Is Your Mortgage Business Doing Enough to Capture Self-Employed Professionals?

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December 19, 2017 | By RGR Marketing Blog

New Rules Are Making It Easier for the Self-Employed to Get Approved for a Mortgage

Self-employed professionals have traditionally had an uphill climb when it comes to getting approved for a mortgage loan from a bank. The rigid qualifications and a general ideology of non-salaried borrowers being considered high risks by lenders has forced the nation’s self-employed workers to find their mortgage solutions from non-bank lenders. This has resulted in six of the top ten home lenders in the country falling under the “non-bank” classification.

In 2015, there were more than 15 million self-employed Americans, and that number rises every year. The numbers have grown to the point that many of the country’s larger lenders are even changing their rules to make it a little easier for these types of professionals to qualify. If you own a mortgage company, you can see that there is tremendous opportunity within the self-employed class. But, are you doing what you should be doing to capture that audience?

5 Tips to Attract More Self-Employed Prospects

#1 Go Digital: Self-employed professionals tend to rely heavily on technology and social media. When they’re not on their smartphones, they’re on their computers or tablets. So, digital marketing is one of the best ways to reach this particular audience. More than 90 percent of modern homebuyers use the Internet to search homes for sale, and this is no different among the self-employed.

#2 Keep It Clear and Quick: Self-employed professionals are busy, so their time is very valuable. Therefore, you want to keep your marketing messages clear, concise, and short. They are also more skeptical than the usual mortgage borrower and more meticulous concerning details. You need to keep this in mind when you speak to or correspond with this type of borrower.

#3 Free Giveaways: Another good way to attract more self-employed professionals is to give away something with every approval. After all, who can pass up a free gift for doing something they already plan to do? Answer: Not the self-employed!

#4 Network: Because this type of professional often relies on word-of-mouth referrals and connections to build their businesses, you can usually find them in your local networking groups. Attend the next Chamber of Commerce meet-up or networking event in your community and you will find a treasure trove of freelancers and other self-employed professionals.

#5: Purchase a List of Leads: If you still aren’t getting the level of response you want, then you can always increase the number of your self-employed prospects by purchasing a contact list from a reputable lead provider using “self-employed” as one of your target profession markers. These lists are usually vetted so the names on your list are people who have shown recent interest in your product. Reaching out to them via their preferred method of communication will allow you to start the conversation and hopefully position them at the start of your sales funnel.

Times are changing and it’s getting easier for self-employed people to be approved for mortgages. So, you can expect the size of this audience to grow among your prospects. Figuring their wants and needs into your marketing message will help ensure you get to take advantage of the opportunities these professionals have to offer. When in doubt, remember that filling your pipeline with high quality mortgage leads is a great way to maintain your business’s revenue, even as you try to branch out to new segments of the population.

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