The following post was written by partner company, LendersApps' founder, Einar Vollset.
Mobile apps are all the rage, and I’m sure you’ve seen more and more competitors beginning to offer apps capable of various degrees of sophistication. However, you might still be thinking to yourself: “What’s the point? Why can’t my prospects just visit my website from their smartphone?” - Well, I’m here to give you the top 4 reasons why getting a mobile app will give you a distinct advantage in today’s marketplace:
4. You Will Become Better At Converting Mobile Visitors
Each month, more homes are viewed via real estate website, Zillow, on a mobile device than on a desktop. Do you think these same people are looking for a quick way to get an accurate monthly mortgage quote for the houses they’re considering buying? You bet!
Now, have you tried visiting your website from an iPhone to get a quick quote? Be honest – Was it a cumbersome experience? If it was, then it’s easy to realize why you’re potentially losing leads to competitors that offer well-designed and intuitive mobile apps offered directly from their website.
By offering a mobile app from your site, you can easily detect when people are visiting from an iPhone and offer them the option of installing your app instead. Once the potential buyers install it, they are much more likely to turn into quality leads.
3. You Will Get More Referrals
It’s no big secret that unless you’re exclusively focused on doing paid lead generation, the success of your Loan Officers (and your firm) is largely related to how many referrals your team gets from sources such as local Realtors.
By equipping your network of Realtors with a mobile app capable of answering customer questions such as: “How much will this mortgage cost per month?” two things happen:
- Your loan officers’ existing referral partners will generate more leads
- It gives your Loan Officers something new and cool to show their potential referral partners.
2. You Can Warm Up Cold Leads
Leads go cold often, but that doesn’t mean they’ll stay cold forever – personal obligations, available houses, and high mortgage rates can occasionally cause the mortgage process to be put on pause for may potential borrowers.
Unfortunately, a lot of these prospects will most likely unsubscribe from your emails during their time away from searching for a home – leaving you no way to reach them when rates start trending down again or their schedule becomes free.
However, lenders that have invested in a mobile app can eliminate this worry by incorporating push notifications into their marketing strategy. Push notifications are similar to sending SMS messages, but are specific to your app. A quick push notification with the message “rates now at yearly lows” might just bring them back into your pipeline.
1. You Can Buy Installs
The number one reason you need to at least consider having your own app is also the least known reason, namely:
If you have your own app, you can take advantage of CPI (Cost Per Install) advertising. CPI is a way to advertise an iPhone or Android app and only pay when someone installs your app.
This is different from CPC (Cost per Click), where you pay per click on your ad, or CPM (Cost per Mille) where you pay for each thousand impression of your ad. In many ways you can think of it as a CPA (Cost per Action), where the action is a potential customer installing your app.
CPI is an interesting new marketing channel for two reasons:
- It is very scalable.
- The number of people with smartphones is skyrocketing (over 50% of Americans now own one), meaning that the number of people that can be exposed to your ads on their smartphone is very large and growing.
- It is currently cheap.
- Currently, there is no cost differentiation between advertising to have a free game installed and having your app installed. However, the value per install is obviously much greater for you - when someone installs your app, it’s pretty likely that they are in the market for a new mortgage and have your contact information in their hand.
In order to take advantage of the CPI model, you need a mobile app, and there are two ways to accomplish this: you can hire an iOS Consulting firm to build you a custom app (which will cost you in excess of $20,000), or you sign up with LendersApps.com and get your own quality app tied directly into your pricing engine starting at $199/month.