Newspaper is a Dead Mortgage Marketing Vehicle
It literally hurts writing this article having worked at two fine newspapers during my career: The Miami Herald and Los Angeles Times. Nonetheless, you need to know where to spend your time and marketing dollars as mortgage marketers.
According to NAR research, in 1997 the Internet played a role in only 2% of real estate purchase decisions. In 2008, 37% of home buyers used the Internet (and I’d be willing to bet the number will be over 50% by 2010 as sites like Trulia and Zillow evolve).
Here’s my ulterior motive in sharing Tom’s article on the Top of Mind Blog: We’re in the late stages of a lovely refinance market, perhaps the last we’ll see in the next 5+ years. Very soon, we’re going to see the men separate from the boys. How many Realtors value you more than you value them? What above and beyond “service” and “rates” can you truly use to differentiate yourself from your competition?
If you’re hedging on the importance of Web 2.0 (like a certain Maryland-based originator I know!), Tom’s article ought to create a sense of urgency to embrace the Internet as a powerful marketing vehicle. There are a bunch of us here to help show you the way, and it’s not as hard as it might appear. Two hours a week will get you started.