By David Lykken
Special to MPA
Social media is no longer the future of marketing; it is now the present. Ten years ago, a mortgage company in social media would have been revolutionary. Now, as a leader in the mortgage industry, if your company isn't active in social media today it has fallen behind. This new medium has leveled the playing field and you've got to ask yourself if you're even in the game.
I recently had the opportunity to interview mortgage marketing expert Brent Emler of Velma.com for my Lykken on Lending radio show. Brent shared the startling statistic that the average female millennial (who is likely driving many first time home buying decisions) checks Facebook fifteen times per day. That women, along with updates from her friends and family, is seeing updates from products, services, brands, and companies. Is yours one of them?
The 800-pound gorilla in the room with conversations like these is obvious: regulations. Isn't being active on social media pushing the envelope too far? How do we know when we've crossed the line while interacting with home buyers? These are legitimate questions, and there are great companies out there who can help you develop a strategy for success while staying within regulation.
But, in the end, you can't let the fear keep you from doing what needs to be done. Social media is the new way in which people communicate. That's where the eyeballs are and, if you aren't there, people aren't seeing you. Is there risk? Of course. But the greater risk is hiding from this new reality and shrinking into obscurity.
David Lykken is 40-year industry veteran who consults on virtually all aspects of mortgage banking. David hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals.