Lead Generation

How Lead Generation for Mortgage Brokers should be done in Australia

By July 30, 2018 No Comments
Pat Racco
Pat Racco
Founder and Director of Advantage Media
Lead Generation for Mortgage Brokers

I’ve recently been asked how Lead Generation for Mortgage Brokers looks like.
In the following article, I’ll show you exactly how to design a solid marketing strategy that not only will generate more leads for your business but will also establish you as an authority in the home loan industry in Australia.

Before we dive into the “how-to-do-it” part, let me tell you this: generating leads for mortgage brokers is like generating leads for any other type of business. It’s just another shape of the same lead gen toolbox that works on almost any industry.

However, engaging with people that are looking to buy a property, is way different from dealing with someone looking to buy a car.
Furthermore, first-home buyers are different from property investors.

Although the marketing strategy (or toolbox, as I called it above) is approximately the same for any lead generation process, what a mortgage broker should really differ from any other industry is the human factor.

With that being said, if you, mortgage broker looking to generate leads, think you can outsource the job to an agency, let me tell you’ll have a hard time.

Let me explain.

First of all, why am I confident here, saying what I’m saying?
1. I am a marketer and lead generation expert
2. I purchased a property in June 2018
3. A mortgage broker guided me throughout the process
4. I was shitting myself to make the wrong decision.

As you may understand, I lived the whole experience to the highest intensity it could get.

I’m telling you this because people dealing with you or any other mortgage brokers in Australia have a desperate need of being taken by the hand and be guided, inspired, motivated, encouraged.

An agency or a lead generation expert will undoubtedly help you generate more leads, but what will make the difference is you, your words, your attitude, your face and the way they feel when they talk to you. When they speak to you in person.

Finally, before you even think of outsourcing a lead generation agency, please answer this question: “Am I doing this just to make more money or I want to help someone fulfil a dream?”

As I mentioned, first home buyers are very different from real estate investors. As David Cheade from Real Estate Investment Finance once told me, buying a property to live in involves emotions. It’s an emotional decision. While when people buy properties as an investment, what matters is that you, as a real estate broker, show them their ROI. No tears are shed.

Define your Target Audience

As a mortgage broker, you should know that your audience is particular and can be easily reached using the right tools. But we’ll see how later.
In my opinion, your lead generation strategy should focus on these three audiences:

  1. Refinance seekers
    They know how things work.
    They are sensitive to rates.
    They are likely to spend more time looking around for quotes.
  2. First home buyers
    They need guidance.
    They would pay more for a better service.
    They trust referrals.
  3. Property investors
    They are looking to find the next big deal.
    They are open to opportunities.
    Profit drives them.

It’s clear that each of the three audiences requires a different lead generation strategy.

Create spot-on content

You’re probably sick of hearing people saying you should create content. Who has time for that? Remember, what matters here is quality over quantity. People don’t care how often you write a blog or make a video. What they want is to find answers. When you define your target audience, you certainly know better than anyone else what type of questions they have.

Create content by answering those questions, whether it’s a video, a post, a podcast, an infographic or an ebook and make sure you make that content public for free. If you are targeting first home buyers, write something like: “The 7 mistakes you must avoid when buying your first property in Australia”, or “How to buy a property in Australia with less than $10K savings”.

Just send it out, help people to solve those pains that keep them awake at night, and they will come back for more.

You should create unique content. Stealing is not a good idea. Yes, you can find ideas, but make sure you build your own identity. Your brand.

Design Landing Pages for A/B testing

A Landing page is a webpage where you send cold traffic to. The difference between a landing page and a traditional web page is that a landing page aims to remove all those elements that might bring away the user’s attention from the Call To Action. In other words, a traditional landing page does not have links, navigation menus etc. The only link you could find on a landing page is the CTA. Also, a landing page is built around one strong message; not two, but one and one only.

Designing two or more landing pages will allow us to find out what design converts more visitors into leads. As a consequence, a better landing page design will lead to a lower Cost-per-Click, meaning a more cost-effective campaign for 20/20 Home Loans.

In 100% of cases, one landing page performs better than the other. This is called A/B test, or split test. Using Facebook Pixel and Google Tag Manager, you can refine and improve the effectiveness of the campaign.

Drive Cold Traffic to your Landing Pages

Lead Generation for Mortgage Brokers through Facebook Ads

If we were in the US, it would be a piece of cake targeting on Facebook. Check this out:


Likely-to-move facebook targeting

Unfortunately, targeting people “likely to move” is not possible in Australia yet. It’d be awesome though. You need to find a workaround to this. A good Facebook Ad agency knows how to do it properly.

The content creation I mentioned above is perfect for a Facebook lead generation campaign. Use it to grab people attention and to establish you like one “who knows his/her stuff”.

Lead Generation for Mortgage Brokers through LinkedIn

Lead generation on LinkedIn is enormous. Would it work for mortgage brokers? Certainly. Although advertising on LinkedIn is much more expensive than Facebook Ads and Google Ads, it generates four times more leads.

Anyway, you don’t have to advertise on LinkedIn if you don’t want to. LinkedIn is an incredible source of leads you can generate organically.

Remarketing Warm Traffic

Remarketing is probably the most essential step in your lead generation strategy as a mortgage broker. Don’t get intimidated if you have no idea of what remarketing is. It’s conceptually really simple to understand.

In a nutshell, you create specific ads for people who have visited your website or landing page before. By creating a remarketing campaign, you allocate part of your marketing budget in a very wise fashion because you invest money only on those who have shown some level of interest in your offer.

If I was a mortgage broker and I needed to generate leads, I would create two remarketing campaigns: 1 for Facebook and 1 for Google Display Advertising.

By installing the Facebook Pixel and the Google Tag Manager on your website or landing page, it is effortless to collect the data you need for remarketing quickly to that “warm traffic”.

Conclusion

FACT: Facebook Ads is a great Traffic Generation Tool but not a conversion medium. 

To be completely honest, based on my experience, driving traffic is less than the tip of the iceberg. Well, to be even more honest, driving traffic to your website won’t get you a single sale. Unless you have a funnel. 

A marketing funnel is nothing more than a place where you exchange your knowledge for one’s contact details. A good sales funnel is all but selling.

When you drive traffic to your landing page, you must have an irresistible problem-solving “something” that one will perceive as a must-have: 

– Download now “what the average bank won’t tell first-home buyers”

– “The 3 hottest suburbs in Australia right now”

– “Why a low mortgage rate is irrelevant.”

– “Join Our Next Live Event and Learn how to buy your First Property with less than $10K in savings.

In my personal opinion, you should put yourself in the visitor’s shoes. 

Let’s say you target First-Home-Buyers.

What are First Home Buyers pain points? What keeps them awake at night?

This type of buyer has a desperate need of being taken by the hand and guided, inspired, motivated, encouraged. Plus, they need knowledge.

I know the feeling exactly, as I bought my first property on June the 27th, 2018.

Buying my first property was an emotional event, for my family and me. I probably wouldn’t have purchased without being motivated by a real person, who I could talk face-to-face.

I remember how he made me change my point of view by saying: “Our goal is to get that property!” while, for some reason, a voice in my head was saying “Am I sure I can pay back that amount?”.

That simple statement made me focus on how our life would have been by living in that property, rather than focusing on the debt.

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