A Five Step One-Time Close Marketing Plan
In a competitive market, the potential to reach new borrowers becomes tougher as they’re bombarded with multiple messages a day. To cut through that clutter, it is important to differentiate yourself and let your potential customers know the additional value you can provide.
A great product to diversify your product portfolio and provide that value is One-Time Close. With the additional of a One-Time Close product to your marketing strategy mix you have the opportunity to broaden your customer base.
To help our lending partners build success in the One-Time Close marketplace, we’ve compiled a fairly simple and straightforward 5 Step Marketing Plan. Take a look at the steps below and feel free to expand on each step to suit your business’s needs.
Step 1: Become the Authority on OTC Loans
Establishing yourself as an authority is simple. We provide the tools so you can invest the time to research, study and fully understand the ins and outs of a One-Time Close Construction to Permanent Loan. The easiest way our partners can gain a better understanding of the OTC program is to attend one of our webinars. We offer recurring online training for OTC loans, so even if you’ve missed the one for this month, be sure to check back because we’re always updating our schedule. You can also download or print our FHA One Time Close and VA One Time Close product matrices to use as a study guide.
Step 2: Spread the Word to Previous Clients
Your past borrowers can be excellent sources of repeat business. Don’t forget to include them in your mailers, newsletters or ad targeting when marketing OTC loans. For example, previous first time buyers may be ready to move up to a bigger, better home that they can design themselves. Or perhaps one of your past borrowers is ready to construct a second home to enjoy their retirement and expand their investment portfolio. And then there are the traditional repeat buyers who simply want to move into a newer home and are having difficulty finding what they want in the current market. All these scenarios are potential leads for OTC borrowers.
Your past borrowers who are not currently in the market for a new home may know someone who is – and if they had a good experience with you, they’re likely to recommend you to their contacts.
Step 3: Reach Out to Referral Partners
Referrals are a big part of the home buying industry. Connect with other professionals in the business to foster partnerships and gain referrals. Real estate agents, home builders and even other mortgage professionals who do not offer a construction to perm option could all be valuable connections, as they will have ample opportunity to refer their clients to you.
A good way to start making those connections is to mail out printed fliers advertising your OTC loan options and inviting other industry pros to contact you for more information. You can also advertise on social media and target industry pros in your social ad campaigns. Also, don’t underestimate the power of good old-fashioned conversation. Tell the people in your networking group about this great new OTC loan you’re offering and give them a quick overview. Be sure to drive home the key advantage of choosing a OTC loan: financing for all 3 phases of building a new home (lot purchase, construction, permanent mortgage) in a single close loan, but don’t’ forget to also mention that borrowers don’t have to make payments until construction is complete, freeing up funds to pay for temporary housing. Chances are at least one person in the group will know someone who may be interested in learning more.
Step 4: Advertise to Reach New Potential Clients
Repeat business from previous borrowers is great, but to be truly successful, you need to be continually expanding your client base. Use some of the advertising strategies mentioned in the previous section to get in front of new potential clients. Social advertising can be a fairly inexpensive and effective way to get your business and your product in the public eye. Mailings are good too since not everyone is very active on social media. Also consider being a guest speaker, panelist or simply an attendee at some of the industry conventions/expos or trade shows in your area. These are good ways to represent your business and your products while making a lot of in-person connections. A few examples could be real estate network expos or home building conventions.
Step 5: Stay in Front of Them
Once you’ve made connections and start spreading the word about OTC loans, keep it up!
Research suggests it takes multiple points of contact before consumers finally make a purchase/decision. That’s why your OTC loan needs to show up in people’s social news feeds more than once. And they should hear other industry professionals talk about it more than once. And they should hear it from YOU more than once. This doesn’t mean you should be a pest; after all, too much sales talk can turn people away and make them feel pressured. Find a suitable balance of steady, consistent content that highlights your OTC Construction to Perm program and actually provides useful consumer information. Your content can be in the form of brief social posts, more in-depth blog posts, emails, or print mailers. Here are a few of our suggestions for content topics: Benefits of One Time Close Construction Loans, Comparing the Differences Between OTC and Traditional 2 Close Construction Financing, and Client Success Stories & Testimonials.
Photography by [Zolnierek] © Shutterstock.com
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