Tips for Introducing A New Loan Program To Your Market

An expanded portfolio of loan programs can be an enormous asset when building your business. You’re likely to have a solution for more of the scenarios that come your way, earning you additional repeat and referral business. If you become known for handling a specific niche program well you may be able to keep your pipeline full with those loans as the word spreads.

However, introducing a new program can be tough. When it’s not on the radar of your current customer base, potential new clients, and the other industry professionals you work with, it can be difficult to build traction. For example, maybe you offer a selection of renovation loan options, great for anyone buying a fixer upper (whether it needs a little updating or major rehabilitation)…but no one seems to be aware that there’s a local expert. Buyers pass on homes and real estate agents steer their clients in other directions because they don’t know about this financing solution.

So what can you do? Here are a few suggestions for bringing a new program to your market:

1. Share the news with your network
   Tell your past clients, real estate agents you’ve worked with, and other industry professionals. Spread the word among your co-workers as they might send clients your way who are looking for something they aren’t familiar with. An email update might work for some, but it’s hard to beat picking up the phone or even stopping by in person to ensure your message is heard. Consider social media as another way to share information. Boosting a Facebook post or running Facebook or Twitter ads can be a simple and inexpensive way to get the basics about your new program offering in front of a wide audience.
2. Reach out to people who see these scenarios
   Offering mobile home financing in an area where it’s hard to find? Identify the real estate agents selling mobile homes and let them know about your services and what sets your programs apart. Agents who do a lot of volume among middle and lower priced stick built homes might also be interested to know about a mobile home mortgage option that could open up the possibilities to a wider range of properties for their clients. In the case of renovation loans, get in touch with contractors in your market. They may have the ability to refer clients who want or need to make home repairs or upgrades but don’t have the funds available.
3. Provide education
   Don’t just say you’re now offering something new, such as One-Time Close construction loans, and leave it at that. Clearly outline the benefits of the program and how to identify the client who could be a great fit. The more knowledgeable a potential client or referral partner is about the product, the more likely they will be to mention it should the opportunity present itself.

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Tags: loan programs