Four social media strategies for bank loan officers during COVID-19

By Doug Wilber

HRecord-low mortgage rates have recently opened the doors for many people to enter the housing market, but new home hunters are embarking on their home-buying journeys into uncharted waters during the pandemic. Economic uncertainty continues and many potential buyers are feeling more nervous than usual about making the leap into home ownership.

For bank loan officers who can help put buyers at ease and make the process as smooth and clear as possible, there are plenty of opportunities to close more deals. And the best place for loan officers to educate and offer a helping hand to potential clients is on social media. Here’s how you can capitalize on historically low rates while building trust with your prospects digitally:

Use social media to make the connections you can’t make in person. Even as states lift stay-at-home restrictions, many financial institutions are still limiting in-person interactions and requiring social distancing. This represents a shift in strategy for loan officers who are used to connecting and building face-to-face relationships.

The good news is that your customers and prospects are already online – in fact, a 2019 survey shows that 89% of respondents of all ages rely on mobile banking – so they’re familiar with digital interaction. Meeting them where they are on social media only makes things more convenient for them.

Confront the elephant in the room. Carrying on with business as usual without addressing what has changed in the world is a surefire way to appear out of touch. COVID-19 has touched almost every area of ​​people’s lives, and ignoring it won’t do anything for you or them. Social media can be a great platform to recognize your customers’ challenges and offer a helping hand.

Share compassionate information with prospects and customers. Anticipate and answer their questions by sharing useful and credible articles. If you show you understand the financial impact of the virus on people, are honest about the current mortgage environment, and are there to help, prospects will see you as a trusted source when they need it. .

Use your platform to educate, not to market. A special report from Edelman on coronavirus highlights that 85% of consumers want brands to play a role in education during this difficult time. People are confused, but loan officers have the knowledge and resources to help clear up the confusion around the mortgage landscape and the housing market for people looking to buy.

You need to share credible and informative news and content on your page, but don’t stop there. Break down complex points into easy-to-understand messages and offer valuable insights to help your audience digest the information. Not only will your audience members see you as an expert, but they will also trust you to be a helpful resource.

Feed the audience’s need for positivity. When much of your messaging is about navigating the woes surrounding a pandemic, it’s easy to sow misfortune without realizing it. Temper that by also sharing good news.

For example: share photos of a happy family celebrating the purchase of a new home or stories of buyers who have had great experiences. While these feel-good, relatable moments can help lift the spirits of your relationships, they also show the humanity behind your expertise and serve as another point of building trust.

Don’t forget compliance. While your team may be eager to get into social media in this booming market, that doesn’t mean you have to take any chances. Remember that a single malicious message could plunge your establishment into regulatory hot water. You will need to start with a social media policy and outline social media access and control. Social media compliance for mortgage lenders can seem daunting, but software tools can help your team approve, monitor, and archive activity.

The mortgage environment is more favorable than ever for buyers, but it’s also much more confusing and difficult to navigate. When loan officers use social media to educate, clear up confusion and offer advice, they can be a source of good in tough times while building trust and closing more deals.

Doug Wilber is the CEO of Denim Social, a social media management software company that provides tools for marketers in regulated industries to manage organic social media content and paid social media advertising on a single platform. .

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