January 16th, 2019

In recent years, social media platforms have thrived in marketing.  However, sometimes determining which social media platforms to target becomes a bit unclear.  For lenders and loan officers specifically, Snapchat has proven to be a leading outlet for many of their efforts. As we are all aware, millennials are taking over the homebuying market, and it is important to reach them where they sped the majority of their time.  In fact, there were 186 million daily active users on Snapchat as of the third quarter of 2018.  With that being said, a large majority of these users are between the ages of 18 and 34.  Due to this, Snapchat has the ability to bring value to the mortgage industry in a number of ways, especially in terms of marketing.

Benefits

Many of you are probably thinking that there are few ways to market your company, or individually as an LO, on an outlet such as Snapchat.  However, there are so many opportunities here, so don’t let this platform go to waste. Snapchat allows you to converse and connect with potential homebuyers, in a much less professional environment.  They can get to know you as a person, rather than simply a loan officer. They will get to know your likes, what you do for fun, and may even start to trust you. Imagine a homebuyer that hasn’t even met you, but already knows that you’re the one they want handling your loan.  The opportunities here are endless, and the odds are that, eventually, homebuyers will see you as their “go to” mortgage expert.

Best Practices

If you’re unsure where to begin, it’s usually a good rule of thumb to post to your story often.  This will keep you (and whatever you’re doing) top of mind. Every time a potential homebuyer checks out their Snapchat feed, they will see your face, or at least your name.  Now, you don’t need to post every activity of your day. For example, I think they can live without seeing you before your morning cup of coffee. But allowing them to keep up with your day will give them an opportunity to connect with you on another level.  If you’re having a lazy day, you can also allow potential homebuyers to ask questions. You can provide a form in your story, allowing others to ask you whatever they want. You can then respond, posting your answers on your story for others to see, in case they have had the same question.  This interactive content is just another way to keep users engaged while also creating you as their mortgage guru. Imagine if this kind of simple interactivity with a homebuyer led them straight to an online 1003.

Top of Mind

Additionally, you must remember to promote your Snapchat account on other channels as well.  Your followers won’t automatically think to add their loan officer on Snapchat, so you must let them know it’s there.  You can also always take advantage of Snapchat’s filters and lenses if your company decides to go this route. I have seen companies such as Taco Bell create a taco filter for Cinco de Mayo and companies like Gatorade prepare for the Super Bowl with more interactive filters.  Be creative, and make it fun for potential homebuyers.  Users of all ages enjoy these filters, and it will get potential homebuyers interested. Additionally, you can create or use custom filters for the mortgage conferences that your company attends.  In turn, it will appear that you’re an industry pro who attends all the major conferences. If this is something that your mortgage company can take advantage of, don’t hesitate.

As a whole, Snapchat often gets forgotten when it comes to the mortgage industry.  However, it has also been found to be one of the most useful outlets in building relationships, and is almost as popular as Facebook. Take advantage of the opportunities that Snapchat offers, and start getting seen by potential homebuyers.