Niche Mortgage Marketing and Financing

Niche Mortgage Marketing and Financing

The first thing I ever learned in business was this: Niche
marketing is powerful. In fact, it’s the only way to go in
my opinion. Before entering the mortgage industry, I worked
as a top producing Account Executive for a Fortune 500
company. I also have an M.B.A. from one of the top business
schools in the world. From all my experience and all my
studies, one thing has always rung true about business: Get
a “Niche” and go from there.

When I first started in the mortgage business, I didn’t have
a clue what I was doing. Just like everyone else, I started
doing single family home purchases and refinances. After
about a year and a half, I wanted to pull my hair out…what
was left of it anyway. I kept coming up against way too much
competition for each and every lead and each and every
referral source. Don’t get me wrong, a little competition is
good for the soul, but competition isn’t exactly like
chicken soup.

Niche marketing boils down to the identification of: a
particular product to sell and matching it with a specific
target market. This allows you to qualify leads almost
immediately. And more importantly, it allows you to qualify
referral sources immediately. When you go into a realtor
office to let them know that you focus solely on “XYZ”
mortgage financing, they will either be very interested in
what you have to say or they will fall right asleep because
they have no interest in “XYZ”. This saves you time and
energy. The market is too tough right now to go chasing
after business. There is simply not enough return on your
most precious commodity, time. Your time needs to be spent
working with people that are uniquely interested in what you
have to offer.

The most powerful aspect of niche financing is this: It will
grow your other business segments almost automatically. When
people generally think about niche financing they say to
themselves, “O.K., so from now, I will be financing first
time home buyers, that sounds good.” Umm, well, no, not
really, not at all in fact. Niche marketing allows you to
get started somewhere and then grow BEYOND your niche.
Harley-Davidson

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