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Marketplace Quoting Strategies for Lenders

Posted by Alexus Matulka on Sep 26, 2019 8:58:35 AM

Quoting rates online through our Marksman platform has never been easier! You are able to quote the products you want, when you want to the industry’s top online marketplaces. There are many positives to online quoting and when integrating all or most of the below strategies into your current workflow you will be setting your business up for the most success when it comes to lead management and brand visibility.

 

marketplace

One strategy to start with that won’t take much research on your end is advertising on a diverse group of marketplaces. This not only opens you up to borrowers that you might not have reached with your own marketing tactics, but it also diversifies your brand in the mortgage world. Pushing your name and the rates and products you offer to a variety of borrowers will help you establish a positive brand recognition and the more your brand pops up in front of borrowers, the more likely they will be to click on your rates.

 

Just as important as getting your name out there, it is also super important to make sure you are spending time focusing on what is currently working for you and spend your most time and money on these markets. Look at the metrics, what is working now? Are there marketplaces that have mutual customers and partners? Do they have a similar look and feel to what platforms you are currently showcasing your rates on? Creating brand recognition comes from establishing a look and feel that shows who you are as a company and what you are trying to do for the borrower. You want to make sure you are top of mind on markets that work for you, so you are not wasting your money on ones that provide your company with little to no benefits.

 

Lastly, you also should look into finding that niche market to push your available products and rates onto. Yes, hitting a diverse group of marketplaces helps push your name in front of more borrowers, but you also need to be spending the most of your time and money pushing on to that one market that relates to you on a brand level. For example, if you offer a variety of VA specific products and rates and you have so much knowledge and experience in this specific scenario that you are basically a product expert – then look for those marketplaces that also excel at pushing VA products to borrowers and have an expansive customer database for you to be in front of.

 

Overall, the key to successfully implementing our online marketplace strategy is really owning who you are as a business and finding a marketplace to assist you in pushing out your rates to key customers, not only spending your time focusing on marketplaces that give you the most leads, but also spending your most focus on those that give you QUALITY leads. Contact us if you want more information on online rate quoting and how you can implement this into your current business strategy.