How to Use Social Media as a Mortgage Broker: An Informational Approach

This article explains one of the most effective social media strategies for mortgage brokers, based on real-world testing and analysis.

Specifically, it shows how you can turn your social media platform into a valuable source of information for a select audience, in order to attract followers and potential clients.

The truth is, there are many different ways for mortgage brokers to use social media, and many different messaging strategies. But the strategy outlined below has been proven in the real world, so it’s worth considering.

Adopting the Right Social Media Mindset

Social media can be a useful marketing tool for mortgage professionals. It allows you to connect with a large audience at little to no cost.

And by “large,” I mean enormous. According to the Pew Research Center, around 7 in 10 Americans currently use at least one type of social media. They do it to connect with others, to share content, and to seek relevant news and helpful information.

People primarily use these platforms to socialize with others, rather than shopping for products. This is an important point to understand when developing a social media marketing campaign for your mortgage business.

Nobody says: “Let me go log into Facebook so I can view some ads.”

In fact, you might not want to think of it as a “marketing” campaign at all. You’re probably better off treating it as a place to share helpful information with a specific audience. In my experience, the mortgage brokers who use social media in this manner tend to see the best results.

Different Types of Content You Can Share

Let’s start by reviewing the type of content you can share on social media, and then talk about how you can take it to the next level for maximum results.

Here are some of the things you could share with your audience:

• Educational content about the different types of home loans
• Updates on local real estate market conditions
• Infographics or other visual content explaining mortgage topics
• The latest mortgage rate trends and what they mean for borrowers
• Mortgage industry news relevant to home buyers and homeowners
• Information about new loan products or programs being rolled out

Notice that most of these content types have one thing in common. They provide valuable information to a specific audience. In this case, the audience consists of home buyers or homeowners who might be in the market for mortgage loan.

Granted, you don’t always have to share educational content through social media. You could also share testimonials from past clients, to show how you have helped people overcome certain obstacles and secure financing. You could share “behind the scenes” content about what it takes to run a mortgage company.

It’s a process of experimentation. You post different types of content on social media and find out what generates the most interaction.

But you’ll probably find that you get the best results (in the form of attention and engagement) by developing a valuable information service for your intended audience.

The Best Way for Mortgage Brokers to Use It

When I work with mortgage brokers who are developing social media strategies, I often encourage them to view it as a kind of information service.

Here’s a recurring theme that runs throughout this guide:

You will attract more followers, enjoy more interaction, and generate more leads if you turn your social media account into a valuable source of information for your target audience.

To illustrate this point, let’s compare two hypothetical (but realistic) social media accounts managed by two different mortgage broker businesses.

• Amber Valley Mortgage: This company uses social media to share company updates and news, home buying tips, and the occasional testimonial from clients.
• Summit City Mortgage: This company uses social media to share updates on the local real estate market, with in-depth analysis specific to their area. They also share detailed information about the different types of mortgage loans, complete with infographics and YouTube videos. They monitor mortgage rate trends and provide updates on a weekly basis. In short, they have turned their social media channel into a useful information service for their local audience.

The first example represents the basic social media strategy used by many mortgage brokers across the U.S. And they’re never particularly useful. They provide the kind of basic information that’s already available all over the internet, which is geared toward a general rather than a specific audience.

The second example (Summit City Mortgage) represents the kind of strategy I often recommend to my mortgage broker clients. This is how you can take your social media content strategy to the next level, by turning your platform into a valuable source of information.

Instead of sharing generic or “canned” content, Summit City Mortgage is providing useful information geared toward a very specific audience. They are working harder to deliver better content. Because of this, they’ll have an easier time attracting followers.

This is how mortgage brokers should use social media, in order to get the best results.

Getting Local With Social

If you serve a localized audience, such as a specific city or metro area, you can drill down even further on this concept. You could even name and brand your social media account(s) to support this kind of content strategy.

For instance, a mortgage broker or loan officer in the Phoenix area could brand their account as the “Phoenix Mortgage Advisor.” They could share updates on the Phoenix-area real estate market, local home-price trends, mortgage rates, types of loan programs available in the Phoenix area … you get the idea.

This is often referred to as a “hyperlocal” marketing strategy, and it could help you connect with local home buyers and homeowners who need financing solutions.

When it comes to using social media as a mortgage professional, you get out of it what you put into it. If you take the low-energy approach and copy and paste canned content provided by someone else, you probably won’t get very far. You aren’t giving people a good reason to follow your social media accounts.

But if you create a useful informational service designed for a specific and local audience, you will likely enjoy better results over the long-term.

Building Out Your Content Strategy

Developing a social media content strategy is not a one-size-fits-all situation. Every mortgage broker has a different business model, niche and audience.

So before you start posting and sharing content on social media, spend some time thinking about your intended audience. Who are they? What’s their financial situation? What kinds of home loan products would best serve them? What are their financing challenges or obstacles?

Once you’ve created an “audience persona,” you can identify the kinds of topics, information and content that will best serve this particular audience.

Here are some things you could share on social media, using the “information service” approach described above:

• Market Trends: Provide regular updates on the local real estate market, including home price trends, market forecasts, supply and demand analysis, the current inventory situation, etc. Use charts, graphs or infographics to add visual appeal.
• Mortgage Rates: Publish weekly updates on average mortgage rates, perhaps by using the PMMS report issued by Freddie Mac.
• Industry News: Did Fannie or Freddie roll out a new loan program that could benefit your readers? Did conforming loan limits go up? Is there some new regulatory change that could affect mortgage shoppers? Share it with your followers.
• Neighborhood Spotlight: Feature different neighborhoods in your area, highlighting their unique characteristics, amenities, and price points. Include photos and videos to showcase the neighborhood’s vibe.
• Educational Guides: You can also publish helpful guides onto your mortgage broker website or blog, and share them through social media. This could include home buying guides tailored to a local audience, refinancing tips for homeowners, specific mortgage programs, etc.
• Live Q&A Sessions or Webinars: Host live sessions where you answer audience questions about mortgages, refinancing, credit scores, or any other related queries.

Some Parting Words of Encouragement

Social media is not a one-and-done kind of task. It requires ongoing effort and dedication to be effective. So don’t be discouraged if you don’t see immediate results. It takes time to build a following and establish yourself as an authority in your market niche. But it’s worth the effort.

By implementing the strategies outlined in this guide and making a consistent effort, you can build a strong online presence and take your mortgage broker business to the next level.

Now that’s how you use social media as a mortgage broker!