. My name is John Smith and I am trying to "get my foot in the door." I will be back to your office next Tuesday morning to meet with you.
He then went to a real estate office that he was going to focus on this month, and place one shoe in each of the mailboxes of the agents.
Was this a little much? Possibly. And I wish I could have seen the real estate agents' faces when they pulled their shoes out of their mailboxes.
But the young loan officer did break the ice and he did get a very productive referral source from that office. And even till this day, whenever someone from that real estate office seems, they say "Hey, you're the guy with the shoes."
So think creatively with your marketing efforts. Stand apart from the average loan officer. Be different and be remembered.
Both Jeffrey Nelson & Joe Pahl are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Jeffrey Nelson has sinced written about articles on various topics from Debts Loans, Marketing and Real Estate. of Jeff Nelson's Marketing Planning Guide, a 20-page workbook designed to help you outline a strategy to become an Agent Magnet.. Jeffrey Nelson's top article generates over 33100 views. to your Favourites.
Joe Pahl has sinced written about articles on various topics from Marketing Campaign, Real Estate and Finances. Joe Pahl is a marketing consultant and co-creator of the Loan Maker Gold System for Loan Officers (www.LoanMakerGold.com). To receive his free eCourse "7 Strategies Loan Officers Can Take to Guarantee an Awesome 2006" please sent blank email to loanmaker. Joe Pahl's top article generates over 2900 views. to your Favourites.