Marketing on Social Media: Help MLOs Get the Word Out
There’s a lot of hand-wringing about housing affordability these days with housing prices on a long-running upward trajectory. When industry giants speak, the mainstream media listens. Unfortunately, most reporters eager to deliver the news lack mortgage and real estate background, so words from chief economists are often taken out of context and presented without mitigating factors:
“…despite a healthy economy that continues to create jobs, affordability conditions in many markets have unfortunately put a temporary hold on many aspiring buyers’ dreams of owning a home this year.” National Association of Realtors (NAR) Chief Economist Lawrence Yun
“…rising home prices are putting first-time buyers in a bit of a catch-22.” Zillow Chief Economist Dr. Svenja Gudell
“Crushed dreams” and “catch-22s” are the stuff that headlines are made of, but they can unnecessarily drive potential home buyers to the sidelines. Industry insiders know that these quotes only tell part of the story, but mortgage loan officers (MLOs) and Realtors lack the time and resources to create messaging and marketing to respond to market developments quickly and counter misleading information as it arises. And, marketing and compliance departments are understandably concerned about allowing MLOs to create and distribute their own marketing materials or acquire them from outside sources.
Social media is a great way to broadcast expediently to a target audience and community channel, but it falls under the same compliance rules as print and other assets and company voice and branding still need to be preserved. Mortgage marketing departments can help achieve company and loan officers’ goals simultaneously by producing compelling, relevant social media content for their MLOs to post and share.
Data from reputable sources like the National Association of Realtors (NAR) and Zillow that promote homeownership as more affordable than rent presented in quick-glance, easy to digest formats like these are incredibly powerful for MLOs and their Realtor partners. However, they shouldn’t be left to their own devices to find and publish it:
Own Vs. Rent: Homeowners Win Affordability
Renters spend more of their monthly incomes on housing than homeowners in most U.S. metro areas. On average, it takes 15.4% of income to pay for a mortgage and 29.1% for rent – making homeownership nearly twice as affordable as renting in many areas.
Historic Highs & Lows:
Renting has gotten more expensive and homeownership has gotten more affordable in the 21st century.
Percentage of Consumer Income Devoted to Housing Dollars Yesterday and Today:
Industry news is plentiful and marketing departments can monitor developments, spin messages to motivate consumers to explore their options, obtain compliance approval and provide MLOs with valuable assets usable in social media and beyond. These can be created and distributed via email or through a CRM platform for easy access and archiving. Loan officers and Realtors are always looking for ways to get the word out about the value, affordability and benefits of homeownership. Marketing departments should get on a regular schedule of compiling these types of messages to help MLOs build a queue of compelling posts that are on point, on brand and fully compliant.