With over 23,000 mortgage brokers currently working in the US market (and growing), it can be difficult to stand out and make yourself seen. A quick Google search yields hundreds of brokers in any zip code, and clients are looking for the best broker out of the bunch. So how do you cut through the noise and make it easy for clients to find you?
What is a mortgage broker?
First, let’s define exactly what a mortgage broker is. They’re an important part of the real estate industry and act as a middleman that connects and facilitates loans for properties. Mortgage brokers compare lenders on a client’s behalf to find the best interest rates and terms that fit the client’s needs and situation. However, there are several differences between brokers, real estate agents, and realtors, so make sure that your clients are working with the correct one. As the mortgage market becomes more competitive, brokers have become more popular (and necessary) for many real estate investors looking for the best deals.
How to set yourself apart from other brokers
With the mortgage broker space getting more and more saturated, it’s important now, more than ever, to stand out from the crowd. Differentiating yourself is crucial to having a successful brokerage business, and there are some key strategies that you can implement to accomplish it.
Update your website
Checking online for a website is the first thing that people do when looking for or evaluating businesses. This is why it’s paramount to ensure that your site design is clean, clear, and easy to navigate (on desktop and mobile). Consistent branding across all your site’s pages will give a polished, professional feel. Make sure your logo is prominent and your contact information is easily accessible. If you don’t have a blog, add one to your site to demonstrate your expertise and authority to existing and prospective clients.
Be active on social media
Social media is the number one tech tool in terms of generating high-quality leads — don’t shy away from posting! These networks connect you directly to clients and others in your area or industry, giving you immediate access to grow your business. It’s important to note that managing several social platforms can be overwhelming, so try to stick to two or three before deciding to expand beyond that.
Market your business effectively
Social media is only one part of your digital and online presence, and there are various other channels that you can leverage to reach existing and potential clients. We have in-depth guides on content marketing and email marketing for brokers, which are two of the most important channels to utilize. However, the platform that you primarily use will depend on where your target investors are. This will vary from situation to situation, so take the time to research where your ideal clients are online and meet them where they are.
Build relationships with other people in your industry; realtors, property managers, attorneys, and more can all refer you to new clients. These partnerships are particularly valuable because they’re mutually beneficial, meaning that all parties reap rewards and are incentivized to help each other. Click here for sources we recommend to help you find local events.
Be eager to learn
Going hand in hand with meeting and talking to others in the real estate space, learning is a requirement of being a broker. The industry is constantly changing and evolving, and talking to other professionals, reading books, and staying up to date on industry news are all crucial for keeping up. This will boost your authority and make sure you’re aware of any changes and can provide the best information for your clients and your business.
Build relationships with your clients
This might seem like a no-brainer, but relationships with other real estate professionals aren’t the only type of connections you should be fostering. Dedicating time and effort to growing client relationships will bolster their loyalty to you, and make it much more likely that they’ll spread word-of-mouth about your commitment and care of each client. Much of being a broker is relationship management, and client relationships in particular can make or break a brokerage business.
Include DSCR loans in your portfolio
Adding rental loans to your portfolio will only boost your business if you’ve already mastered the residential mortgage space. Investors with multiple properties will bring you repeat business that keeps your pipeline filled! Here are some other advantages of brokering rental loans.
Focus on a niche
Spend time refining your focus and don’t spread yourself too thin. By staying local and only working with a few types of loans (and types of clients), you can put all of your efforts into standing out at what you’re best at. This isn’t hollow advice either — it’s exactly what Visio does and is why we’re so good at financing DSCR loans and non-QM loans for your properties. We focus on these core types of loans and have decades of committed experience with them rather than expanding into hard money loans, bridge loans, and other types of loans that would draw us away from what we’re good at.
Partner with Visio
Our last bonus tip is to partner with us and become an approved broker in our Broker Program. With a variety of benefits, this is a two-way street where we have your back and help you grow your business. Help your clients finance properties quickly and reliably, without the hassle of strict regulations.
- Up to 2%YSP, earn up to 5% total — check out our Top Broker Payouts
- Simple terms and rates: View our rental loan programs
- No license required (except in AZ and CA): Multiple state opportunities
- Designated Account Executive and in-house processing: Keeps your workload down
- White-label flyers and ample Broker Resources
Already an approved Visio Broker?
Check out our other Broker Resources to help you earn more business!
Related: Why Brokers Love Working with Visio, Top 5 Visio Broker Program FAQs