Loan officers should utilize social media as a selling tool. We're not the first ones to say it; we certainly will not be the last. Mortgage lenders with a consistent (and compliant) social media strategy see significant success because they establish their product knowledge, define their brand, and cultivate meaningful conversations. However, many don't know where to start and wonder, "what do I even post?" Good question.
Many take what they think is the "easy" approach...
They build out a content calendar that includes every holiday known to man (like National Cat Day 🙄) with the occasional "Did you know that you don't need 20% down to buy a home...?" or "Now's still a great time to buy a house!" post sprinkled in. Don't be that guy (or gal). That's all just noise.
Try these post ideas instead:
- 2-minute video showing an actual listed house and what payment would look like with a temporary buydown (bonus points if it includes the listing agent)
- 3-minute video showing an actual listed house that could use a renovation and what the payment would look like with a $50k rehab using 203k/Homestyle (bonus points if it's a real deal and there are before/after photos)
- 2-minute video showing an actual listed multi-family house and what the payment would be for an owner-occupied FHA and the total rents helping to offset the payment (bonus points for estimating what the property would be worth in 5 years at 3% appreciation)
- 3-minute video showing an actual house that was purchased five years ago and which recently sold again, explaining what the borrower’s equity position was when they sold and how much cash they netted (this is easy to find public data, and I guarantee the borrower netted a crapload for their next purchase)
- 2-minute video showing how someone had a credit score of 670, then they did these things and paid off that thing, and in two months, it was 710, and that meant their rate was 6.75% instead of 7%
These types of engaging posts generate impressions, interactions, and - ultimately - interest.
Yes, these ideas involve getting in front of the camera, and yes, you may have to learn some basic video editing skills. Watch a couple of YouTube videos about TikTok, and you'll have it knocked out in an hour. Don't let perfect be the enemy of good here - get uncomfortable and get started.
Yes, there are compliance considerations. However, these can be navigated. We recommend working with your Compliance and Marketing teams to ensure that you're in the clear. There are also partners like SocialCoach, DenimSocial, and ActiveComply (to name a few) that work with mortgage lenders to manage their social media approach.
Now get to it - and let us know if you see success with one of the ideas we listed! 😊