In my sales training classes, I’m always surprised by how many originators don’t use social media as part of their sales efforts. While some LOs prefer old-fashioned sales methods and others say their lenders prohibit them from being active on social media for business, I find that more often than not, the real reason originators fail to leverage social media is they’re reluctant to learn something new.
The funny thing is that real estate agents are all over social media platforms with 57% using social media apps on a daily basis according to NAR.
Today, social selling is essential if LOs want to build awareness among potential customers and referral sources and get noticed in their marketplace.
Certainly, I recognize that lenders risk being sued if an originator posts incorrect information on a social media platform. But banning sales professionals from having an online presence on homebuyers’ preferred communication channels does not make good business sense.
In fact, as Shondell Varcianna, CEO and Founder of Varci Media, pointed out on a recent Mortgage Manager Playbook podcast episode: “You have to be where your ideal customer is and if you’re not, you just won’t get the business. It’s that simple.”
Social Selling Yields Results
Current research provides a snapshot of just how important social media activity is to a sales professional’s success:
- 64% of sales professionals who use social media reach their quotas
- 98% of sales professionals with at least 5,000 LinkedIn contacts reach their quotas
- 77% of B2B buyers are unwilling to speak to a salesperson before completing research online
The days when salespeople controlled the flow of information to potential customers are long gone. Today, that balance of power has completely changed as consumers and business leaders have unlimited access to information they can use to make a buying decision.
However, prospects and referral sources must still filter through content and determine what information matters to them. For originators, this means that part of their job is to influence decision-makers by providing consistent, relevant information to their target audience.
Originators who fail to post compelling content that resonates with their ideal clients are letting their competitors gain the upper hand. Unfortunately, during my training classes, I still see originators with outdated or unprofessional LinkedIn profiles and Facebook pages. Some LOs have even posted wedding photos, graduation photos or worse, no photo at all.
Times are different and people get their information from many sources including social media platforms. Originators who choose not to engage with their target audience on these channels are technically choosing to fail.
Prospects have no shortage of options for who they might work with to secure a home loan. Likewise, referral sources have an endless stream of LOs to whom they can direct business.
Originators who maintain a dynamic online presence while providing prospects and referral sources with valuable content will have a competitive advantage as we enter a purchase money market.
Do your LOs have the social selling skills to capture the business they need in 2022?