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State regulators press on with flawed registration system

National Mortgage Professional
Apr 25, 2007

Becoming a niche market specialistMichael Bococinskifinding a niche, marketing, competitive strategies Why should a homeowner do business with you? In today's very competitive mortgage market, you must set yourself apart from your competition. In an industry where niche marketing is very successful, it surprises me that more brokers do not market themselves as niche-market specialists. Being a jack-of-all-trades is the norm, and the norm does not consist of top producers. Since you are a mortgage professional, why not market yourself as one? Since the mortgage industry is full of niches, try targeting one and market yourself as an expert. Start with asking yourself the following questions: - What niche within the mortgage industry are you most comfortable with? - What type of customer do you seem to relate to best? - What are your demographics and what are the services that match your customer base? - How can you market yourself to this demographic? Answering these questions is the key factor for determining what niche market best suits you, your target communities and your revenue goals. For example, if your track record shows you have success working with elderly consumers, market yourself as a senior specialist. Develop a portfolio of products that are most appealing to this niche, and market your services to this target audience. Network yourself within elderly communities and at senior functions by conducting lectures and talks on how your services can benefit seniors. Use advertising opportunities that will get your message across to your target audience that you are a specialist in meeting their needs. It is key to select a niche that is needed. For example, if you are bilingual and feel comfortable working with this niche, you need to make sure it is marketable. If you speak fluent Russian, but there is not a Russian-speaking market within your target communities, this will not be a successful niche. Your niche must reflect the needs of the communities you are targeting; if not, you will be a niche specialist for no one! Also, it is important to become an expert within the niche that you select. If your demographics include a need for assistance with damaged credit, thoroughly study that market. Research and learn what product lines fit the needs of your consumers and know every aspect of that business. The more informed you are about the available products, the more options and services you can provide to your potential clients. The more knowledgeable you are, the better you can relate with your audience, and the easier it is to earn their trust. Becoming a niche market specialist will allow you to set yourself apart from the competition. Establishing yourself as an expert in your specific field will allow your target audience to see you as an invited guest, rather than as an annoying pest. Once your audience can trust, like and depend on you, they will feel comfortable with the products you are offering and will see the need to use your services. Michael Bococinski, a specialist in direct mortgage marketing, is a co-founder of TheMortgageCircle.com, based in Toms River, N.J., and senior vice president of business development at Metro Marketing. He can be reached at (800) 696-7788, ext. 268, or e-mail mbococinski@themortgagecircle.com.
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