Reverse mortgages have a whole lot of misperception to overcome, and that’s why marketing them comes with a host of unique challenges.
Three seasoned HECM marketers have joined forces to drill down on what it takes to successfully promote a reverse mortgage company, and they’ve created a test study to prove their point.
The trio includes Darius Aram, vice president of ARAMCO; Steve Sless, national reverse mortgage director at US Mortgage Corporation; and John Luddy, senior vice president of reverse lending at Norcom Mortgage.
Together, they have created Mental Mortgage Marketing, a fake company they will use to demonstrate how professionals in the reverse space can leverage multiple social media platforms and create a unified strategy to build a brand identity.
Their findings will be presented at the National Reverse Mortgage Lenders Association Annual Meeting & Expo in San Diego next week.
Aram said the group aims to create “a motivational, inspirational and educational tool for our fellow mortgage professionals” with the ultimate goal of helping people learn how to enhance their own branded messaging.
“Mental Mortgage Marketing was created as a live, case study on brand identity to showcase what solid creative branding and marketing looks like,” Aram said. “Through this faux company, we intend to showcase the ease and purpose of creating a solid brand identity in today’s fast-paced, ever-competitive world.”
Aram said he and his fellow panelists will highlight steps attendees can take solidify their personal brand. He listed three tips the group plans to emphasize:
Tip No. 1: Know what you represent. If you don’t know what you represent as a person or a brand, it’s very hard to create a cohesive brand image.
Tip No. 2: Create a plan. You wouldn’t board a ship without knowing the captain had charted a course. A plan helps you stay on course and accountable.
Tip No. 3: Be consistent! In your marketing and sales strategy, consistency is key. Whatever you decide to do, commit to it. Yes, sometimes you’ll realize you need to readjust according to your marketing plan, however without consistency, you’ll find yourself bouncing from one idea or one strategy to the next.
Aram said the group plans to keep Mental Mortgage Marketing alive throughout the year and hopes to create an ongoing dialogue with HECM professionals.
“We hope the biggest takeaway is the desire to stay in touch and continue a dialogue, forum or social network for reverse mortgage and mortgage professionals looking for support, guidance, accountability, encouragement and motivation in cultivating their brand identity,” Aram said.