The average person will only purchase a home a couple of times in their lifetime. Which makes home lending a pretty rare occurrence. When it is time for members to make that big step, you want to ensure that they think of your credit union first when it comes to financing. To do this, you’ll want to take these important steps to be efficient and effective:
Position your online application front and center. How many clicks does it take for your members to reach your online application? Two? Ten? The more difficult it is for your member to reach your online application, the less likely they will get there and actually complete an application. Ultimately, your online mortgage application is exactly where you want your website to deliver your members. If it’s not an easy find, it’s time to make some changes.
Be compliant. It is important to be compliant in every way at your credit union and that includes marketing online and social media. Make sure you have your equal housing lender or equal housing opportunity logos featured. Include disclaimers recommended by your legal department or your compliance team. Don’t forget to include your NMLS for your credit union and/or loan officers where applicable. The important thing to realize is that even online, there are strict rules to follow to ensure you are being compliant in marketing mortgages.
Consistently use your social media platforms. It’s important to have a consistent message on social media and it’s also important to have a home loan message included on a regular basis. Try to once a week post something to do with home financing. If you want to be real ambitious, post every other day. But try for a minimum of weekly. Obviously, if you have more activity at your credit union, post more often and consistently so your members know about your offerings.
- Use Blogs for content. Blogs were created to provide content that can be shared across the internet. They include helpful terms and topics that can be easily searched and help bring visibility to webpages. If you don’t have your own credit union blog, it might be time to consider it. Otherwise, search for other useful blog sources, websites and resources to post educational content across your social pages. For your purposes, just make sure you know who is producing the blog or resource of information. In the fine print, it could be a big bank who will lure your members away from your credit union. Check your sources before you use the content.
- Like, follow and share social pages. Across all of the social pages available are ways to like or follow a page. Within each page is a wide range of information shared as posts that you can potentially share to your members. Like and share content that you feel is appropriate for your credit union members.
- Include mortgage messages everywhere. Your credit union is likely using emails to send out promotions, your newsletter, statements and many other reasons. Find a way to include a mortgage message in each of them. It could be as simple as a reminder to apply online or call your loan officers, but keep reminding members everywhere you can. Consistency is key in educating members about your offerings.
- Your financial literacy commitment and initiative should include home financing. It’s one of – if not the biggest – financial decision your member will ever make. Let that sink in. Don’t you think if it’s the biggest financial purchase they will ever make, they will want to learn as much as possible before they commit? I would think it would warrant it being the most important part of your financial literacy commitment. So, how much have you committed to teaching your members about home financing? How consistent is it? Is it scheduled or on the fly? Is it a planned message or promotion? How can you enhance what you are doing and make it stronger, more consistent and more powerful to amplify your voice?
The secret to marketing home loans is to frequently use various platforms for a wide-spread message that will amplify your voice and keep your services prevalent. Start with these easy steps and you are well on your way.
by Alison Barksdale
Director of Marketing, Dallas
Alison is an expert of all things Colonial.