Most agents and lenders have it backwards in how they approach their relationship together. Here's what they should be doing.
Most agents and lenders are approaching their relationship together the completely wrong way, and it's hurting their respective businesses. Lenders expecting to get all their business from Realtors, and Realtors expecting business from their lender partners. I'll explain how they have it backwards, how to fix it, and why it's so important to get right.
This episode of the Massive Agent Podcast is a bit of an “educational rant” about, and for, both Realtors and mortgage loan officers when it comes to giving leads to each other. Both sides of this important partnership should bring leads to the table, not just the real estate agents. But in order to be a competitive loan officer that real estate agents want to work with, mortgage lenders need to work hard to drum up leads of their own as well. People looking to buy a house need lenders just as much as real estate agents, and since they usually have to be pre-qualified for a loan before they can start working with a real estate agent to look at homes, lenders have just as much opportunity to attract new leads through social media and ads as agents do.
When lenders are able to bring leads to their partnership with real estate agents, this makes them much more attractive for real estate agents to work with – it is not just a one-sided relationship.
Massive Q & A
In this week's Massive Q&A, I answer a question I got from Neil Mathweg while being a guest on his podcast about Custom Audiences and Lookalike Audiences for Facebook Ads. Neil asks:
“What are Custom Audiences and how can I use them?”
On Massive Agent Podcast: Episode 13, we talked about the almighty Facebook Pixel, which is the required first step to developing Custom Audiences for your Facebook Ads. You should definitely go back and listen to that if you missed it, since it lays the foundation for Custom Audiences and Lookalike Audiences. Then, I highly recommend that you set up custom audiences for a few different groups of people:
- Anyone who visits your website (any page)
- People who read a certain article (I track all visitors to my Moving to Salt Lake City article)
- People who have watched a certain percentage of a specific Facebook video and/or engaged with the video.
- For potential sellers who visit your “Home Value Request” page
Using custom audiences will certainly give you higher conversions and make your advertising money stretch further by targeting the right people.
I created a training video on Custom Audiences for the Massive Agent Society, and I made it available for you loyal podcast listeners. Here you can watch that step-by-step video on Custom Audiences for Facebook Ads.
In addition to Custom Audiences, a Lookalike audience is created when Facebook determines similarities between the countless characteristics of people within a custom audience, and then creates a new audience of people that “looks like” those within the Custom Audience. These people have similar likes, dislikes, demographics, etc, to those already within a Custom Audience. When you create a Lookalike Audience from a Custom Audience, Facebook will look at the thousands of data points that it has, and find others that match the similarities. Lookalike Audiences can be very useful in getting better leads from your Facebook Ads. Hope that was helpful, and see you next week!
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