Understanding The Value Of Social Media For Mortgage Businesses

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the value of social media for mortgage brokersSome pretty fantastic promises have been made regarding what social media can do for a business. Post daily on Facebook and triple your revenue in 3 months. Be more active on Linkedin, and leads will pour in by the hundreds. Reach 10,000 followers on Instagram, and your pipeline will be filled with qualified leads.

While social media is a catalyst for remarkable growth and revenue, it doesn’t happen quite so easily or quickly. It takes time –a continuous and strategic effort –to achieve measurable, long-lasting, revenue-generating results. 

However, the bottom line is that social media for mortgage businesses does, in fact, work. It’s just a matter of knowing how to work it and having the patience to do it for a sustained period. In fact, it can be one of your most powerful tools in lead generation and so much more. 

Let’s take a look at recent stats that every mortgage professional should be aware of regarding social media and consumer behavior:

  • 72.3% of Americans are on social media (Data Reportal)
  • 74% of social media users review business sites to make buying decisions (Statista)
  • Facebook is the largest organic lead source, second only to websites (Hootsuite)
  • The number of social media users in the US increased by 10 million between 2020 and 2021. (Data Reportal)
  • Information found on social media influences the shopping behavior of 75% of Americans (Adroit Digital)

Now that we’ve established that it’s is a powerful tool that’s worth the investment and effort, let’s drill down even further and explore the various ways social media benefits your mortgage business.

The Power of Social Media for Mortgage Business Growth

Increase Traffic To Your Mortgage Website

Social media posts are vital for driving more traffic to your mortgage website. You can do this by sharing content from your blog or with a graphic that directs them to a landing page. Be sure to include your main mortgage website on all your social media profiles, as motivated prospects often investigate a business’ online presence before contacting them.

Generate More Mortgage Leads

Social media is a critical part of your mortgage sales funnel, and as the number of users continues to boom, so does the opportunity to reach more prospects. Use the platforms to amplify your reach and put your lead capture form in front of more eyes.

The Power of Social Media for Mortgage Branding

Increase Brand Awareness of Your Mortgage Business

Social media users are open to discovering new brands on social media. Instagram recently released stats that showed that over 200 million users turn to their Explore page, and over 80% discovered a new product or service from their platform.  And with nearly 70% of Americans checking social media at least once a day, your brand is more likely to stay top of mind. 

Increase The Trust Factor with Your Prospective Borrower

Trust is the precursor to all transactions, especially when it comes to large ticket items like mortgage loans. Use the platforms as a way to increase trust by showcasing your company’s mission and values along with establishing your brand as a thought leader in the mortgage industry.

The Power of Social Media for Communication with Borrowers

Manage Your Mortgage Company’s Reputation

Even if you’re not currently active on social media, chances are that people are still talking about your business. Use social media as a listening tool and be part of the conversation about your services. If the conversation is positive, use it to highlight your business and win over more potential borrowers. If the conversation is negative, get ahead of the situation and attempt to resolve it before it turns into a major issue.

Engage With Borrowers and Prospects

When a person feels noticed and part of the conversation, the stronger the bond becomes. In the case of the prospective borrower, this bond makes it more likely that they’ll apply for a loan. For a current or past client, engaging with them builds loyalty that compels them to recommend your services to others and generate leads on your behalf. 

Social Media Management Solutions By LenderHomePage

Communication is as old as humanity itself, so the principles of social media are nothing new. However, the digital age has altered how best to execute communication via social media. The tools, strategies, pace, scale, and capabilities make it a total game-changer in the business world. Are you keeping up with the best practices in social selling? Or are you leaving that to your competitors? 

We can help. 

Click below to learn more about our social media management services and schedule a conversation.

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