Researching A Mortgage Vendor Online
January 2nd, 2009 categories: Mortgage Vendor Marketing
I’m sure you’ve received dozens of emails from mortgage vendors trying to ride the New Years Resolution hype by offering powerful tools to make 2009 the best year ever.
Here are a few of my favorite online resources that I use to sift through the spam and research other companies, people, or products.
The goal is to track their online activity, measure social proof, and determine if they are really an expert in their niche.
1. Google Alerts -
Either enter in the company’s name or what service they provide, and you’ll be notified via email every time they are mentioned online. This will give you a general idea of the activity related to their niche.
2. Google Reader -
Subscribe to industry or related blogs and you’ll be able to search through new and past articles. If other bloggers are writing articles about the mortgage vendor you are researching, make sure you check to see if there are any affiliate agreements or personal agendas that may influence their reviews.
3. Mybloglog.com -
If the mortgage vendor is active online and has a profile at mybloglog.com, then you can get a good feel of the communities and networks they belong to. Mybloglog.com will also provide a direct feed to all of their online activity.
4. Whostalkin.com -
This social media search tool shows everything that is being talked about across several social networks and media services. Type in a phrase or company name to join a recent conversation or just listen and learn.
5. Twitter -
Search.twitter.com will also help you find recent conversations about the topic you are looking for. Some people get a little too comfortable on Twitter, so this may give you good insight into the mortgage vendor’s non-business activities.
6. Facebook -
Another social networking platform that will help give you an inside look at how a mortgage vendor conducts themselves in public.
7. Linkedin -
An online resume, social proof, history…. More insight.
8. Their Blog -
Almost too obvious, but I had to mention it. If a mortgage vendor has a blog, this is a great opportunity to see what value their product or service has to offer your mortgage business.
There are several social networks and real estate forums you can ask questions in as well. Bottom line, do a little research, see what other people have to say, and follow a company online for a few days before you make a decision to invest your money.
Related Articles:
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Mark Madsen
Mortgage Blogger
Raintree Mortgage
Las Vegas, NV
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702-496-5626
mark@myfhablog.com
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Mortgage Sales Blog Transparency Disclosure
January 2nd, 2009 categories: Mortgage Blogs, Mortgage Vendor Marketing
In response to recent online debates about vendorsluts and the compromised integrity of industry bloggers, I’m writing an official Mortgage Sales Blog Transparency Disclosure to publicly take a position on any affiliate marketing arrangements that may be of concern or questioned by our readers.
Full Disclosure:
The Mortgage Sales Blog is a B2B platform designed to share marketing ideas with other mortgage professionals.
While most of the information provided on this mortgage blog does not include product pitches or personal agendas, some of the authors may generate income by selling services to loan officers or real estate agents.
Personally approved mortgage vendors participate on this blog as a way to expand their online reach, develop relationships with our readers, and prove that their products are worth taking a look at.
In the instance where it is not obvious, I will make every attempt to be fully transparent with our readers about any affiliate agreements where the Mortgage Sales Blog receives financial compensation by promoting a product or service on this blog.
As of Jan 4th, 2009, the Mortgage Sales Blog (Mark Madsen) has not promoted any product or service where an affiliate agreement was in place.
The MortgageSalesBlog.com does not necessarily endorse any of the products or mortgage vendors mentioned on this site. However, some of our contributors may have affiliate business arrangements, co-marketing agreements, and personal interests that will most certainly create a bias in the way information is shared or interpreted.
Even though we do not do paid product reviews, we are open to accepting free trials (not bribes) of products or services that may result in a favorable mention on this blog. As expressed above, there will be disclosure, but our goal is not to trick our readers into buying something we don’t believe in.
I’d rather have a vendor pay me to teach them how to blog about their own stuff.
Now that our cards are on the table, please use your own judgment and research before making a final decision to spend your valuable time and money following the advice of any of our contributors.
Why was the Mortgage Sales Blog created?
My initial vision for this blog was to create a place where mortgage innovators could learn how to leverage social media for the purpose of connecting with the industry professionals they serve.
Some mortgage vendors have great ideas and products, but their marketing approach sucks.
The new rules of marketing and PR require a service provider to engage their target audience by giving value and earning trust through transparency.
Since publishing and maintaining a personal blog may not be a time commitment most companies have budgeted for, the MSB can help with the transition.
A blog is a powerful form of social media that allows people to connect, discuss, and get instant feedback.
The MSB was also created to help good companies rise above the noise and spam that overwhelms most industry forums and social networks.
Basically, write useful content and earn the respect of our readers.
Our Business Philosophy:
We believe in sharing valuable information on this blog for the simple purpose of enriching the lives of our readers.
Most mortgage professionals are already skeptical of the advice they receive online…. as they should be.
Why would a Las Vegas mortgage company, a mortgage coach, or sales trainer spend their time writing mortgage sales and marketing articles for free?
The answer is simple - to develop social equity in a network of professionals who have similar goals and ideas.
Trust is earned through transparency and communication, which is why comments are open on this post.
Increasing our Social equity and being considered a trusted resource or point of reference is worth more to us than short term financial gains.
We are fully aware that trust and social equity are not easily obtained, yet they can quickly disappear if our integrity is compromised.
I believe that everyone is an expert at something, and we should encourage education through communication.
Our Business Model:
There was never a well defined business model other than to position this blog and our contributors for future networking opportunities.
It seems that most people have a hard time understanding the purpose of a B2B blog if there is no apparent revenue model.
Fair enough.. I guess.
If building a high traffic site, establishing a network of mortgage bloggers, or participating in the the online community for continuing educational purposes doesn’t satisfy you, here are some other things:
1. The MSB does not have banner ads, but that could change. I’m not interested in this option because I want the focus to be on our content. However, I’d be open to selling a few advertisements from companies I’m willing to personally endorse to help cover hosting and site development.
2. I have a few social media marketing clients and web sites that are in process.
3. I’m working on an affiliate agreement with a social media marketing company to provide education and webinars.
4. Projects, Projects, Projects…. as a result of the few articles that I’ve posted on this blog.
My Personal Opinion About Mortgage Blog Advertising:
It all boils down to transparency. After spending the past two years helping develop and run a real estate social network, I’ve seen every type of attempt vendors use to take advantage of mortgage professionals.
Waste several hours a week deleting duplicate posts and self-promotion on a Real Estate forum like I have and you’ll understand how much I hate spam.
In regards to giving reviews, I don’t believe that we can be 100% unbiased when discussing a product or service on our blogs.
I’ll promote a mortgage vendor simply because I like and trust the people who run the operation. Maybe they bought me dinner, or I believe in their future plans….. Who knows, either way, there are several factors that can influence my opinion, regardless if there is a real financial gain or not.
My main goal is that the readers of the MortgageSalesBlog.com gain value from the time they spend here.
Related Articles:
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Mark Madsen
Mortgage Blogger
Raintree Mortgage
Las Vegas, NV
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702-496-5626
mark@myfhablog.com
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Morgage Blogging - The Art of Sharing vs Speaking
December 23rd, 2008 categories: Mortgage Blogs, Mortgage Marketing, Social Media Marketing, Social Network Marketing
The purpose of publishing content to the web as a loan officer is not just to be found, but to be read.
By delivering valuable information, your viewers become loyal readers, networking partners, or clients.
It is common for new mortgage bloggers to be so concerned with finding their “voice” that they forget to speak to the needs and emotions of their readers.
And sometimes, the fear of not knowing what to say can become paralyzing.
Don’t worry. This is part of a natural evolution, so don’t feel guilty if you are struggling to find the right message.
Quick tip - Get over yourself for a minute.
Technorati has indexed a total of 133 million blogs since 2002, and they claim to track an average of 900k blog posts every 24 hours.
Combine that with all of the content being pushed through social networks, videos, and micro-blogs…The result is a bunch of noise.
If everyone is busy listening to themselves talk, how can you be heard?
You have to actively seek out your target audience and give them something worth paying attention to. This is not a bait and switch game - it is about proving that you are an expert in your niche, earning their trust, and being available to serve their needs.
What can you do now to connect with agents and clients online?
Before setting up your own blog, you need to develop a pattern that involves listening, sharing, and participating.
Step 1. Listen –
Google Reader allows you to monitor updated activity on your selected blogs from one centralized platform. Go subscribe to all of the real estate blogs in your area, national and local news sites, and anything that might give you valuable information to share with your agents and clients.
Step 2. Share –
Google Reader has a little tab at the bottom of each article that will allow you to “share with note” and publish your comments on your own public page. Read 20 articles a day and publicly share three or four.
Email the link to the people you think will gain the most value from the information you’re participating in.
When they receive your email, it will also have a link to your Google reader profile. Here is a link to my public reader that I just set up for Mortgage Blogging.
Step 3. Participate –
Take it a step further and actually comment on the blog article you are sharing. This will show people that you are actively involved and educated enough to participate. Make sure you say something intelligent that adds value to the discussion.
Very important - Do Not put a link in your comment directing their viewers back to your web site. That is bad and considered spam.
Viewers will be able to click on your name and end back up at your site.
Step 4. Establish A Web Presence –
Join the online community - mybloglog.com is a free Yahoo! service that tracks all of your published content and web activity. Once you have established a quick profile, it will stream in all of your Google Reader comments that you set up in steps 1 and 2.
Another huge benefit of MyBlogLog is that your face will show up on blogs that you visit. So, if all you do is visit 20 real estate agents’ blog every day, they’ll get very familiar with you.
When they click through to your profile page, they’ll see all of the valuable information that you’re sharing and may contact you, especially if you leave some decent comments on their blog.
It is really that easy. Check out MyBlogLog profile.
Remember this – You are significant. What you say does matter to someone. Write with a particular person in mind, but embrace the possibility that your words can impact thousands.
Value…find it, share it.
What’s Happening Right Now? MortgageBullets.com
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Mark Madsen
Mortgage Blogger
Raintree Mortgage
Las Vegas, NV
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702-496-5626
mark@myfhablog.com
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7 Phrases to Overcome Mortgage Rate Objections
December 4th, 2008 categories: Communication, Mortgage Sales
Let me introduce you to the 7 key phrases we use to overcome mortgage rate objections.
Most objections are simply an expression of concern or a request for additional information. When a borrower says no, they don’t mean NO - N-O, they mean “I do not KNOW, K-N-O-W enough in order to make a decision yet.”
The truth is, most objections are buying signs, and our job is to provide the borrower with additional information so they can make an educated decision.
For example, when a borrower says, “Your rates are too high”, I hear “I am interested in doing business with you. Make me feel better about the rate and I will choose you”. Basically, what am I getting for my money?
As soon as you put objections in the proper perspective, you’ll be able to better serve the true needs of your clients.
Here are 7 key phrases that will collapse resistance and help you move deeper into the selling process more consistently:
1) No problem
2) I understand
3) Allow Me
4) I’m confident
5) Be Happy to
6) In addition to
7) Would you consider
First, acknowledge the objection rather than fight it. Whether you agree with the objection or not, it is real to your client. The best way to avoid an argument is to simply show you care about what is important to them.
Second, address the concern underneath the objection by providing, or offering to provide, the information requested. Many times I will address the concern and offer an alternative benefit to get back on track.
Third, get permission to go deeper into the selling process. This doesn’t mean you are closing, unless it is time to make the final buying decision. It means gaining the prospect’s agreement to go to the next step as you advance toward the final decision. This could be accomplished with a simple, “Fair enough” or “Would that be OK”?
Putting it all together when responding to the objection -”The rate is too high.”
“Mr. Prospect, I understand that rates are high. I would be happy to research some other options. In addition to researching lower rates, would you consider options that will lower your effective interest rate and substantially lower your overall total costs?”
Now, let’s break down this powerful communication:
“Mr. Prospect, I understand that rates are high.”
Notice that I’m not arguing, I’m acknowledging what the client believes to be true. I could have also said, you are right, rates are a little high right now. By so doing, I’m bringing the prospect closer to me by moving towards his position.
“I would be happy to research some other options.”
Objecting is just as uncomfortable, if not more so, for the Prospect than it is for you. When you say “I would be happy to” you diffuse some of the tension, and you demonstrate a willingness to be of service. Again, you are moving closer to the prospect.
“In addition to researching lower rates…”
“In addition to” is a transition statement to segue into the solution or an alternative benefit that could be more valuable than what he is concerned about.
“Would you consider options that will lower your effective interest rate and substantially lower your overall total costs?”
“Would you consider” introduces alternative solutions to the problem behind the objection, while deflecting attention from the objection itself. Remember, this prospect has objected that the rates are too high. Using our Key Phrases, we’ve acknowledged the objection, drawn the prospect closer to us, built a bridge to alternative solutions and linked them to the benefit of lower total costs.
If the concern behind the “rate is too high” objection is high costs, do you see how “lower total costs” would be attractive to this prospect? Now, we have the prospect focused on “lower total costs” and not a rate which they think is too high.”
Bottom line, communication is essential in helping your clients define the true need and value they’re looking to gain from doing business with you.
Author: David Bartels - Founder of Selling Smarter and High Performance Strategies
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Lighthearted After-Thanksgiving Trivia
November 28th, 2008 categories: Random
When we hit the day after Thanksgiving, shopping takes over… at least historically nationwide[ surprise!] and, this year, analysts are paying extra attention to sales figures since the news has been so negative about the economy.
Dubbed “Black Friday” in reference to red ink representing loss and black ink representing gain, today’s start to the Christmas [again... I am not afraid to call it Christmas] Shopping season and it is believed to be the day that retailer balance sheets finally cross over to profitability. [I never quite understood why you would stay in a business that wasn't profitable until the 12th month of the year... but... okay.]
But the accounting connotation of the phrase “Black Friday” wasn’t its original usage — it’s a media-coined term.When the phrase was first used in Philadelphia in 1975, it was in reference to the day after Thanksgiving being the busiest shopping and traffic day of the year.There’s other Black Friday trivia out there, too:
Did you know?
Black Friday is neither the largest, nor the most profitable, shopping day of the year. Contrary to popular wisdom, it’s the 5th biggest, not the first. The two weekends before Christmas are usually the “biggest” series of days.
Did you know?
Read the Did You knows here:
Lighthearted After-Thanksgiving Trivia
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Chris Brown
All Around Good Guy
Trinity Mortgage
153 Parliament Loop#1001Lake Mary, Florida, 32746
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Work: 407 377 0500 x 210
Chris@OrlMtgPro.com
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Mortgage Blogging 101: Easy Web 2.0 Tools Loan Officers Can Use Today
November 25th, 2008 categories: Mortgage Blogs, Social Media Marketing
Web 2.0 is a simple term that is generally associated with the process of “Interaction” on the Web.
Take a second and allow your mind to fully grasp the idea of complete interaction online. This is more than just chatting back and forth in social networks, it is open intuitive communication between technology and people.
EXAMPLE:
Google believes that people do not know exactly what they want when searching for something online.
As a result, Google delivers relevant information as well as topics of interest, related search phrases, the search patterns of other people who are interested, and the list goes on…They’ve even simplified research to the point where Google does all of the work 24 hours a day and then just emails you when something within your criteria pops up.
Now here is where Web 2.0 gets really thick – you can share your search in the open and create discussions that further the educational process.
Regardless of whether you communicate with your clients via blogs, newsletters, weekly updates, or personal emails, there are three common steps that apply:
Research, Write, Promote.
Keeping with the Web 2.0 theme of simple interaction, I’m going to share a few easy tools that I use to make my research process as a loan officer and blogger thorough and efficient.
Google Alerts (www.google.com/alerts)
Pick a few topics, search phrases, or real estate agents to follow. Google Alerts emails you any time there is action. This helps me find possible networking opportunities with agents or journalists who are trying to write about a topic that I may specialize in. Know your niche, master your environment.
Keywords (https://adwords.google.com/select/KeywordToolExternal)
This tool is a good way to measure the amount of traffic specific and related search phrases generate every month. Another benefit of analyzing search patterns with this tool is that it helps us communicate with our clients using language that they are familiar with. When I’m preparing to write a blog article, I use this tool and then spend a few days following the activity through the Google Alerts.
Google Reader (http://www.google.com/reader)
Google reader basically centralizes all of the feeds from blogs you subscribe to. Instead of going out into the Web every day to check for updates, it brings everything to you on one organized platform. I’ve chosen Google Reader as my preferred RSS provider because it allows me to quickly preview each article by title, search past articles for key words, and actually read the article within the reader without having to visit each blog.
I browse an average of 100 to 200 articles a day in a few different niches so that I can be aware of everything I need to know to stay ahead of the competition. This is also a great tool to use if you are following local real estate agents for the purpose of establishing new relationships. When they publish a new blog post, simply participate in their conversation by adding a valuable comment. Trust me, they’ll read what you have to write and may remember you.
For more information about RSS and Feed Readers, visit http://mortgagesalesblog.com/what-is-rss/
There are several basic functions of the mortgage marketing process that Web 2.0 can enhance if leveraged properly. Put these tools to work for you so that you can save time, create opportunities, and control your environment. Mastering the science of research is the first step in becoming a successful mortgage blogger.
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Mark Madsen
Mortgage Blogger
Raintree Mortgage
Las Vegas, NV
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702-496-5626
mark@myfhablog.com
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A Great Way to Attract The Top Agents in Your Market!
November 21st, 2008 categories: Mortgage Marketing, The Marketing Coach Show
One of my biggest passions at in coaching mortgage professionals is to identify opportunities that are valid ways of getting and doing business. I recently was a part of a webinar announcing My Agent Toolbox which is an incredible way for you to attract the very best agents in your area. You owe it to yourself to take a few minutes to watch the replay and see how this innovation could bring you new results in 2009!
Just another great marketing idea brought to you by Mortgage Marketing Community!
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Are Mortgage Internet Leads Worthy of the Dread We Assign Them?
November 20th, 2008 categories: Mortgage Blogs, Mortgage Leads, Mortgage Technology, Social Media Marketing
People, including me… like cheap stuff. With the onslaught of options and willing sellers of everything from Lego men to Aston Martins online, buyers of real estate find that they too can get a ton of information right from their own homes… in their underwear. [C'mon, you know who you are.]
Getting info; that is the easy part… separating the the volumes of screaming information from the whispering wisdom… uh… yeah… that’s that hard part. That is why consumers NEED mortgage originators like you… loan officers that will read things like Mortgage Sales Blog, Bloodhound Blog, Mortgage Chili Blog and participate on platforms like Wanna Network, Mortgage Marketing Community and Active Rain.
You can’t compete with all the noise online the way you are now.
[This one is for you Brian Brady and Sean Purcell]
…but it is not your fault.
The simple truth is, it is not as hard to differentiate yourself online as a mortgage professional as you think; you just haven’t been taught. Buyers have now realized, in light of our industries recent past, that good mortgage advice really doesn’t reside around every corner and because of that, it is your duty to be findable.
How? -Blogging and being involved in the Web 2.0 social media revolution… or if I can coin a new phrase right here….
Drum roll please……
….Mortgage 2.0
As an Orlando Mortgage Broker, I will be sharing more about this through my You Tube Channel, but here is a reply to a recent question from a top notch loan originator that just hasn’t been exposed to the change in the makeup of the online consumer.
Signed
Chris Brown is a street level loan originator that has developed a “Ninja-level” internet presence. If you have questions he is available at 407 377 0500 x 210 or Chris(at)OrlandoMortgagePro.com
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Chris Brown
All Around Good Guy
Trinity Mortgage
153 Parliament Loop
#1001 Lake Mary, Florida, 32746 |
Work: 407 377 0500 x 210
Chris@OrlMtgPro.com
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What Do Borrowers Really Want From Their Mortgage Broker?
November 11th, 2008 categories: Mortgage Sales
The mortgage broker with the lowest interest rate is not guaranteed that they will win the sale. The retail mortgage industry has been pre-conditioned that the lowest rate wins, but loan costs really only matter if your focus is on rates and fees.
In truth, the mortgage broker who best serves the borrower’s needs gets the business. As you provide excellent service, the rate issue will drop on the borrower’s priority list, whether they realize it or not.
Remember that while you’re interviewing the borrower, they are also interviewing you. When a potential mortgage client doesn’t feel they’re getting enough information from you, they will find someone else to ask.
The powerful need to validate or expand their knowledge base will cause them to shop - even when they actually prefer to buy.
Answer this question - Does your presentation create questions, or answer them? Are you relieving anxiety or are you creating more?
Written by David Bartels - High Performance Seminar
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Mortgage Blogs…what’s the purpose?
November 11th, 2008 categories: Mortgage Blogs, Motivational, Social Media Marketing, The Marketing Coach Show
Loan officers everywhere are trying to get their mind wrapped around the concept of blogging. They are asking questions like
- Why should I blog?
- Can I really get customers from blogging?
- Is this just the next big fad?
- How much time will it take?
- What do I write?
While there are many reasons to blog, there are just as many excuses not to. Here is my simple thought process on blogging. Blogging is just another tool to get your message out there. Nothing more, nothing less. The rules of marketing have not changed, just the tools we use. Watch my video to learn more.
If you really want to have a long term mortgage career, you need relationships that turn to you as the most trusted mortgage professional in your area. To put it simply, you need to OWN your market space. Writing articles is a great way to build your credibility and celebrity. Remember what Gitomer says, “it is not who you know, but who knows you”
Creating a blog is a great way to build your celebrity and credibility. Believe it or not, but 70% of your clients turn to the internet for information after you have talked to them! If you can direct them to your blog, they will see YOU as the expert, because we believe 98% of what we read! Having a blog is like having your very own newspaper!
Get more marketing and blogging tips from my Marketing Evangelist newsletter!
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