There are 7 1/2 easy to spot reasons why most Loan Officers and Mortgage Brokers fail when they try to use Facebook Ads to grow their business.
Which one are you guilty of?
1. Expecting BOFU leads and getting TOFU leads
In general, Facebook leads are going to be farther away from buying a home than Realtor referrals and most LOs aren’t prepared for that.
You can’t expect referral quality from every lead you generate for $1.
But, there are right now buyers who are ready, willing and able to buy if you have a process to find them.
And, you can use these long term leads to get the short term referrals from real estate agents.
2. Using flyer and newspaper techniques on ads
Talking about down payment assistance programs and 100% financing are commonplace on Facebook ads today and these things bring out the cockroaches.
The reason your ads might be pulling in bottom feeders is the language and topics you are using in the ads themselves.
3. Focusing on the mortgage
No one wants a mortgage. Can you agree with that?
It’s a necessary by-product to own a home for most people though.
Loan Officers are spending money to market a product nobody actually wants. It’s a weird conundrum but there are options.
4. Not having conversion automation
It’s so easy to get overwhelmed with lead follow up and conversion without using some tools but Loan Officers attempt it.
Maybe if you get 1 or 2 leads you can manage it.
But, if you’re like Legion of Loan Officers members and you get 10-30 leads per day, it’s way more difficult to manage.
You’ll lose leads and deals just from the follow up.
5. Lacking long term nurture
Facebook leads tend to convert somewhere around 1-8% in upfront right now business.
That means for every 100 leads, about 91-99 of them will still need to buy a house at some point.
Sure, you can move on like most Loan Officers, but the fortune is in that database most people forget about.
6. No retargeting in place
You know how when you go look at a pair of shoes but don’t buy them, they end up following you around online?
You can do the same thing to home buyer leads today for a couple bucks per day.
Not many LOs have this in place and that’s why leads can’t remember your name later.
7. Not spending enough money
Online marketing is a funny thing because people want to test it for less than a McDonald’s dollar menu and get some massive results from it like a guy who does 1 push up.
It ain’t gonna happen.
Why will you test $1500 on a direct mail campaign and expect a home buyer for $15 on Facebook?
7.5. Going at it on their own
Being a lone wolf is cool and all until you realize you’re actually at war.
That’s when a brotherhood becomes necessary.
A group to help you, support you, celebrate your wins and have your back.
That is what we have created in The Legion of Loan Officers.
Made by Veterans. Full of Veterans.
And feels like that same level of bond we had in the military.
Are you ready?