Sometimes I feel like this is just another one of my crazy ideas, but I think this one might be crazy enough to work.
In today’s fast paced world of technology and online marketing, who has time to learn all of that stuff AND sell real estate or mortgages at the same time?
This is a story of how we are trying to change the way that lenders and real estate agents work together.
Shared Client, Shared Goal
Both mortgage lenders and real estate agents share the exact same client. While we may have different conversations with this home buyer, our goal of closing escrow and getting paid is the same.
There seems to me to be a real opportunity for lenders and real estate agents to share more than just the result of closing a deal, why don’t we collaborate on the lead generation end too?
Shared Marketing Strategy
Lenders and real estate agents are equally interested in generating online buyer leads that end in a closed deal. With shared motivation, shared goal and similar approach to the exact same client, you now have a shared marketing strategy.
When you can partner with others that share the same marketing strategy, your learning curve and results can quickly accelerate if you tap that collective experience, shared successes and failures, and work together toward that close.
Lead generation technology and the laws of online marketing are not difficult to learn, but learning something new is always difficult to do.
Partnering up with others while working on the same goal creates a shared accountability and effort from the beginning to the end of the sales process.
Having an accountability partner is something that cannot be underestimated. We are so busy sometimes just trying to keep up, that we maybe forgive ourselves far too often for being “too busy” to get to something…like your online marketing strategy?
Having an accountability partner is a great way to stay on track.
So here’s where we get to the crazy idea. As a lender, we’ve had some pretty good results from online marketing because we’ve been at it since 2007. We understand and trust the model for generating leads online and closing deals from those leads.
RESPA allows a lender to pay 50% of the cost of joint adverting or marketing as long as both parties benefit equally from the business generated from the marketing or advertising.
Is there any reason why you couldn’t find a marketing partner, that has the same marketing strategy ,that you can share the cost with? This is our business model, I can tell you it works.
When you share the same client, you have the same online marketing strategy, when you have accountability and support AND you can share the cost? We think that’s a winning recipe for a great marketing partnership.
I think this is a business model that will change the way the lenders and agents think bout working together. Collaborating on an online marketing strategy and sharing the burden of promotion and content will produce business if you can stay accountable and have realistic expectations of the effort required.
Online marketing and lead generation is not a black and white thing, thinking outside the box is critical to saving money. There are a lot of trials and errors, and sometimes a lot of money that goes into a successful online lead generation system.
The technology (a website), the challenge (lead generation) and the strategy are the same. The goal is the same as well, a paycheck. So who wins when you form a marketing partnership with a lender and an agent? Well, both benefit equally, of course!
Now, how would your business be different if you are not the only one trying to generate new business?
- Are there enough tech savvy lenders or real estate agents that want to be marketing partners?
- Can this be a win/win partnership?
- Is there any reason why you’re not doing it now?
- Are you partnering with someone now and it’s awesome?
This is our business model, I’ll keep writing about our experiences.
I would love to hear your thoughts on collaborative marketing efforts and shared cost business models. Let me know what you think?