Mortgage banking originators’ lack of social media use is a mystery. While there are some banks and credit unions that will not allow originators to use social media for marketing purposes, there are many lenders that will let them use it. So, why aren’t more originators taking advantage of these tools?
What I find interesting is that when these same originators are not working, they are active on social media and are comfortable with making purchases and conducting other personal business on the Internet. This makes no sense, especially in the fast-paced world of retail selling where consumers want everything now including their mortgage information. Tomorrow is just too late for many prospects.
Unfortunately, the reality is that many originators are still using old-fashioned selling strategies at work while operating completely differently when at home. When they are on their personal time, they are face-timing with friends; making reservations using Open Table; or buying tickets with Stub Hub that allows entrance into sporting events via a barcode on your smartphone. Paper tickets are so 2005.
Many originators are still emailing flyers/brochures and putting ads in Penny Savers to prospect for new business. While these techniques have been part of mortgage sales for years, they don’t work as they once did. Certainly, Millennials will not be reached this way.
Harnessing New Communication Tools
The times have changed in every facet of life. Even colleges and universities have mostly done away with textbooks! Courses and required reading material are available online. Students don’t need to make the trek to the bookstore as I did when I went to college. This is progress.
Likewise, selling is more sophisticated than it was a decade ago. Communication tools have fundamentally changed the selling game and how sales professionals establish a personal brand. Yet, many originators are not using them.
Of course, top producers are well-versed in these tools. Just take a look at how many of the better originators are LinkedIn All-Stars, individuals with at least 500 connections. Lower-performing producers don’t even have a professional picture.
The bottomline is that every originator has the same number of hours in each day to sell and if top producers can dedicate time to social media, so can other originators. The good news is that social media platforms are free and easy to use.
Establishing a Social Selling Schedule
I am not suggesting that sales professionals devote 100% of their day to social media, but 30 to 60 minutes a day is a good start to determine what is working and what isn’t. It is important to realize that social selling is a marathon, not a sprint. Here is a sample schedule that originators can follow:
• Monday: Catch-up day to handle any issues that may have arisen over the weekend. No social media.
• Tuesday: 30 minutes posting YOUR TAKE on the latest industry news. Never post information where you have not given your opinion. Posting a decline in interest rates without explaining your view on what it means is a wasted opportunity.
• Wednesday: 60 minutes publishing an engaging post that will get your customers and prospects thinking, liking and commenting.
• Thursday: 30 minutes posting FAQs that you receive from referral sources and consumers.
• Friday: 90 minutes posting an instructional or informational video that will be of interest to customers and prospects.
This represents a time commitment of 3.5 hours a week, just a fraction of an originator’s work week. Social media platforms are here to stay and now is a good time to get serious about learning and using these selling tools.