Property investments are a popular source of passive income. The problem is, it takes money to make money. Landlords looking to purchase a rental property either need plenty of cash on hand or need to apply for a buy-to-let mortgage. Thousands of buy-to-let mortgage contracts are signed each year.
But if you’re a mortgage lender, how do you attract prospective landlords or those looking to make an investment?
Here, we’ll share some insight on how to market buy-to-let mortgages to landlords and property investors.
WHO APPLIES FOR BUY-TO-LET MORTGAGES?
Before you can market your buy-to-let mortgage services, you need to know who your audience is. This varies but most people looking for this type of mortgage are property investors or prospective landlords.
If someone stumbles on a good deal on a property in a highly sought-after area, they may decide to buy it simply to turn around and rent it out. If they don’t have the funds to do so, they may apply for a buy-to-let mortgage.
In some cases, accidental landlords inherit property and need to either refinance or remortgage the house if they want to let it.
The good news is, that with the right marketing techniques, you can find and attract property investors and landlords seeking a buy-to-let mortgage.
Experienced landlords and property investors aren’t afraid to shop around, which means you need to be on your game when marketing to these types of borrowers.
Once you pinpoint your target audience, you can craft marketing strategies that cater to their specific needs.
NETWORK WITH OTHER PROFESSIONALS
Some mortgage lenders are dedicated specifically to buy-to-let properties. These are the professionals you need to meet and connect with. When you start working and socializing in these circles, you’re more likely to drum up business and meet prospective clients.
The “refer a friend” program also works wonders to increase your revenue. Ask happy clients and customers to refer you to their other landlord friends or property investors.
Many of these professionals also spend time in the same circles where their opinion of you could make or break your next big deal.
Not to mention, 90% of people rely on recommendations from friends before making a purchase or decision, which is why word of mouth advertising is so important.
Boost your reputation by volunteering, donating, and creating both an online and in-person presence. You want landlords and investors to associate your name and business with someone who’s honest, reliable, and selfless.
FOCUS ON VISUAL CONTENT
They say content is king, and while this is true, all too often people think of content as just words. Having a blog is an important strategy for showcasing your experience and improving SEO, but it’s not the only form of content you need to succeed.
Buy-to-let mortgage lenders can benefit greatly from using videos, tutorials, and other visual content on both your website and social media accounts. In fact, videos are 85% more likely to convert to a sale and social media posts with images boost engagement by 180%!
Photos are equally as important. Not only do they catch people’s attention but they’re engaging and shareable. Use photos of previous properties you’ve financially backed. Share informative videos and tips for landlords and investors.
The more useful information you provide (free of charge) the more likely clients are to trust you and use your services. This also shows that you’re an authority in your niche and helps build brand awareness.
DON’T BE AFRAID TO PAY FOR ADVERTISING
Sometimes, despite your best efforts, you simply can’t gain enough exposure on your own. There’s no shame in paying for advertising and PPC ads are some of the most popular and profitable.
With nearly 1.5 billion active monthly users, Facebook is a treasure trove of potential clients, landlords, and investors who need money to make their property dreams come true. Not only are you getting exposure to millions of people, but you can also target your campaigns for a specific location and demographic.
This is crucial in real estate and when attracting local landlords and investors.
The same can be said for your SEO efforts. It takes years of dedication, consistency, and research to organically rank at the top of the Google results page.
You’re competing with countless other lenders who are chasing the same clientele as you. Give yourself a boost by using PPC ads. 93% of business decisions start by performing a Google search. If you’re not ranking at the top, you’re missing out.
The price of these ads will depend on the keyword you’re trying to rank for. The harder it is to rank, the more money you’ll spend.
But, at the end of the day, the more mortgages you sell and the more new business you generate means more long-term revenue for you. Don’t be too proud to pay for some much-needed exposure.
DON’T DISCOUNT THE POWER OF AN EMAIL LIST
With so many available marketing strategies out there, too many buy-to-let mortgage lenders discount the importance and power of email marketing.
For many businesses and professionals, their email list is one of their most valuable assets. Not to mention, the ROI of email marketing ranks high above the rest. According to a recent report, the average ROI for emails is 122%!
Why is email marketing so effective for buy-to-let mortgage lenders? First off, it gives you direct access to your current clientele and customer base.
The people signed up for your email list are already interested in what you have to offer. Perhaps they’re just recently breaking into the landlord field or are considering future property investments.
Something you share in an email just might be the deciding factor that motivates them to make a purchase and apply for a buy-to-let mortgage from a lender. Another benefit of email marketing is the ability to customize and personalize it to fit your clients’ needs, interests, and pain points.
You can make your emails as personal or as generic as you want.
Avoid sending emails that are overly sales-driven in nature. Instead, stick with informative, useful content.
Let your clients know that you’ve posted a new video on your blog or are hosting a promotional event or networking opportunity.
Giving your customers the tools to improve their own business and financial prospects makes them more apt to utilize your services in return.
AUTOMATED MARKETING STRATEGIES
If you don’t have the time and energy to dedicate to your marketing efforts, buy-to-let lenders can benefit from automated marketing strategies that take the guesswork out of attracting new clients.
It can be difficult to know where to find landlords and property investors and sometimes, people become accidental landlords and need a mortgage lender at a minute’s notice.
In these situations, automated marketing efforts can help get your name and brand in front of interested borrowers.
With over 50% of top-performing mortgage lenders utilizing automated services, there’s obviously a benefit to this technique.
Automated strategies include email, content, and social media networking. Not only does this strategy save you time but money as well, since your efforts can be better spent elsewhere. You’re also relying on experts and proven data to drive your marketing efforts.
PUT YOUR BEST FOOT FORWARD AS A BUY-TO-LET MORTGAGE LENDER
Securing new clients is all about knowing where to find them and promoting yourself as an expert and authority in the field. Targeted marketing efforts can help you gain exposure and close more deals as a buy-to-let lender.
Utilize different resources including other professionals, social media, content, and automated efforts to extend your reach and build your clientele!