Impactful Marketing Strategies for Today’s Competitive Housing Market
Rising mortgage interest rates have forced many would-be homebuyers to put their purchase plans on hold until affordability improves. Meanwhile, prospective sellers feel trapped in their current residences due to being “locked in” with affordable mortgage rates, a situation that has led to worryingly low inventory numbers.
And as you know, a shrinking potential customer pool means your job of connecting with and converting leads will become increasingly difficult. So, we compiled this list of helpful marketing strategies for loan officers looking to gain an edge in the housing market. Check them out!
Partner with well-known influencers
Influencer marketing is when a popular social media user collaborates with a brand to promote that brand’s products or services. In today’s competitive marketing landscape, more and more brands are working with influencers to open doors to larger potential audiences. This year, the U.S. influencer marketing market size was estimated to be $21.1 billion.
Working with influencers can help boost brand visibility, drive engagement, and impact your customers’ homebuying and selling decisions. While collaborating with well-known real estate professionals is an impactful strategy, don’t be afraid to think outside the box when it comes to forming partnerships. A home renovation expert, interior designer, real estate attorney, or other professional with a large following who serves your demographic may also deliver new leads.
Try a new social media platform
A top producing loan officer takes advantage of every marketing channel possible and in today’s fast-paced, always connected world, this especially includes social media. Consider trying out a social media platform that you have little or no experience utilizing. Such as TikTok, Instagram Reels, or Facebook Reels, which are perfect for creating short-form marketing videos. You could also start a weekly YouTube livestream or grow your professional network on LinkedIn.
Whatever you choose, embracing a new social media platform will help you discover unique ideas and trends, connect with untapped audiences, and build and enhance your brand.
Do not ignore direct mail
While mass communication has changed dramatically over the past 25 years, direct mail’s impact has proven to be remarkably enduring. Declarations that this form of marketing is obsolete could not be further from the truth. According to a recent report, direct mail delivers an ROI of 43%. Additionally, 74% of marketers said that direct mail delivers the best ROI of any channel.
As part of a multi-channel marketing plan, direct mail fits perfectly with digital strategies. For example, a direct mail piece matched with a follow-up email and targeted ads on social media can create consistent, meaningful engagement with your brand.
Focus on Generation Z
Millennials are still the largest homebuying generation in the U.S., but another demographic looks poised to overtake them: Generation Z. Although they purchased only 6% of all properties in 2022, 30% of 25-year-old Gen Zers owned homes last year. For comparison, 27% of their parents’ generation—Generation X—owned a home at the same age.
- Born between 1997 and 2012, the members of Generation Z were raised during the Great Recession of 2007 to 2009 and are typically more cautious when it comes to spending. This generation does not know life without the Internet and is more likely to engage through social media and apps.
- Generation Z was raised with evidence of the many ways to gain knowledge and wealth without a traditional education.
- Less than 20% of Generation Z subscribe to e-newsletters.
- Short, informative, and authentic videos typically catch the eye of a Generation Zer. One survey noted that 70% of this demographic found YouTubers more relatable than Hollywood celebrities.
- Generation Z values green companies, sustainability, and social justice. Online reviews are heavily considered before major purchases. And smart phones are the preferred way to browse the Internet.
Create the right content
Sharing relevant and engaging social media content is one of the most effective ways a loan officer can become established as an industry expert and trusted mortgage advisor. Try to strike a balance between content that is focused on the housing market and content that is not. This can mean providing in-depth local data while also emphasizing fun and unusual holidays or highlighting interesting seasonal trivia.
Be a guest on podcasts
Podcasting is one of the country’s fastest growing forms of media. According to data from Statista, 62% of U.S. consumers listen to podcasts. And while the number of listeners only increased from 57% to 62% in the past year, it has doubled over the last decade.
When reaching out to a podcaster regarding a guest appearance, be sure your pitch email clearly details your levels of expertise and qualifications. State the value your appearance will bring to the podcast. Finally, link to content that further demonstrates your knowledge and experience.
You can also take advantage of a third-party platform that connects podcasters with guests. Just know that these services typically charge monthly fees.
We hope these marketing ideas help you find more clients and grow your network. However, if you truly want to position your business for greater success in today’s competitive housing market, you may need to work with an industry-leading marketing partner.
And this is where Volly can help! Please contact us today to learn more.