Mortgage Trends for 2011: Staying Competitive with Internet Marketing [Article] | ReachLocal Boston | marketing-online-advertising.com
The mortgage market will continue to face challenges in 2011. Just to stay competitive, mortgage brokers should take advantage of the latest solutions in internet marketing.
Loan applications will continue to rise this year as home prices stabilize. Rising interest rates and stringent credit, however, will continue to limit growth in the mortgage market. Michele Lerner identifies 7 major trends in a recent MSNBC.com article (" 7 Mortgage Trends to Expect in 2011 "):
1. Mortgage rates will slowly rise throughout the year
2. Overall demand for mortgages will decrease
3. Mortgage refinancing applications will drop
4. Mortgage applications for a home purchase will become a greater part of the market
5. Jumbo loan mortgages will be more attractive
6. All-cash purchases will become a larger part of the market
7. The mortgage loan process will remain slow and complex
How does the homebuyer select one broker over another? Well, word-of-mouth of referral activity is a primary driver of selection. Online has become the #1 place to find mortgage service while social media and online reputation have become the online word-of-mouth drivers.
Leveraging social media and positive online reviews represent some of the latest techniques in internet marketing. These techniques also mesh well with proven optimized PPC campaigns.
Don't sit out 2011. If you do nothing to capture business, what will happen? What would be the benefit of generating consistent business activity even in a tough market climate?