Is Your Mortgage Marketing Advertising Really Paying Off?

The biggest mistakes most loan officers make is running a bunch of mortgage marketing advertising with out really knowing if it is working. Or worse yet if there is any type of return on investment.

Your first step should be to come up with a simple spreadsheet to keep track of your calls that are coming from your mortgage marketing advertising.

Simple categories would be:

1. What ad?
2. Which publication?
3. Number of inquiries.
4. Number of appointments set.
5. Number of applications taken.
6. Number of closed loans.
7. Why responding - this is key to point out the strong points of your mortgage marketing and advertising.
8. Return on investment = commissions/cost

Personally I kill advertising if it is not performing with in the first few weeks. Unfortunately many loan officers and mortgage companies will keep running advertising just because they feel they have to advertise or market in certain publications. Branding is what the big corporations refer to this as. Well I am here to tell you unless you're Wal-Mart or Coca-Cola you don't have the budget or luxury of branding.

That's why you need to keep a close eye on your mortgage marketing advertising budget to make sure you a squeezing every last nickel out of it.

Now with that said if I had an ad that was only producing two phone calls a month and it was costing me $1,000 a month but I was closing 1 loan a month off that ad. I would keep running it every month until it wasn't working anymore.

Create a bunch of oil wells and you'll be enjoying the good life closing dozens of loans every month. IN other words once you have mortgage marketing advertising that is working. Start testing it on other publications. Then keep expanding that ad until you have saturated your market or state. But don't forget to track the response of these marketing ads.

Can you imagine an ad that consistently makes the phone ring and you are closing just two loans off that ad. But you have that mortgage marketing advertising running in 20 different publications. That's 40 closed loans a month.